Digital Savings Account : How to save money while saving the planet

As the wind of technology blew across the banking industry, more and more paperwork flew out of the window. However, the digital banking experience is more than just paperless processes. In a digital savings account, you get a technology-driven user experience with newer services that were unheard of in the traditional banking system. As transactions are made and information is received with the click of a button, a digital savings account also ensures that you save time and effort. 

The digital advantage in banking
 

Banks are following more eco-friendly business practices as digitisation leads to lower energy consumption and paper trails. Besides, online payments have increased by more than four times in four years, reaching Rs 8,840 crores in FY22. This is expected to reduce the money spent on printing currency notes in the near future. In its discussion paper in 2022, titled Climate Risk and Sustainable Finance, RBI has asked banks to work towards paperless branches. Introductions like digital bank accounts directly lower or eliminate the environmental impact of banking processes. Let us see how -

• Reduced paper waste - A digital account is part of green banking practices where all the banking services and information can be availed of without using paper. This starts with the account opening, with IDFC FIRST Bank ensuring a completely paperless account opening process. 
• Lower carbon footprint from transportation - With a digital savings account, there are fewer people required in branches and fewer customer visits too. The carbon footprint rising out of transportation gets reduced drastically.

• Encouragement of sustainable financial practices - ATMs, cash deposit machines, online money transfers and bill payments, etc., are financial transactions that minimise the use of paper, energy, and manpower. Thus, digital banking encourages sustainable financial practices.
• Security - Online transactions reduce the risk of cash handling, which makes banking transactions more secure. Digital savings accounts are protected with cutting-edge technology like two-factor authentication, data encryption and firewalls.

Also read – Savings account charges you didn’t know

How to save money while saving the planet

While digital banking is busy saving the greenery, your digital savings account is silently saving your money. Consider these scenarios,

• Getting information - Earlier, you used to visit the bank to get a bank statement or update your passbook. Now, you can get the same on your mobile or laptop with internet and mobile banking.
• Banking transactions - You used to stand in a queue to deposit a cheque. Now, you can ask for an online transfer instead. You do the same and the need for a new chequebook becomes fewer and far between.
• Paying bills - You don’t even need to stand in half a dozen queues or take that many trips to pay your utility bills, insurance premiums, EMIs etc.
• Better budgeting - With the IDFC FIRST Bank Savings Account, you get a mobile app that tracks your expenses and does cash flow analysis for you. You end up monitoring your budget better and saving money thereby.

Also read – Zero-fee banking: The next big thing in savings accounts

Conclusion

Now, you can open an IDFC FIRST Bank Savings Account through a paperless process, complete with video KYC from the comfort of your home. You can carry out quick and hassle-free fund transfers and earn discounts on your online shopping too. For a completely digital banking experience and an attractive interest income that credits every month, check out the IDFC FIRST Bank Digital Savings Account.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.