Digitalized way to get work done is best nowadays. You get innumerable options that save money and time, that you would have wasted if had visited any bank branch. The core benefit of digital banks is to let users experience a variety of services right from their doorstep. And in the race, India is no longer behind! However, there have been several studies and data showing that India is among the highest adoption of digital banks in recent years. This shows how fast banking services, which are online, are being adopted by people. To let you dive into it more, we have provided a list of The 9 Best Digital Banks In India. Get a tour of this post to explore which banks are popular and why. Also, it will help you choose what fits you!
In India, there are several traditional banks that have taken a shift towards adopting digital ways to render their services to users. And this shift of banks towards being online is helping people to access and manage their accounts, with so much ease.
Indian banks like Axis Bank, Yes Bank, HDFC Bank, etc., have expanded their services to online banking which is good from the users’ point of view. And, access to these digital-only banks could be possible through smartphones in India.
No doubt, with the dropping price of mobile phones, and internet connections, the adoption of digital banks becomes an easy task in India. Let’s get started with the name and description of each bank in further readings! The 9 Best Digital Banks In India.
Axis bank was founded in 1993 and is now the leading bank in the banking sector of India. Apart from it, it stands at the 3rd position on the top list of banks in India. Axis bank has been changing its policies and procedure for the benefit of its users, and it remained successful as well.
With changing trends, Axis adopted an online system of banking by providing a platform where people can open their account and use it for their day-to-day tasks.
The service of Axis Bank is provided on its application which you can download from the Google play store. Apart from this, you get every required feature, and service that is expected from a digital-only bank’s app.
In Axis, you can purchase amounts up to Rs. 1 lakh to Rs. 5 lakh. It all depends upon the kind of account you have chosen.
DBS is a multinational banking service provider. It was founded in 1968 and is headquartered in Singapore. Still, users can use DBS in India and can get all the features as well. Even after being headquartered in Singapore, all the users living in India can get the benefits of all the features without any issue.
Digibank understands the relevance of digital banking; therefore, it provides services that are best among other competitors.
With a paper-free signup process and other perks, you can make your financial journey as smooth as it was ever experienced.
One of the most used and famed private banks is ICICI. It was founded in 1955 and has now spread over 17 nations. ICICI offers a variety of products that are beneficial for users to get their work done.
ICICI bank provides several benefits for users related to digital banking. From digital bank cards to debit cards, all you will find on ICICI. It is therefore known as the best digital bank.
ICICI bank operates both traditionally or at branches and has virtual facilities available for their customers as well.
Instant Online Savings Account
People who wish to get their ICICI digital banking started can do so by opening Instant Online Savings Account. Along with it, you get numerous features helping you to achieve your task in no time.
Also, the banking facility is available 24/7 so that users don’t bother at any point of need.
Pockets by ICICI
The other important initiative by ICICI is Pockets which you can use best for sending quick payments, paying bills, and others in a short span of time. Along with it, users can also use this e-wallet at online store for making purchases.
And, as soon as you sign up in your pockets, you will then be able to create your account instantly.
HDFC is the renowned and the top private bank in India, as of now. It was, in 2020, awarded the Euromoney Awards for the best bank in India. Along with it, there are a bunch of options available through which you can complete your financial work.
Digisave Youth Account
Although the digital bank offered by HDFC bank is for everyone, Digisave Youth Account target the younger generation to show interest in it because of its thrilling features.
Digisave Yout Account provides benefits like cashback, discounts, and other money-saving offers that attract youth particularly. Also, with more and younger user engagement, digital banking would certainly go into many hands.
In order to open Digisave Youth Account, users need to be 18-25 years old. This would create a foundation for this age group so that they would be able to use digital banks without being caught of wrong actions.
Induslnd Bank also known as a New-generation bank was founded in 1994 and is a private bank. With the emerging trend of digital banks, Induslnd bank observed it quickly and started enhancing services for reducing any kind of issue for the users while using the services.
All those who are into digital banking cannot deny the importance and unique place of Induslnd bank with the same.
If you are someone who wants to open a bank account instantly, you should go with Indus Digi-Start
It is one of the fastest ways to open your bank account. Instead of it, users do not require to maintain an account with some balance.
Kotak Mahindra Bank
Kotak Mahindra bank was founded in 2003 and has expanded its services in this competitive arena. The bank leaves no chance to entertain users and therefore it is providing digital bank accounts for users.
Basically, there are two types of account options: the Kotak 811 Edge Savings Account and Kotak 811 Digital Savings Account. This means, that not a single category of users will be expelled from using Kotak services.
In addition to it, users can earn up to 3.5% interest on their savings accounts. Users are able to use the virtual debit card as well, for free.
With so many benefits, Kotak Mahindra Bank remains on the list of best-suited digital banks in India.
Ratnakar bank, the older name, RBL was founded in 1943. The bank is headquartered in Mumbai and is among innovative banks since its services are upgraded.
Previously, The Asian Banker Financial Technology Innovation Award was given to RBL for its immense contribution to digital banking services. RBL has a popular digital savings account that is primary for digital banking on RBL.
Digital Savings Account
With the help of a digital savings bank account, you can manage your banking from anywhere anytime, without any issue. This includes withdrawing money, paying bills, and many others. All could be done easily with the help of RBL’s digital savings account.
Additionally, users can get interested in their savings accounts too.
Yes Bank is one of the famed banks that is available both online and offline. Due to the rising number of digital banks in India, Yes bank saw an opportunity and started offering its neobank services to common people.
Currently, almost 30% of stocks are owned by the State Bank Of India (SBI). This shows how valuable this new bank is for the competition among other digital gigs.
Instead of it, Digital Savings Account is one popular account for online bank users.
Digital Savings Account
With a digital savings account, you can set up your account quickly – Sign up, add a card, etc. The process of managing online accounts through digital savings accounts is so much easy and could be done from anywhere.
Along with it, there are two accounts: Savings Account PRO and Savings Account PRO Plus, available on Yes bank.
If you are searching for The 9 Best Digital Banks In India, Yes Bank is one of them surely.
State Bank of India (SBI)
Those who live in India are well aware of this renowned bank that performs both offline and online. The digital initiative of their bank is YONO, which has become popular in a short span.
Headquartered in Mumbai, SBI has been providing banking facilities for so many years, especially offline. But due to the up surging digital banking system, SBI has taken initiative to become a part of this beautiful online version of banking in terms of YONO.
There are a few conditions and doings; however, SBI remains the first choice of Indians when it comes to banking.
YONO Digital Savings Account
Being a starter as a digital banking facility, YONO lets so many features be used for making the digital journey smooth on SBI.
You can get interested up to 3.5% annually and also can get a free debit card for use.
YONO is always known as Edge Account, which could be of so much help in your digital banking journey, for sure. Further, you can upgrade your YONO account to the Kodak 811 Edge Savings Account, which you need to put in 10,000 as a maintenance amount.
Overall, SBI is worth mentioning in the list of The 9 Best Digital Banks In India. It is a people’s bank that has been working to smooth user experience in terms of banking.
This was a detailed discussion – The 9 Best Digital Banks In India. With the world shrinking its boundaries with the help of the internet, digital banks are ahead in the race to become available in all parts of the world. Same way, there are several banking services, which were rendering services for decades, and are now seeing themselves in participating among other competitors. Digital banking is nothing but a simplified way of banking which is crucial for the time we are living in. It helps get work done quickly and needs not to visit any branch at all!