What should you know about Insta Accounts?

Savings Accounts are a means to save your income. They let you earn interest on idle funds. They are the best choice to start your savings journey. There are options for all, from young adults to senior citizens. What if you could open them with your smartphone instantly?

This is what an Insta Account allows you to do. You can open a Bank Account that comes in standard, premium, and customisable options. The balance requirement varies based on the variant you choose. Let us learn how it works:

Process

You need your Aadhaar, PAN Card details, and mobile number to open the account. Enter them as identity proofs, verify them, and add your account-related information. Then, you get your account number and customer ID immediately.

Initial balance

The minimum balance differs for this category. You could use premium, regular, or personalised accounts for senior citizens, women, etc. You could make either the first deposit yourself or have your salary credited to it. The operations start once you make the initial deposit.

Cash withdrawal

You can withdraw without a Debit Card through the cardless transactions option. It is only available under HDFC automated teller machines. Choose the desired options and follow the simple steps to withdraw.

Net and Mobile Banking

Online Banking services are easily accessible through Instant Account opening. You can easily carry out all the functions after adding your password. It lets you link your account to complete bill payments, shop, and check your account balance online.

Fund transfers

Sending money is possible 48 hours after opening the account. You can even open a Fixed or Recurring Deposit once you open the account. The funding for deposit accounts happens directly through it. The account balance, however, cannot exceed Rs. 1 lakh at any point.

Online deposits

You can enter your account number and IFSC code to transfer funds from another account. A mobile wallet is also an excellent option to instantly deposit money into the account. Login to your HDFC Banking app and view your IFSC code and account number. It is available under the show account details section. Share these details to make the payment instantly.

Eligibility criteria

You should not have an existing account with the bank when you open an Insta Account. Being an Indian resident and above 18 years of age is essential. It is highly convenient to start banking instantly. The minimal documentation and simple procedure make it the best choice to start the Online Banking journey.

This initiative offers necessary banking services quickly and without a specific procedure. It comes with pre-set services for operating immediately.

Arjit Chalmela is a finance student who loves to write in his free time. He has spent considerable time researching the foreign exchange rate.