How to Open a Gati Savings Account Online – Step-by-Step Process
The Gati savings account, launched recently by the Fino Payments Bank, has proven to be a game-changer in the banking genre of India. This accounting system caters to agile, brisk, affordable, and with extensive financial access, specifically crafted for those residing in rural as well as semi-urban areas who are eager to embrace digital solutions. What entices customers of this accounting system is that it doesn’t compel you to maintain a minimum balance requirement. For opening and getting access to a Gati account, you need to pay a one-time account opening fee of just Rs 100. As you open a Gati account, you can avail instant UPI functionality, that can effectively tie the cord of traditional banking with the modern digital expectations we have today.
If you are a beginner to banking or just searching for an easy as well as dependable way to handle your finances, here’s a straightforward guide on how to open a Gati account with ease. But before we proceed, it is pertinent to know what a Gati savings account is.
Understanding the concept of Gati savings account
A Gati Savings Account is a specially drafted bank account that aids to makes the banking process quick, seamless as well and simple for customers. You can usually open a Gati savings account online with just a few documents. This particular genre of account gets activated instantly, so you can initiate a savings plan without the hassle of visiting a branch.
What makes the Gati account alluring is its features like competitive interest rates, low or no minimum balance requirements, as well as easy access to digital banking. As a digital savings account in India, it’s perfect for today’s customers who value time and efficiency. Plus, you often get several merits like a free debit card, mobile banking, and 24/7 fund transfers. All in all, a Gati Savings Account offers a fast setup and simple money management.
Understanding Key Features
Before you dive in, let’s take a look at what makes Gati truly unique:
- You can open your account seamlessly with the help of e-KYC at any nearby Fino merchant point. This is an eKYC instant bank account.
- For this account, there’s no minimum balance required, and it only costs Rs 100 to get started.
- Instead of an annual charge, you will have to pay a quarterly maintenance fee of just Rs 50, making the account more budget-friendly and accessible for customers.
- With the help of the FinoPay app, you will receive an auto-generated UPI ID, so you can start making digital transactions right away.
- Moreover, as a customer, you will also enjoy several benefits like insurance, digital gold, referral loans, and DBT subsidies.
- And also remember about the attractive interest rates: You can earn up to 2.0% p.a. on balances up to Rs 1 lakh, and 4.5% p.a. on higher balances.
Account opening eligibility criteria
To open a Gati account, you need to meet the following norms –
- Need to be at least eighteen years old and
- Should have Indian citizenship
- Possess a smartphone.
- You will need Aadhaar as a document required for gati savings account for completing e-KYC, typically at a Fino merchant using biometric authentication.
How to open a Gati savings account online step by step?
Step 1: Find a local Fino merchant
First, you need to find the Fino merchant point located near you, where you can quickly open an account using the process of e-KYC. Fino runs tens of thousands of these locations, comprising more than 40,000 in West Bengal and more than 12,000 in the state of Punjab.
Step 2: Go to the merchant to complete e-KYC
Don’t forget to bring your registered mobile number along with your Aadhaar card. The merchant can then accomplish your e-KYC using biometric authentication, usually in two to three minutes.
Step 3: Make the initial payment
After you complete the KYC process, you need to pay a Rs 100 one-time fee to open your account after verification; there is no minimum balance required.
Step 4: Install and configure the FinoPay App
Then, on your smartphone, you need to install the FinoPay app. It gives you a UPI ID automatically after installation, allowing for immediate digital transactions.
Step 5: Get extra merits
You can avail a RuPay debit card, but there might be fees.
You can use services like DBT, digital gold, insurance, and referral loans via the FinoPay app.
ATM withdrawals are supported by your account; certain retailers may offer free AEPS-based cash withdrawal services.
Examining the key merits
- Lightning-Quick Onboarding
You can seamlessly open an account with less paperwork and in minutes rather than days.
- Cost-effective banking
There are no hidden charges. You just need to pay Rs 100 for setup and Rs 50 for quarterly maintenance.
- The Need for Zero-Balance
This type of account is ideal for consumers who are concerned about minimum balance fees.
- UPI activated quickly
There is no need to wait in a long queue because your UPI is available through the app on the day of account initiation.
- Wide-ranging local access
Your nearest neighborhood can now access banking thanks to Fino’s extensive merchant network.
- The ecosystem of finance
You can use your mobile app to get hassle-free access to digital gold, insurance, loans, government scheme payouts, and more benefits.
Follow the above Gati savings account opening process step by step, and you can open an account without much hazard.
As we are trying to utilize the Gati savings account, one of the easiest or simplest methods to get started with online banking is to proceed with your savings plan with this Gati account. What perks do you receive from this account? Let’s take a look.
- You can avail of both a zero and a minimum balance account
- You need to pay Rs 100 to get started
- UPI is instantly available with this account
- Obtainable, reasonably priced, as well as all-encompassing
Gati savings account is drafted for a brisk, unfettered access account option. Without checking of your level of banking experience or your desire for a straightforward, dependable method of handling money cannot come true. Now is the time to set it up so you can easily begin your digital journey.
Disclaimer – This blog is for informational purposes only. Before conducting any investment, it is advisable to carry out comprehensive research.
FAQs About Gati Savings Account
How do I open a Gati Savings Account online?
To open a Gati account, first you need to Fill form, complete Aadhaar linked eKYC process, then pay the fee, and download FinoPay app for activation.
What is the fee to open a Gati account?
As you opt to open a Gati account, you will have to pay a one-time opening fee of Rs 100 during account creation.
Is the Gati account zero balance?
The best part of the Gati Savings Account is that it requires no minimum balance at any time to maintain.
Where can I open a Gati Savings Account?
You can visit Fino merchant assistance kiosks across West Bengal and other locations.
What are the maintenance charges for the Gati account?
A quarterly maintenance fee of Rs 50 is required for a Gati Savings Account.
How to start UPI with a Gati Savings Account?
You can automatically activate via the FinoPay app. UPI ID will be instantly accessible after account opening.
