What are the benefits of an online savings account?

The current generation of customers in India is increasingly choosing to open savings accounts online rather than visiting physical branches. A digital savings bank account eliminates paperwork, saves time, and gives you seamless access to various banking services at your fingertips. As online platforms like UPI and mobile banking evolve, digital savings accounts are emerging as a smarter, more efficient way to bank and grow your money.

Online money transfers, undoubtedly, have become one of the most widely used digital banking services for individuals in India, thanks to the 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:

• Convenience:
  
  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. Just click on the account opening link on the website, fill out the form, select a savings account variant, fund your account, and complete the video KYC (Know Your Customer) process.

• Efficiency:
  Apart from the attractive interest rates, monthly interest credits, and savings-friendly features, the IDFC FIRST Bank mobile banking app also helps save 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 like “Track My Expenses” which help in budgeting with efficiency.

• Easy access to funds:

Most banks offer efficient mobile banking services to help customers access funds easily. IDFC FIRST Bank’s mobile banking app lets customers download bank statements and check their account balance at any hour. Digital savings account customers who opt for the 25K AMB variant can also benefit from a host of features like free and unlimited ATM withdrawals (₹2 lakh daily ATM withdrawal limit and ₹6 lakh daily purchase limit). They also get benefits like complimentary domestic airport lounge access once every quarter, personal accident cover worth ₹35 lakh and air accident cover of ₹1 crore. 

• Automated bill payments:

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.

• Attractive deals:
  
  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 every day and save a considerable sum each time they spend money using their debit card.
  
  
• Zero fee banking:
  
  With an IDFC FIRST Bank savings account, you get unique benefits like zero fee banking on all common savings account services. These include zero charges on all online transactions (NEFT, RTGS, IMPS), free unlimited ATM withdrawals, zero fee on cheque re-issuance, free debit card and DD issuance, and a lot more.
  
  
• Advanced mobile banking features
  
  Enjoy a full range of digital services anywhere on the go with the innovative IDFC FIRST Bank mobile app. This app helps you manage your account with easy-to-use inbuilt tools that let you track your spendings, identify spending habits, and set savings goals that suit you. Along with seamless online payments, you can manage all your bank accounts in one place with a single dashboard.

How to ensure a good banking experience when opening an online savings account?

 Here is how you can ensure a seamless banking experience when opening a savings account online:

• Automating your regular payments:
  The Autopay feature on IDFC FIRST Bank’s mobile banking app helps you pay your utility bills on time and budget effectively without having to worry about keeping the payment dates in mind.

• Choosing a savings account that offers a high rate of interest:
  It is important to choose an online savings account that offers a high interest rate to consistently increase savings. With IDFC FIRST Bank, you get one of the highest savings account interest rates in the industry. What makes it unique is the monthly interest payout that helps you grow your funds through frequent compounding.

• Prioritising good customer services and mobile banking services:
  Always prioritise good customer service to get prompt guidance with regards to your banking concerns. IDFC FIRST Bank’s mobile banking app allows customers to contact the bank’s customer service team directly through the app 24/7.

Conclusion

 

An online savings account offers unmatched convenience, superior accessibility, and valuable features designed for today’s digital-savvy customers. IDFC FIRST Bank enhances this experience through high interest rates, zero-fee banking, a powerful mobile app, and premium debit card benefits. Whether you’re looking to automate payments, grow your wealth, or track spending in real-time, opening a savings account online ensures you're always in control of your money.