What Is An Insta Save Account?

By Author: Pragya Negi
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What is an Insta Save Account?
In today’s time when you can get almost everything instantly, why wait for opening a savings account? Especially, in the pandemic situation, when it has become very difficult to step out of the house and all the necessary activities are restrained, the banks have added a new feature of insta savings account. Insta save account requires no minimum balance to start with. The most important advantage of such an account is that the account gets instantly activated with no such hassle of paperwork or documentation.
Introduction to Insta save account
Insta savings account is an account that is opened and operated through the online portals or mobile app of banks. Opening a savings account may seem a tedious task, but with an insta save account, it has become very simple and easy to open savings account online
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The only thing you require to open an insta save account is an Aadhar card. It takes less than 5 minutes to open savings account online. All the required procedures and verifications ...
... take place online. Many banks have made opening and operating savings accounts easier by digitalising their services and by offering the insta save account facility. From ICICI bank savings account to SBI savings account, the options are many.
Procedure of opening an insta save account
As mentioned earlier, opening an insta save account is very easy and can be done by following these simple steps.

You have to visit the official website of the bank.
Find the section where you can apply for opening an insta save account.
Fill in all the necessary details and submit the form.
After submitting, you will receive an OTP on the mobile number that is linked with your Aadhar card.
Once the OTP is entered and the mobile number is verified, you will need to fill all the account related documents on the website.
After all the details and documents have been submitted, a bank representative will carry out the KYC. The KYC verification is completed instantly.
Your insta save account will be activated within a few minutes after the KYC.
You will receive your account details and a virtual debit card to start the payment process online.
Now you can perform your account tasks through online mode either by downloading the mobile application or through internet banking.
Things to keep in mind when applying for insta save account
Before proceeding to apply for opening an insta save account there are few things you should be aware of. Here is a list which comprises some of the important things to keep in mind.
You should be an Indian resident in order to apply for opening an insta save account.
Make sure your Aadhar card is linked with your mobile number, as without that you won’t be able to open an insta save account.
For the KYC compliance check process, you need to have a stable internet connection throughout the whole session.
You should have an original copy of your PAN card in order to smoothly complete the compliance check.
Features and benefits
It is very important to know all the features and benefits that the scheme is providing in order to extract full privilege out of it.

Banking services are accessible 24x7 to the account holders through the mobile application and net banking.
You can avail digital Debit card services just like standard savings accounts.
You get to enjoy various offers on different sites like Amazon, Flipkart, Swiggy, Bigbasket and so on.
You get a full-fledged online account after the video KYC verification process.
The insta savings account saves you from the hassle of visiting any bank or waiting days for account activation.
You can open a savings account immediately with a fixed deposit online, just with an Aadhar card.
You can also open a savings account immediately with a fixed deposit online just with an Aadhar card.
Wrap up
Insta save accounts are a convenient way of investments as it is providing a bunch of advantages to the account holders and it has become quite popular over the pandemic. If you are trying to open a savings account on an urgent basis or you are feeling too lazy to physically travel a long lane down to the bank, then insta save account is the best option for you. Opening of an insta save account is free from any paperwork and very basic documents are required in it, which almost every citizen of India possesses. Moreover, the online method has reduced all the process and time taken in creating an account. Select a bank of your preference and remember to carry all necessary documents while going through with the process.

I am Pragya Negi , I have more than 8 years experience in the field of finance, I am working as Finance officer at PWC and I am also a professional writer holding expertise in the field of finance.