Are you looking for a digital savings account that can be opened instantly in a matter of a few minutes? Now it is possible to open savings account instantly. Banks have started offering digital savings account to its customers. One such digital savings account is RBL Bank digital account.
RBL Bank Digital Account opening process is fast and secure and can be completed in a matter of a few minutes. Customers need their Aadhaar number and PAN number to open an RBL Bank digital saving account. Click here to open an RBL Digital Bank Account.
RBL Bank Digital Account can be opened instantly online through the PAN number and Aadhaar number. With a digital account, you no longer have to visit a bank branch or fill up any form to open a savings account. You can open a bank account from the comfort of your home.
While most of the digital savings account like Kotak 811 are zero balance accounts, customers of RBL Bank’s digital savings account have to keep a certain minimum balance. The minimum balance requirement can be classified to monthly or quarterly minimum balance requirement.
Customers of RBL Bank’s digital account need to keep a monthly average balance of Rs.5000. Individuals failing to do so will be charged penalty which will be auto-debited from the bank account.
If you feel that maintaining an average balance of Rs.5,000 is a hard task, the bank will waive off the average balance requirement under certain conditions. This means that you don’t have to worry about maintaining a balance and the digital account can function like a zero balance account plus with the other perks.
The average balance is waived if customers start a systematic investment plan (SIP) or a recurring deposit of Rs. 2,000 or more. SIP is a facility to invest in mutual funds.
Read: Here’s why you should invest in mutual funds through SIP
Read: Why You Should Have A Recurring Account Right Now
Setting up a SIP or RD will help you to earn better returns and interest rate than a savings account. Hence, it can help to fulfil your financial goals and grow your wealth further.
RBL Bank offers an attractive interest. Unlike interest earned on fixed deposits and recurring deposit, interest on a savings account is calculated on the daily closing balance.
The interest rate applicable will depend on the closing balance.
Read: How is interest rate on savings account calculated?
Effective 1st October, interest rate on savings account
| Daily Balance | Rate of interest |
| Up to Rs 1 lakh | 5.00% |
| Above Rs 1 lakh upto Rs. 10 lakh | 6.00% |
| Above Rs. 10 lakh and upto Rs. 5 Crore | 6.75% |
While most of the transactions can take place online, cash is still required to cater to various requirements. Customers of RBL online account have the option to withdraw cash from ATM without any charges.
Debit cards come with various benefits from withdrawing cash, shopping at offline and online merchants. The titanium first debit card comes with welcome vouchers of up to Rs.2,500. This debit card comes with a variety of complimentary insurance such as air accident insurance, personal accident insurance, cash in transit liability, lost card liability, and purchase protection.
Holders of RBL Bank’s Titanium First Debit Card receive exciting offers while shopping at Joyalukkas, US Pizza, Awfis.com, Swiggy, Netmeds.com, Ferns N Petals, Bigbasket etc.
Opening savings account with a digital savings account is easy and secure. Many banks have started offering digital savings account to its customers and RBL Bank is one of them.
Click here to compare the different digital savings account.
You can open RBL digital savings account by visiting the bank’s website, or by downloading RBL MoBank 2.0.
You need to enter your mobile phone number and add your Aadhaar and PAN numbers.
RBL Digital Savings has an average balance of Rs.5,000. However, the minimum average balance is waived off if you start a SIP or recurring deposit worth Rs. 2,000 or more.
Yes, you can withdraw cash from ATM. According to the bank’s website, ‘there is no limit on the number of ATM withdrawals you can make from an RBL Bank Digital Savings Account. So you can withdraw as much as you wish each month. Transactions at other banks’ ATMs are charged from 11th transaction onwards’.
You use NEFT, IMPS and UPI modes to transfer money through your account.
