Opening a Digital Savings Account in India: Here’s What You Need to Know

Opening the best digital savings bank account

If you are looking to open a savings account, it makes sense to consider making the most of available technology by upgrading your option to a digital savings account.

You don’t have to be a tech wizard to get to grips with all the features and advantages that come with a digital banking platform, but you will most likely soon enjoy making the decision to go digital every time you access the app on your smartphone.

What you need to know

As you would expect when applying to open a financial product, there are several formalities that you have to complete before your digital savings account is up and running.

You will need to be at least 18 years of age to qualify for eligibility and you will also need to comply with so-called Know Your Customer (KYC) requirements.

KYC is all about providing proof of your identity and address, and you have a choice of documentation that you can provide in order to satisfy the requirements of this process.

This might be your passport, PAN card, driving license, or a few other personal documents that satisfy the identity checklist criteria. Also, you do need to be a resident of India.

Make your banking easier

We are already in the midst of a digital banking revolution with the number of cashless transactions growing every year, so it makes perfect sense to embrace the advantages offered by digital savings accounts.

Once you have your account up and running, you will be able to access your money any time of the day or night and see how your savings are performing, making changes where necessary for your convenience rather than having to go to a bank or call them.

Paperless banking is an eco-friendly way to put your money to work and security protocols are robust, meaning your money is being looked after around the clock.

The option of a debit card

Another notable benefit attached to a digital savings account is the fact that there are banking providers who offer a complimentary virtual debit card as part of your package.

This could prove to be useful if you want to pay for items online using funds in your digital savings account.

Automated services

Another worthwhile feature to consider is that a digital savings account is designed to be available to you 24/7 and you will have the ability to conduct your banking from anywhere with the aid of your app and an automated personal banking assistant.

Get a good rate of interest

Some rates of interest offered by the best banks for savings account in India could hardly be described as attractive, but a fundamental reason why they offer such miserly returns is that they have a lot of traditional overheads that need to be paid for.

In contrast, a digital banking option is a lot leaner and can be more efficient as a result of being online. That means they are often able to pass on these savings by offering a more attractive savings rate.

Now you know what is involved in opening a digital savings account and the benefits it delivers isn’t it time you joined the digital banking revolution?

Image source: Freepik Premium

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top