A savings account is not only a secure digital vertical to store your funds, but also a tool that allows you to save, pay, earn, and invest. With all banking solutions available at your fingertips with a digital savings account, completing financial transactions has become quite easy. You can open a digital bank account with just a few clicks and even activate the account on the same day.
What is a digital savings account?
A digital savings account is an online form of a regular savings account. With a paperless and swift documentation process, banks allow their users to open digital accounts instantly from the comfort of their homes. Apart from offering the basic features of a regular bank account, a digital account offers various add-on facilities like 24/7 account accessibility, online bill payments, instant fund transfers, virtual debit cards, etc.
What are the benefits of opting for a digital savings account?
Here are a few key benefits of opening a digital savings account:
1. Simple to open, operate, and manage
Typically, opening a regular savings account requires loads of paperwork and frequent visits to bank branches. Here’s where digital bank accounts come in handy. Opening a digital bank account roughly takes a few minutes as the entire process is online and conducted with just a few clicks on your smartphone or desktop. Note that digital bank accounts use Aadhaar-linked authentication for verification purposes.
Along with this, the process even involves a video KYC during the savings account creation process. For instance, IDFC FIRST Bank’s digital savings account offers instant activation after video KYC. In addition, you schedule a convenient time during banking hours to undertake your V-KYC.
2. Digital account users enjoy instant activation
In comparison to regular savings bank accounts, digital account services are activated faster. As the documentation and verification are done online, it reduces plenty of time allowing the banks to make the services accessible to you instantly. Upon activation, you even get access to your virtual debit card. Details of your virtual debit card are either shared with you over email or on the bank’s app.
3. Access to various digital services
Besides the convenience of quick activation and set-up, digital bank accounts offer access to various banking services, which you can use at anytime from anywhere. Through the internet or mobile banking, you can easily transfer your funds from your account to another account, make bill payments, generate your bank statements, invest in recurring accounts or mutual funds, open a fixed deposit account, etc.
Are you ready to open a digital bank account?
You can open a digital account of your preference and choice after an in-depth analysis and research on the offered benefits and features. Having at least a single digital account is advised. This is because these accounts often come with a higher rate of interest, offer easy fund accessibility, provide simple investment solutions, and have secure payment options.
Lastly, if you are wondering how to open a bank account online, it’s quite simple! All you need to do is download your bank’s mobile banking app. Open this app and select the option ‘Apply Now’. Next, fill out the digital account-opening form available on the app and attach your address and identity documents.
Once you attach all your KYC documents along with the application form, you may receive an online video call to cross-check your provided details. Once this is done, you will then be able to operate your digital account.
Stay updated with all the insights.
Navigate news, 1 email day.
Subscribe to Qrius