A savings account is your first step towards financial independence as it enables you to save and grow money for realizing short-term and long-term goals. A savings account is a secure and effective way to preserve your money and earn interest, along with numerous other benefits. While a traditional savings account offers many services and much convenience to its customers, the banking sector's latest major development is introducing a digital savings account or online savings account.
Packed with all the features of old-fashioned savings accounts to increase your funds, an online savings account is much more accessible and efficient in providing an exhaustive range of facilities to the account holders. Whether making deposits and withdrawals, placing requests for a cheque book, transferring funds immediately, an online savings account is your one-stop solution for handling everything without stepping outside to visit the physical branch.
Scroll down to know more about the advantages of an online digital savings account.
The first thought that comes to mind while opening a savings account is getting a high-interest rate. While an online savings account helps grow your money by offering a substantial interest rate, it also lets you earn money on the account balance over the course of a year, depending on the annual percentage yield (APY).
Easy and instant access
A key feature of a digital savings account is the convenience of any time banking which allows the customer to transfer funds online in case of an emergency instantly. Additional facilities include:
Generating fixed and recurring deposits.
Requesting a cheque-book.
Paying for daily expenses online anywhere in the world through net banking or mobile app from your computer, smartphone, or tablet.
No or minimal maintenance fees
While many traditional banks require a certain minimum amount balance to avoid any lapse or deactivation, an online savings account can be opened at zero or minimum balance without any monthly maintenance fee whatsoever. While helping to realize your financial goals, a digital savings account usually charges lower fees than traditional banks.
Automated deposit feature
Another key benefit of having an online savings account is the feature where you can schedule automated weekly or monthly deposits or SIPs from your savings accounts for long term investments. Through automated reminders and transfers, the deposits will add up over time and help you earn interests to maximize your funds.
Wide-ranging services and rewards
In addition to a dedicated customer support service, a digital savings account also offers an easy bill-pay facility for quicker recharges and utility bill payments along with the feature of auto-pay as well as setting reminders. Customers are also entitled to numerous complimentary rewards, discount vouchers, and cash-backs on shopping, travels, movies, etc., upon opening an online savings account.
Keeping your funds secure is the topmost priority of a bank, and an online savings account is integrated with extra security features to identify and prevent unauthorized access. With multi-level authentication processes, including password, OTP, and pin verification, the money is kept safe at all costs in a digital savings account.
With leading private commercial banks like RBL Bank offering hassle-free account opening process and attractive rates of interests, it is the right time to make the transition from regular savings account to fully Digital Savings Account.