No need to visit bank branch for opening savings account: A gift from this lender

Boosting digitalization and Aadhaar card in India, the lender IDBI Bank has now launched a new service where customers don't need to visit bank branches for opening savings bank accounts. Generally, a procedure has to be followed for opening a bank account. You will have to provide personal identification proof like Aadhaar card, PAN card, Voter id and passport size photo. Apart from this, there is a long list of papers which is required by banks as a process of KYC norms. Hence, to eliminate paperwork, IDBI Bank has launched a new mobile and web based Savings Bank Account Opening interface. At IDBI Bank, the new platform will help customers to open and activate their account by using Aadhaar E-KYC / QR Code mechanism (if they so desire) through a user friendly interface.

Apart from getting rid of paperwork, other advantages of this new IDBI Bank facility is that, it activates the account in a few minutes and provides a better on-boarding experience to the customers. Also, the turnaround time for activating the account will be reduced drastically. 

Now any IDBI Bank customer can enjoy similar facilities, which they get while opening a saving bank account at the lender’s branch. The only difference is that, one does not need to even visit any branch, and just in few clicks can open their saving account. 

That said, the customers will receive the Cheque Book and Debit Card across the counter.  Currently, IDBI’s saving accounts common services are  free debit cum ATM card, cheque book, SMS & Email alerts for any transaction in your account and free consolidated monthly account statements, SMS banking, internet banking, phone banking and deposits. 

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The bank gives 3.5% interest rate per annum on deposits made up to Rs 25 lakh. While, above Rs 25 lakh deposits in saving account will earn interest of 4% per annum. 

However, if you do not feel comfortable in opening a savings account online, then you can always visit the bank’s branch.