- Date : 06/08/2022
- Read: 4 mins
Digital Savings Account is the future of banking services for the individual. It encapsulates all the services provided by a Regular Savings Account and more. In other words, Digital Savings Account is the upgraded version of a Regular Savings Account.
With the availability of the internet and everyone latching onto their smart devices, it is no surprise that your bank can now walk into your space rather than you stepping into your bank. The Digital age has made it possible for everything available on this planet, including services, accessible from your phone or online.
When compared to a regular bank account, the digital savings bank account has the following additional features:
- Account can be opened from the comfort of your home.
- Shop online with a virtual digital debit card or a physical debit card.
- Get 24-hour transaction facilities.
- All-time accessibility to bank account, including outside banking hours.
- Lifetime account validity.
What is Digital Savings Account?
A Digital Savings Account is opened to access your account at any given time of your choosing. Let us understand the salient features of this service provided by the bank:
- A digital account can be opened within minutes, through any online portal, from the comfort of one’s home.
- You can transfer funds to your loved ones 24 x 7. This is done through an online application.
- It provides a money transfer facility instantly with a free IMPS service
Apart from this, you get more out of a Digital Account than a Regular one because:
- You get unlimited access through ATMs and unlimited banking facilities.
- You get a free Demat Account opening, as well as free access to free lockers.
- You get online shopping access with a virtual debit card.
- You get complete access to all banking digital channels free of cost.
Compare Digital Savings Account & Regular Account
Digital Account vs Regular Account – Difference in Service
Digital savings account opening is a quick and easy procedure that does not require you to visit the bank. You can submit the documents online, and the verification process will be done simultaneously and quickly. Within minutes you can start your transactions. Opening a regular savings account, on the other hand, necessitates your presence at the bank. All original documents are to be carried to the bank for verification. Due to COVID-19 procedures, this may be considered inconvenient.
A Digital Savings account allows you access to a virtual debit card instead of a physical plastic card that you need to carry personally everywhere. Whereas, Regular Savings have physical cards with annual charges levied by the bank. These charges aren’t applicable for virtual debit cards.
NEFT, RTGS, & UPI transactions are allowed to be transacted free of cost in Digital Savings Accounts. You could make multiple transfers without being charged any service costs. For Regular Savings Accounts, most of these services are not free, and fees are charged above the specified value for all transactions.
Digital Savings Account provides random free access from any online device at the convenience of the account holder. Whereas, Regular Savings Account requires physical visits to the bank physically during banking hours.
Tips for Money Returns in a Digital Savings Account
- Selecting a suitable Savings account is prudent – maximise your benefits.
- Make sure your account is linked to a Fixed Deposit – transfer the excess savings.
- Maintain your minimum account balance – earn a fixed interest rate.
- Various brands provide Rewards and Discounts – maximise rewards and returns on your savings account.
Also Read: Understanding Your Savings Account