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Friday, February 23, 2024

The Benefits of Switching to an eKYC Savings Account

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Physically opening a savings account in India is a pretty straightforward process, and at the same time, a tedious one. There’s the not-knowing-which-counter-to-go-to dilemma, dreaded customer queues, and seemingly endless paperwork to tend to. Sounds like a lot of work, doesn’t it? Well, that’s why you need a new-age bank account to manage your new-age banking needs. Luckily, this is where an e-KYC savings account will come to your rescue. Wondering how? Let’s explore in detail below.

All About the e-KYC savings account

Opening an e-KYC account is a zero-contact process that only involves two components:

  • PAN card
  • Aadhar card

When you use these two credentials to open a digital savings account, the bank sends a one time password (OTP) to your Aadhar registered mobile number. All you need to do is enter the OTP and verify the account. Once done, your account is activated almost instantly.

What’s more exciting is that you can easily open the account from the comfort of your home or anywhere else.

Benefits of Switching to an e-KYC Savings Account

Below are some unmissable advantages of switching to an e-KYC savings account –

  • Paperless, Painless Process

When you hear the word “bank”, you’re probably thinking of long queues and extensive paperwork. With an e-KYC account, you can avoid this and a lot more. You’re not mandated to present additional document proofs to prove your credentials. Just provide your PAN and Aadhar card, and you’re good to go.

  • Open Your Account Anytime, from Anywhere

If you’re someone with no time to spare, e-KYC accounts offer an unbeatable solution since they provide time flexibility. Unlike the traditional method, which runs entirely on the bank’s clock, e-KYC services are available to you 24×7. This allows you to open an account anytime and in only a few minutes, provided your credentials are in the right place.

  • Banking on the Go

Easily accessible net and mobile banking services are only one of the many benefits that come along with an e-KYC savings account. A suite of free services is available to you without any charges, including free money transfers via NEFT, card payments, and RTGS. This is truly banking at your fingertips.

Points to Remember

  • Only a maximum balance of Rs. 1,00,000 is permissible in the e-KYC account at any given time.
  • In a single financial year, you cannot withdraw beyond Rs. 2,00,000 from your account, or you’ll attract a penalty.
  • Unfortunately, the validity of e-KYC accounts expires within 12 months. After which, you’ll need to undergo a KYC verification process in person to convert it into a regular savings account.
  • Video KYC verification process can also be done to convert a savings account into full KYC account. You can either get the video KYC done at the time of opening the account or later.
  • Completing video KYC also eliminates the restrictions on account balance, transaction or validity.

Summing Up

Like a regular savings account, e-KYC accounts also accompany a set of regulations and rules you need to abide by. All of which depends entirely on the bank you’ve chosen.

With a slew of advantages available at your disposal, e-KYC accounts are the perfect saving avenues for this day and age. But before you set out to open one, make sure you consider all the associated charges and limits imposed on deposits and withdrawals for a seamless banking experience.

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