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A Comprehensive Guide to Digital Savings Account

A digital savings account is a one-stop solution for your banking needs. It can be opened online through a seamless process and can be operated from anywhere at the ease of your fingertips. You can avail the best in class mobile and internet banking facility with the help of a digital savings account. Be it getting your bank statement or transferring funds, everything can be done online with a digital savings account without the hassle of visiting the branch.  In this article, we are going to have a look at some of the important features and benefits of a digital savings account. Read on to learn about the same:

Features and Benefits of Digital Savings Account

Easy and Instant Access

With a digital savings account, you can easily manage banking on-the-go. You can access your account from your mobile or laptop without any difficulty. A digital savings account allows you to send or receive money instantly, and this can be extremely helpful in case of any emergency. Moreover, there are several fund-transfer options like IMPS, NEFT, and RTGS. Most of these can be used at zero additional cost.

Pay Bills Online 

You can easily pay your electricity bill, mobile or landline bill, gas bill, etc., in no time with the help of a digital savings account. You can also use your account for online shopping from different e-commerce platforms. The transactions made are completely safe as digital savings accounts have a robust security system. Measures like two-factor authentication ensure that your account is secure and can be accessed just by you.

Invest Your Money Easily

Investing your money is no more a cumbersome task. With the help of a digital savings account, you can easily create a Fixed Deposit or Recurring Deposit within a matter of seconds. Moreover, it’s also possible to purchase and redeem Mutual Funds and track your investments with a digital savings account.

No Minimum Balance

Some banks do not require the account holder to maintain a minimum balance in their digital savings account. Therefore, you won’t be charged for non-maintenance of the minimum balance. This gives you the option to utilize your money flexibly without any worry.

Earn Interest

Since savings account earns interest on the balance, you will be able to grow your money gradually with the help of a digital savings account.

Now that you are well-aware of the benefits and features of a digital savings account, let’s have a look at the steps to open a digital savings account online.

How to Open a Digital Savings Account?

Step 1: Go to the official website of the bank.

Step 2: Fill in the application form required to open a digital savings account.

Step 3: Upload the digital copy of necessary documents such as PAN Card and Aadhaar Card.

Step 4: The details will be verified shortly, and you will be able to use your digital savings account.

Before you open a digital savings account with a bank, ensure to check its credibility by going through its existing customer reviews online. Look for a bank that offers efficient customer service. This will help you make a well-informed decision.

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