How have digital savings accounts transformed the banking system?

Digital savings accounts have revolutionised the way individuals manage their personal finances today. They offer a high degree of convenience, security and quick accessibility to money that can not be compared with traditional banking systems. From opening a savings account online, to features like digital payments, money transfers and instant account access to carry out transactions anywhere, anytime.

This article helps you gain insights into the workings of a digital savings account, their benefits, and how they have changed the banking landscape. With a step-by-step guide on how to open a digital savings account and more, it can help you make your banking operations effortless and hassle-free.

Understanding the working of digital savings accounts
 

Digital savings accounts are bank accounts that can be opened and managed entirely online. They offer all the features of a traditional savings account, such as interest on deposits and the ability to make withdrawals and transfers. However, they are accessed through a digital platform, such as a mobile app or website, rather than through a physical branch.

To open a bank account online, you typically need to provide some basic personal information, such as your name, address, and date of birth, as well as proof of identity and address. Once your account is open, you can deposit money, make withdrawals, and transfer funds to other accounts.

Benefits of opening a savings account online
 

• Convenience 
  
  

  With a digital savings account, you can manage your finances from anywhere, at any time. There is no need to visit a physical branch, and you can access your account 24/7.

• Lower fees
  
  

  Digital banks often have lower fees than traditional banks, as they have lower overhead costs. This means you can save money on things like account maintenance fees and ATM fees.

• Higher interest rates
  
  

  Banks can offer higher interest rates on online savings accounts than traditional banks. This means you can earn more money on your savings over time.

• Security
  
  

  Digital banks use advanced security measures to protect your account and personal information. This includes features such as encryption and two-factor authentication.

• Accessibility
  
  

  Digital savings accounts are accessible to anyone with an internet connection, making them ideal for people who live in remote areas or have limited mobility.

• Flexibility
  
  

  Digital savings accounts often come with a range of features and services, such as budgeting tools and automatic savings plans that can help you manage your money more effectively.

How has a digital bank account impacted the way you bank?
 

Digital savings accounts have made banking more convenient and accessible. You can now manage your finances from anywhere, at any time, without having to visit a bank branch. This means you can check your balance, make transfers, and pay bills on the go, saving you a considerable amount of time and effort.

Digital banking has also made it easier to save money. Many digital savings accounts offer features like automatic savings plans and budgeting tools that can help you save more effectively. Plus, with lower fees and higher interest rates, you can make your money work harder for you.

How to open a bank account online?
 

Opening a bank account online with IDFC FIRST Bank is quick and easy. Here are the five simple steps:

• Apply online
  
  

  Download the IDFC FIRST Bank mobile banking app to apply for an account.

• Enter your details
  
  

  You need to verify your identity through the online application form. So, enter all the required details accurately.

• Select account variant
  
  

  Choose a savings account that suits your financial needs and daily monetary requirements.

• Fund your account
  
  

  Once your account is open, you can deposit money into it using a variety of methods, such as a bank transfer or a mobile check deposit.

• Complete the video KYC
  
  

  Once your account is funded, schedule a video KYC at your convenience to have full access to your savings account. It is a mandatory process as per the RBI guidelines.

How does an IDFC FIRST Bank digital savings account help you enjoy banking services effortlessly?
 

• Instant account opening
  
  

  With an IDFC FIRST Bank digital savings account, you can open an account instantly following a simple 5-step process without having to visit a branch.

• Zero fee banking
  
  

  One of the key USPs of the IDFC FIRST Bank savings account is that it applies zero fees on over 28 common banking services such as free online money transfers through NEFT, RTGS, IMPS, and UPI, free chequebook re-issuance and debit card issuance, free SMS alerts, and much more.

• High interest rates
  
  

  An IDFC FIRST Bank digital savings account offers one of the highest interest rates on savings in the sector, so you can earn more on your money.

• Monthly interest credit
  
  

  With a digital savings account from IDFC FIRST Bank, you can enhance your savings through a monthly interest payout. The accrued interest is calculated on the daily closing balance and paid at the end of every month.
  

• Free ATM withdrawals
  
  

  An IDFC FIRST Bank digital savings account comes with free ATM withdrawals, so you can access your money without having to pay fees.

• 24/7 customer support
  
  

  An IDFC FIRST Bank digital savings account offers 24/7 customer support, so you can get help whenever you need it.

Conclusion
 

With features like lower fees, higher interest rates, and advanced security measures, digital savings accounts make it easier than ever to save money and manage your finances effectively. Opening a savings account online can bring you a range of banking services at your fingertips. With an IDFC FIRST Bank digital savings account, you not only get a hassle-free onboarding process but also a number of free services to enhance your savings and conveniently manage your 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.