Benefits Of Opening A Digital Saving Account

[Shashank Bhaskar]

The technological advancement has made way for several possibilities. The banking sector introduced digital banking in India by taking note of this fact. It was a huge step that changed the way we bank today drastically.

To take the convenience a step further, banks started offering digital saving account. This has made the entire process of opening and using your account quicker. It eliminates the need to visit the branch for every other transaction physically. It not only saves you the hassle but also comes with many benefits:

Online bill payments: With digital banking, you can manage to pay utility bills from your home's comfort. The simple procedure is to set up your electricity, telephone, postpaid mobile, piped gas, water supply bills, etc. After this, your payments get debited with a click. You can also arrange for an auto-bill pay facility for added convenience.

24*7 access: You no longer need to wait in long queues or keep track of banking hours for conducting transactions, cashing a cheque, or depositing money. Everything is easily accessible at your fingertips. This is helpful in emergencies that can occur at any time of the day or night.

Saves time: The process of online saving account opening eliminates the need to fill forms and wait for your turn for assessment. You can choose the bank of your choice and open the account within minutes. You must enter details like your name, address, date of birth, etc., and attach the KYC (know your customer) documents.

Customer support: For those who like the assistance they get from bank representatives, customer assistance is available 24*7. You can reach out with the chatbot option on banking apps or by dialling the toll-free number. Any grievance, they get registered in this way. So, your problems get solved quickly.

Higher interest: As the operating costs reduce for banks and financial institutions, they can offer you better interest in your online bank account. This gets coupled with various cashback offers and low transaction fees.

Financial planning: You get to view your transaction history, bank statements, etc., of months or even years within a few clicks. You can download the same for more detailed information. It puts an end to update your passbook. The alerts and notifications you get on every transaction enable you to keep track of your funds.

Security: When your finances are stored with the bank in digital form, there is no fear of losing or getting them stolen. All the activities get protected with advanced encryption and two-factor authentication. This involves the use of fingerprint, one-time password, etc.

[Vinod]

Nice and great post on digital saving account.
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