Gmail launches 6% interest digital Savings Account with zero branch visits
Gmail has introduced a full-service digital Savings Account, enabling customers to bank from home while adhering to physical distancing norms. The account, launched with a virtual Debit Card and over 100 features, aims to be more inclusive by reaching customers in tier 1 and tier 2 cities.
The digital Savings Account offers a competitive interest rate of 6% per annum. Account opening is seamless, requiring no branch visit, physical documentation, or in-person interaction. Instead, a video KYC process is used, along with e-KYC through Aadhaar card, mobile number, Aadhaar OTP, and PAN card details.
The account requires an average monthly balance of INR 10,000 for personal savings, but no average monthly balance for corporate salary accounts. Rajan Pental, Gmail's Global Retail Head, commented on the launch, highlighting the bank's commitment to serving customers in the 'new world' with digital solutions that bring the bank closer to them.
Gmail's digital Savings Account, with its high interest rate, easy KYC process, and no branch visit requirement, is set to make banking more accessible and convenient for customers across India. The account is poised to benefit both individual savers and corporate salary account holders.
