Finance

Digital Banking 101: Understanding The Process Of Opening an Online Savings Account

Managing money online has become more accessible than ever. If you are considering an easy way to save money, opening an online savings account is a great option. Specifically, Airtel Payments Bank (APB) offers a straightforward and user-friendly process for setting up such an account. This article will guide you through the steps to open an online savings account with APB. We would also understand what a digital bank is and why you should choose Airtel Payments Bank 

What is a Digital Bank?

A digital bank operates primarily online without traditional physical branch networks. Services such as account opening, deposits, withdrawals, and transfers are managed electronically. Airtel Payments Bank is a prime example, offering banking services through a mobile app and website, focusing on convenience and accessibility.

Why Choose Airtel Payments Bank?

Choosing APB for your banking needs means embracing ease and efficiency. APB offers competitive interest rates, minimal fees, and the added convenience of integrating various services, such as mobile recharges, utility payments, and even Tata Play recharges. Their platform is designed for users who appreciate fast, secure, and mobile-first banking solutions.

Steps to Open an Online Savings Account with Airtel Payments Bank

Step 1: Download the Airtel Thanks App

Head over to the Buy section on the Airtel Thanks app and select the bank account

Step 2: Provide Your Personal Information

You will need to enter basic personal information such as your PAN card and Aadhaar number details. This step is crucial for identity verification purposes.

Step 3: Complete KYC Verification

For a fully functional savings account, completing the Know Your Customer (KYC) process is mandatory. APB simplifies this by allowing you to schedule an appointment with a KYC agent who will visit your home for verification or you can complete this step at a nearby authorized center.

Step 4: Deposit Funds

Once your account is active, you can start by depositing funds. This can be done via a transfer from another bank account, using a debit card, or through UPI (Unified Payments Interface).

Step 5: Set Up mPIN

Setting up online banking involves creating a username and password. Set your mPIN and Add Money to finish the account opening process.

Using Your Online Savings Account for Tata Play Recharge

One of the unique features of APB is the integration of utility payments directly through your savings account. For instance, if you are a Tata Play subscriber, you can easily recharge your subscription through your APB account. Simply navigate to the bill payment section on the app or website, select Tata Play recharge, enter your subscriber ID, and complete the payment.

Benefits of Online Savings Account with Airtel Payments Bank

Full Digital Process

  • Paperless, Zero Balance Account

Earn on your Savings

  • Get up to 7% Interest on your Savings

Easy Money Transfers

  • Send & receive money on the go or just scan & pay

Rewarding Transactions

  • Earn on every transaction with Rewards123

Conclusion

To open an online savings account with Airtel Payments Bank is a smart choice for anyone looking to take advantage of digital banking. The process is straightforward, and secure, and brings numerous benefits, including the ease of making payments and managing subscriptions like Tata Play. With just a few clicks, you can have a fully operational savings account, empowering you to manage your finances in the digital era effectively.

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