Remember, saving every penny into your piggy bank for continued savings, which helped you survive the rainy days? Your savings account is a regular and easily accessible bank account that allows you to save money, make regular transactions, make payments, and earn high savings interest rates on your balance.
However, a regular savings account is different from a digital savings account.
Gone are the days when you had to stand in queues or run after bank representatives to open bank accounts online. Today, all you need is your Aadhar Card and Pan Card. A video KYC procedure can also be done and you have a digital savings account ready in minutes.
Here is a comprehensive guide on the features and benefits of a digital savings account and who should opt for it.
What Is A Digital Savings Account?
The banking system has evolved with the growth of technology over the past few years. A digital savings account is a new generation update for all banking. Digital savings accounts allow customers to initiate, maintain, and transact through their bank accounts using their smartphones and laptops. It saves time, money, and effort by putting all banking at your fingertips. It can be opened and managed from anywhere.
You can digitally open a bank account that gives you access to world-class mobile and internet banking and makes your life easier.
Features of A Digital Savings Account
A digital savings account is a fast, secure, and hassle-free banking procedure that offers many benefits.
- You get high savings interest rates, along with access to free online money transfers, and direct bill payments. Open and maintain your term deposits along with free bank ATM transactions
- You also get complimentary insurance (for some of the account variants).
- Easy access to your money anytime, anywhere.
- You can use it safely and securely.
- It helps tracking of transactions online.
- You can set up a digital savings account to automatically pay your bills.
Who Should Get a Digital Savings Account?
Anyone who has a PAN and Aadhaar card can open a digital savings bank account.
Bank Savings interest rates will also be higher, and you can manage your digital accounts on the go with premium mobile and internet banking services.
There are several advantages of opening and operating a digital savings account.
- You can track expenses and keep a handy record of your deposit, withdrawals, and payments.
- Higher interest rates are a major perk in the case of savings accounts. Banks generally offer savings interest rates between 2.50% – 6% on savings accounts, but some banks like RBL offer a high-end interest rate that can go up to 6.50% per annum.
- Digital bank accounts allow you to bank at the push of a button which can be managed from the comfort of your home. You can perform all banking transactions from your computer, tablet, or smartphone.
- Reduced maintenance costs and the added benefit of zero-balance online savings accounts. Additionally, regular savings accounts have standard physical debit cards with annual maintenance fee. These are not usually found in digital savings accounts.
- You can get access to different types of debit cards. An online or digital savings account is used for all online transactions and is associated with a virtual debit card with no fee. In this case, transactions can be made without carrying a plastic card.
- All online transactions with digital savings accounts such as NEFT, IMPS, RTGS, and UPI are free. Therefore, you can make payments and transfers as often as possible without worrying about the fee. In contrast, transactions on regular savings accounts are generally not always free and may incur charges beyond certain transaction limits.
- A digital savings account is a secure banking system for your savings. The entire management of your account is under your supervision with bank security, making it one of the safest and most secure banking practices of today’s generation.
Conclusion
Digital savings accounts are a simple and fast banking solution that lets you deposit or withdraw funds without a bank representative’s intervention or visiting a bank. Now you can simply log into your account and search for the information you need. Apply for one now!
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