List of Top Insta Saving Accounts Using Aadhaar & PAN

Now your PAN & Aadhaar Numbers bring you a ticket to instant banking. You can Open Instant Saving Accounts Online with a few clicks and enjoy seamless banking facilities without any delay.

Life has come to a standstill ever since March 25, when India decided to observe lockdown on the backdrop of Coronavirus pandemic. However you can experience hassle free banking and free digital transaction facilities by using any of the following Insta Bank Accounts. Your essential financial transactions need not be put under an overhaul. Rather enjoy instant solution to your banking needs, including & not limited to payment of utility bills, essential business bills & receipts, insurance premiums, kid’s school fee & a lot more.

You can access your Insta Account on mobile or laptop as per your convenience. Besides offering you regular banking facilities, these accounts often bring along multiple benefits such as zero balance account, complimentary debit card, free digital transactions, discounts for other bank products etc.

Let’s run through the list of top Insta Bank Accounts in 2020 and also find out amazing features on roll from each of these banks, so that you can choose the best match according to your needs.

Also Read: List of Savings Bank Accounts Offering 6%, 7% and More Interest Rate in 2020

SBI Insta Bank Account

SBI Insta Bank Account can be instantly opened through SBI YONO App on your mobile or computer. You can also access the app on the link: https://www.sbiyono.sbi portal.

The app can be opened instantly by sharing your Aadhar number and PAN details on the online form. There is no minimum balance cap. The maximum balance limit however is Rs. 1 lakh and total credit summations should not be more than Rs 2 Lakh in a year.

To access the app, the iPhone should support iOS 8 and above, while Android Phones should be Android version 5.0 or above enabled.

Features & benefits

• Single ownership account
• Nomination Facility
• Basic Rupay Debit Card issued
• Access to audio-visual account statements by email
• No cheque book, passbook is issued/required
• Flexibility to tag preferred branch as home branch
• A single transaction limit of Rs. 49,999.
• Online account linked cash transactions are not permitted in branch.

Eligibility

• Indian residents over 18 years of age can apply.
• The applicant should not have any tax liability outside India.
• The applicant should not be an existing SBI Savings Account customer.
• Also, they should not have any other OTP based Aadhaar verified account with other Bank.
• S/he should have a valid Aadhaar and Permanent Account Number (PAN)
• S/he should have a valid and active local mobile number linked to Aadhaar number.
• S/he should have a valid and active email address.

HDFC Instant Savings Account

HDFC Bank Insta Account is a digital account that can be opened and accessed instantly from the comfort of your home. All you need is a PAN and Aadhar to enrol for this Digital Savings Account. You will get Account Number and Customer ID instantly and you can start transacting thereon. You do not need to visit the branch to open this account. However, this makes this account valid for one year only as this is considered as a limited KYC. You can convert this account into a regular Saving Account by visiting any of the HDFC Bank branches.

Features & benefits

• Instant access to Net Banking & Mobile Banking
• Login through App and get instant access to Account details
• Make instant transactions; transfer of money enable after 48 hours for added protection.
• Card-less Cash withdrawals using mobile phone.
• Customer support through WhatsApp.
• Give a missed call on 7065970659 for queries related to online account.

Eligibility

• Indian Residents that are 18 years or above can open HDFC Online Account.
• The applicant should not have an existing HDFC Savings or Salary Account.

ICICI Insta Save Account

ICICI Insta Save Account is an Aadhaar based online Savings Account, available for new customers only. This account can be opened instantly by downloading ICICI bank’s “iMobile” app or by visiting the official portal.

Currently two variants of ICICI Online Savings Accounts are available: Insta Save Account and Insta Save FD Account. As the name suggests, you are required to have an FD of Rs 10,000 for a minimum tenure of 12 months with the latter option. You enjoy no balance commitment by opening the FD account or you are required to maintain a minimum balance of Rs 10,000 in the first variant.

Features & Benefits

• Instant account opening with aadhaar verification
• Complimentary Credit Card (limit up to 90% of FD)
• 24×7 banking through iMobile App & internet banking
• Exclusive shopping offers on Amazon, Flipkart, Bigbasket, Swiggy, Eros Now, PharmEasy and more
• Get rewards on spends through Platinum Visa Debit Card
• 5 free ATM withdrawals each month from any banks’ ATMs
• Air accident insurance of Rs. 50,000
• Purchase protection against theft, fire or loss for Rs. 50,000 worth of goods purchased using ICICI Bank Debit Card for 90 days from purchase date
• Access to monthly statements through email

Eligibility

• The applicant should be 18 years of age or above.
• The applicant should not have any other bank account with ICICI Bank.
• This facility is available to resident Indian citizens only.
• Should have valid & active Aadhaar annd PAN.

Kotak 811 Account

Kotak 811 is a full service Savings Account that can be opened with help of 811 Mobile App/ Website App. You get instant access to account with video KYC by sharing Aadhaar Card (UID Card) and PAN details. Once the account is active, you can log in to Mobile Banking App using your CRN and MPIN that you chose.

The Kotak Digital Account is available in two variants: 811 Digital Bank Account and 811 Edge Account. The 811 Digital Account is a zero-balance account while the 811 Edge requires you to maintain Rs. 10000 balance per month. Both accounts offer virtual debit card and hassle free digital fund transfer facilities to the customers.

Benefits & features:

• Zero-contact, video KYC account.
• Up to 4% interest p.a. on your Savings Account
• Instant account access with Aadhaar Card (UID Card) verification
• Zero balance savings account option available
• Free online transfer
• Free virtual Debit Card & Platinum Debit Card options

Eligibility

• The applicant should be resident Indian.
• The age should be 18 years or above.
• S/he should have a valid PAN & Adhaar.

Union Digital Savings Account

Union Digital Savings Account is a Zero Balance Savings Account by Union Bank of India (UBI). The account can be opened instantly on the UBI portal online. It is loaded with unlimited & free transactions on digital modes.

Features & benefits:

• Joint Account for UDSA is not permitted.
• It is a zero balance account.
• Nominal cash deposit charges are applicable.
• Free digital transactions and statements.
• Redeem points for online transactions.

Eligibility

• Any resident Indian can open Union Digital Savings Account (UDSA).
• 18 years or above
• Valid Aadhar & PAN numbers

Axis Bank ASAP Instant Savings Account

Axis ASAP is an Online Savings Account from Axis Bank. You can apply for the account by downloading Axis Mobile App or by visiting the official website. The account can be instantly opened by registering with your Aadhaar and PAN details along the basic information. You can choose your home branch online.

Features & Benefits:

• Instant account opening
• Minimum Monthly Balance Of Rs. 10,000
• 12 months validity of online KYC.
• Biometric verification by visiting branch required for lifetime access.
• Virtual Debit Card
• Unlimited RTGS/NEFT with Axis Mobile App
• 3x eDGE reward points with online rewards physical debit card.
• Daily withdrawl limit of Rs 50,000 and Purchase limit is Rs 5,00,000.

Eligibility:

• Only Indian residents over 18 years can access this service.
• Valid Aadhar & PAN required

RBL Digital Savings Account

RBL Digital Savings Account is another popular online Saving Account that can be opened instantly with help of Aadhaar and PAN number. It earns your high interest rate of 6% and can be registered entirely in a paperless manner.

Benefits & features

• Rs 5000 should be minimum account balance.
• With Rs 2000 or more SIP/ RD you get minimum balance waiver.
• Instant and paperless account opening.
• Higher interest rates.
• Anytime banking facilities.
• Complimentary Debit Card.
• Pay utility bills on move.
• Set SIPs, investments or RDs.

Eligibility:

• Resident Indians above 18 or above
• Furnish documentation for identity, age, and address.
• Also required are PAN card and Aadhaar card

IDFC First Online Savings Account

IDFC First Online Savings Account can be opened instantly with the help of your Aadhaar & PAN details. The account is verified by video KYC. Once you register for the account, the bank will mail & SMS your Customer ID, Account Number, & IFSC code. Until in-person verification is completed by visiting the branch, the transaction credit limit is Rs. 1,00,000. You can however transfer up to Rs 1 Lakh through a payment gateway. To transfer money to this account, you should be an account holder of the other account.

Features & benefits

• Instant account opening through online verification.
• In-person verification required to continue account after 1 year.
• You get choice of Debit Cards-
  • Visa Classic Debit Card with Rs 10000 Account Balance
  • Visa Signature Debit Card with Rs 25000 Account Balance
• Instant account set up online.
• High rate of interest on account balance.
• Hassle free online transactions using internet & mobile banking.
• You can also invest through your IDFC First Online Account.

Eligibility

• To open IDFC first online account, you should be a resident of any of the cities having an IDFC First bank branch.
• You will require an Aadhaar number, mobile number linked to Aadhaar and a Permanent Account Number (PAN) to open IDFC online account.

Federal Bank Fedbook Selfie Account

Fedbook Selfie is a Zero Balance Savings Account from Federal Bank. You can open this account from your smart phone. The account is processed through online verification based on your Aadhaar and PAN Cards. The account is instantly active in real time.

However, the FedBook Selfie E KYC Account will be valid for 11 months. To continue using this account you are required to visit the bank within 11 months of opening the account and complete the physical verification.

Features & benefits

• Instant account access in real time.
• Zero balance account option.
• 11 months validity with e KYC.
• Free 3 over the counter branch transactions.
• Chequebook available on request after 1 month of account opening for minimum average balance of Rs.5000.
• Free Master Classic (Crown) Debit Card.
• Free internet & mobile banking: FedNet & FedMobile

Eligibility

• Resident Indians over 18 years.
• Valid Aadhaar & PAN numbers.
• Mobile number should be linked with Aadhaar.

IndusInd Online Savings Account

Indus Ind Savings Account can be opened from convenience of your home. You can either fill the online application or contact the bank for opening the account. The official will contact you and help you complete account opening without visiting the branch.

Features & Benefits

• Up to 6% interest rate on Savings Account
• 7% return on FD opened through this account.
• On the go Savings Account for smart banking convenience.
• Attractive offers for orders through net banking or mobile banking.
• Omni channel customer support.
• Choose account number of your choice.

Eligibility Criteria

• Resident Indian Nationals above 18 years of age
• They should be Aadhaar Card and PAN holders.

Yes Insta Online Savings Account

Yes Bank has also launched Insta Online Savings Account Service. You can open this account from your mobile or laptop.

Benefits:

• You get flexibility to choose your Account number
• Account opened instantly on e-KYC
• You can also open Resident/ Non Resident Savings Account ONLINE

Eligibility:

All you require is your PAN and Aadhaar details to access this account.

Fincare 101 Account

Fincare 101 savings account is again a Zero balance account. This online account is at par with benefits of a regular savings account.

Features & benefits:

• Free Gold (RuPay Classic ) Debit Card
• Free Mobile banking facility
• You can pay bills, set standing instructions &transfer from your online account.
• You can open and FD & earn up to 7.5% interest rate.
• 12 free ATM transactions per month
• 50 online transactions free each month

All in all, the eligibility criteria for opening online accounts are standard across the banks. The applicant should have valid and active Aadhaar and PAN Card along with active mobile number linked with Aadhaar. Also, you cannot open an online account with more than 1 bank. Besides, you should not have a previous account with this bank. The Online Account should be your first account with the bank. The account so opened with eKYC has a limited validity until you visit the bank and verify your identity physically.

Also Read: Deadline for ITR Filing, Aadhaar-PAN Linkage Extended Again; Check All New Timelines Here