The Ultimate Guide to Digital Savings Account
For any individual in India, a bank savings account opens the gateway for a variety of services and benefits. A bank savings account is the safest platform to park one’s savings and earn interest returns on it. It maintains the liquidity of one’s funds and allows the savings account holder to deposit and withdraw funds in his savings account multiple times freely in a month.
A savings account holder gets access to a host of other services offered by the bank, like debit cards, online banking, investment schemes (like Fixed Deposits and Recurring Deposits), etc.
Leading banks in the country are constantly striving to make banking reachable and convenient for people. In this regard, banks now provide the facility of online account opening to their savings account customers. A digital savings account online offers the same benefits as a normal savings account but helps the customers to save time and avoid going to the bank branch.
Here are the details of the digital savings account online.
Digital Savings Account
A digital savings account makes banking easier for customers. Individuals can now conduct banking transactions using their savings account from the comfort of their home without making multiple visits to the bank’s branch.
The only documents one needs to open a digital savings account are the Aadhar card and PAN (Permanent Account Number) card, as proof of identity, address, and age of the customer.
A digital savings account holds the following features and benefits for the customers:
- Easy tracking of transactions: All the records of a digital savings account are maintained digitally. A digital savings account holder can easily check all the credit and debit transactions from his account anytime and anywhere by logging into his account on the bank’s website. Some modern-day banks have highly-developed and advanced mobile-based applications for customers. One can download these apps on a smartphone and check banking transactions anytime and anywhere, without waiting for the bank statements.
- Quick fund transfers: Digital savings accounts make fund transfers quick.. One does not have to sit and write cheques like before. A digital savings account holder can transfer funds for personal or business needs instantly. There are several channels to transfer funds online, including IMPS, NEFT, RTGS, and UPI modes of payment. Almost all these fund transfer mechanisms are free of cost and involve no additional expense for the customer.
- Easy cash withdrawal: Banks allow savings account holders to withdraw funds from their ATMs anywhere across the country free of cost. Cash withdrawals from ATMs of other banks are chargeable after the 5th cash withdrawal in a month.
- Convenient bill payment: Digital savings accounts have an online bill payment facility for account holders. One does not need to stand in long queues to pay their electricity, gas, landline, and other bills. One can pay all these utility bills directly from an online savings account.
- Virtual debit card: These days, online savings accounts come with a virtual debit card that account holders can use for a variety of purposes, like online shopping, recharges, scan & pay at stores, etc.
- Secure banking platform: Banks that facilitate customers with online account opening are also aware of the fraud and risks of operating online. Therefore, the banks have robust and technically advanced security systems to ensure the complete safety of a customer’s online savings account. They have advanced security features, like two-factor authentication which ensure that only the right person can access the savings account online, eliminating any scope of theft or fraud.
- Access to the bank’s investment services: A digital savings account is a channel to explore and access the investment services offered by banks. One can use the savings account to put their spare cash in an investment scheme like Fixed Deposit to offer even higher growth to one’s spare funds. Moreover, one can multiply his returns from their savings by investing in market-related schemes like Mutual Funds through the savings account.
A digital savings account has brought banking to the fingertips of customers. One can open a digital savings account online quickly by visiting the bank’s web or mobile application and submitting the account opening form and documents online. It facilitates banking for people who do not have the time or means to visit the bank frequently to conduct banking transactions.
