Opening a Savings Account is usually the first step when starting your personal finance and wealth creation journey. Such an account lets you deposit and store your funds securely while allowing you to earn interest at a specific rate on the amount you deposit. You can access your money whenever you want and use the account to reach your financial goals.
When opening a Savings Account, you can visit the bank branch and complete the necessary formalities. However, if you dread this hassle, you can conveniently open a Digital Savings Account online. This account is highly beneficial. Let us understand the benefits of opening one:
Easy to open
Earlier, when you had to open a Savings Account, you had to visit the branch of your chosen bank. You also had to stand in line for a long time to complete all the necessary paperwork. Additionally, the process also involved filling out physical forms and submitting physical copies of the required documents. When opening a Digital Savings Account, the process is entirely digital. The method is also hassle-free if you have a smartphone and a dependable internet connection.
Opening this account also takes up little time and usually utilises video-KYC and e-verification of electronic documents, allowing you to open your account with ease.
Access linked services
When you open a Savings Account online, you need not wait to access the various features of such an account. Instead, upon activating your Digital Savings Account, your bank may instantly provide access to a virtual Debit Card. Hence, you can start carrying transactions using this card. Your bank may also offer the option of activating Online Banking facilities using this card.
Hence, you can use various services provided by your bank as soon as you complete the activation process.
Carry out fund transfers
Once your Digital Savings Account is activated, you can carry out transactions securely using UPI, IMPS, NEFT, etc. By using Online Banking platforms offered by your bank, you can also carry out bill payments, generate statements, and more.
Let’s you invest
By opening a Digital Savings Account, you can invest and save for your financial goals.
Offers various benefits
When you opt for a Digital Savings Account, your bank offers several offers. For example, you can get a cashback for using the Virtual Debit Card offered by such an account. You could also earn reward points on your physical Debit Card. Besides this, such an account also offers various discounts.
Conclusion
A Digital Savings Account lets you go cashless. It lets you manage your funds smartly and efficiently without the hassles of visiting the bank. It provides other benefits, as mentioned.
Comments