What are the benefits of opening online Savings Account?

[Kanika Shelatkar]

You have a wide range of personal and professional commitments to meet once you start working. Dropping your kids off at school, meeting office deadlines, on-site visits and meetings with clients, grocery shopping, and so on. The task list is unending, leaving you with little or no time to visit a bank branch to access your Savings Account.

With the introduction of the internet, however, banks have gone online, allowing for more convenient and hassle-free banking operations. The availability of online Savings Accounts is one such measure. While most of them prefer offline Savings Account, there has been a recent surge in people choosing online accounts. There are plenty of benefits of operating your account online:

Ease of opening

The Saving Account offers convenience, such as the ability to open and transfer funds quickly. Previously, opening an offline account needed multiple physical branch visits and time-consuming paperwork. However, that has become passe. With the country's digital transition, you now open one online in minutes using your desktop or smartphone.

After visiting the bank's website, you only need to upload your Aadhaar and PAN details along with personal information, and your account is accessible.

Higher interest rates

While offline accounts pay low, competitive interest rates, online accounts offer higher rates. In such accounts, you earn yearly interest rates ranging up to 7%. Interest rates fluctuate depending on the sum in your account. Before opening an online Saving Bank Account, it is preferable to have a clear picture of the given interest rates.

Lower fees

Lower costs are one of the key benefits of opening an Online Savings Account. While many offline accounts charge the starting fees and need you to maintain a minimum amount, many digital Savings Account does not require you to maintain a high minimum balance. Accounts like Zero-Balance Savings Account come with no balance maintenance requirements.

Furthermore, there are no account opening or hidden fees when you open an account. Online Savings Account has been popular owing to their transparent and low charge structure.

Easy access to funds

The other significant advantage of opening an online account is the simple and convenient access to your hard-earned money. Use them for covering your regular anticipated expenses. Using your desktop, tablet, or smartphone, provides quick access to your online account