Benefits of an online Savings Account

Online money transfers,, undoubtedly, have become one of the “most-accessed” digital banking services for individuals in India, thanks to rising popularity of new-age online transfer solutions  such as UPI (Unified Payments Interface). Online savings accounts have only enhanced this convenience by offering customers access to several other banking services. Read on to learn more about the benefits of opening a digital savings account in India. 

What are the benefits of opening a savings account online?
 

Here are the primary benefits of opening an online savings account:

Customers can conveniently open an online savings account

Banks have made it very convenient for customers to open an online savings account today. IDFC FIRST Bank, for instance, follows a completely digital savings account opening process to onboard customers. Interested individuals must click on the account opening link on the site, fill out the form, select their savings account variant, fund their account, and complete their video KYC (Know Your Customer) procedure.

A digital savings account can help customers complete banking tasks with efficiency:

Apart from the attractive interest rates, monthly interest credits, and savings-friendly features, the IDFC FIRST Bank mobile banking app also helps customers save their valuable time. Earlier, an individual would have to visit the bank branch for updates on their savings account. Today, the IDFC FIRST Bank mobile banking app lets customers operate their digital savings account via a smartphone along with offering features such as “Track My Expenses” which help in budgeting with efficiency. Customers can now complete their banking tasks with a few taps, saving them a lot of time.

Opening an online bank account helps customers access funds easily:

Most banks offer efficient mobile banking services to customers to help them access their funds easily. IDFC FIRST Bank’s mobile banking app helps customers download bank statements and check their bank account balance at any hour and the digital savings account customers of 25K AMB variant can also benefit from a host of features like free and unlimited ATM withdrawals (₹2 lakh daily ATM withdrawal limit).

Customers can automate their bill payments using a digital savings account:

A very important advantage of digital savings accounts is the automation of bill payments. Various banks offer customers the service of automating their bill payments through their online savings accounts. IDFC FIRST Bank’s mobile banking app offers the “Autopay” feature that helps customers automate their regular payments. This helps customers pay their bills on time and budget better.

Banks offer attractive deals through their digital savings accounts:

Customers who opt for a digital account opening process can benefit from several discounts and cashback offers. IDFC FIRST Bank customers can earn reward points on the purchases they make everyday and save a considerable sum each time they spend money using their debit card.

Tips to ensure a good banking experience:
 

Automating one’s regular payments:

The Autopay feature on IDFC FIRST Bank’s mobile banking app helps customers pay their utility bills on time and help them budget effectively without having to worry about keeping the payment dates in mind.

Choosing a savings account that offers a high rate of interest:

One must choose an online savings account that offers a high interest rate to consistently increase savings.

Prioritising good customer services and mobile banking services:

Customers should also prioritise good customer service to get prompt guidance with regards to their banking concerns. IDFC FIRST Bank’s mobile banking app allows customers to contact their bank’s customer service team directly through the mobile banking app 24/7.

Before selecting an online savings account, customers can also use IDFC FIRST Bank’s savings account interest calculator to estimate the monthly interest that they will earn in the future on their savings account balance.