The Ultimate Guide to Digital Savings Account
The current advancements in technology are changing banking trends. Previously, customers used to walk-in their nearest bank branch to open a savings account. But now, people are moving towards more digital concepts which are convenient and easy. Before opening an account, you should research and gain knowledge about different savings accounts available in the market. Nowadays, you can opt for a digital savings account and get enhanced benefits. You can choose your preferred banking partner suiting your needs while opening an account.
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After finalizing your bank, follow these easy, secure, and paperless steps to open a digital savings account:
Step1: Go to your banks’ website. Choose the preferred digital savings account. Enter your Aadhaar, pan card number, email id and mobile number.
Step 2: Validate your details.
Step 3: Verify your personal details and enter other required information. Submit the application.
Step 4: After submitting, you will receive the account number and customer ID instantly.
Step 5: Proceed with KYC. Show your original documents to the bank’s executive for account activation.
Step 6: You can start using the services of your digital savings account once the KYC is complete and your account has been activated.
Benefits of Digital Savings Account
- Ensures Freedom from Bank Branch Visits
With newly emerging technology, many services that were available only at a bank branch are now available on internet banking. Now, you do not require visiting a bank branch physically for any of your banking queries and account-related needs. A digital savings account will take care of everything from opening an account to applying for a loan.
Also, it ensures paperless banking with all documents being accessed digitally, making your banking operations convenient and hassle-free.
- Easy Access
An emergency can occur anytime, resulting in your requiring instant access to cash. For these worst-case scenarios, you might need to dip into your savings to cover an unexpected expense. The most significant advantage of a digital savings account is that you can access your emergency savings fund anywhere instantly.
You can access it either online with internet banking or through mobile banking. Also, it allows you to view the balance and other account activities on-the-go. You can also quickly transfer funds from your digital savings account to any other account and enjoy the benefit of card payments, NEFT, RTGS.
- Automatic Deposits
routinely can be a difficult habit to cultivate, but it can be made easy with a digital savings account. An advantage of this account is that you can set up weekly or monthly automatic deposits from another account into your digital savings account.
By automating your savings, you can reduce your temptation to spend that money elsewhere. You can opt for the desired amount, which is to be automated. Over time, the accumulated deposits add up, and you also earn interest on it. In this way, it enables you to maximize your savings.
- No Minimum Monthly Balance Requirement
With this benefit, you do not need to pay any default charges, unlike the usual savings account. Also, there are no hidden charges in terms and conditions.
Digital Savings Account: A Step Towards New-Age Technology
All digital savings accounts have their own sets of regulations and benefits. It varies for all banks. It is vital that you opt for reputable banks like Axis bank that offer various accounts to suit your individual needs. They provide benefits like cashback on all online spends and up to 20% off at 400+ partner restaurants in India. You can easily open their digital savings account with video KYC facility within a short period.
Choose a digital savings account today and save yourself from exhausting bank visits!