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Savings Account
Get a Digital Savings Account to manage all your finances
Key Takeaways
A digital savings account can be opened quickly and easily without visiting a branch
- It provides 24x7 access to banking services including fund transfers, bill payments, and account management
- The account offers convenience through features like expense tracking and automated payments
- Digital savings accounts simplify money management and help grow savings efficiently
We live in a digital-first world. Entertainment, grocery shopping, work, travel – indeed, digital touchpoints have simplified every aspect of our life. Banking and investments are no different. A digital savings account is a step in that direction, as it offers you all the benefits of a conventional bank account and more.
What is a digital savings account?
An online or digital bank account eliminates all the hassles of opening and maintaining a regular account. The primary idea is to shift the entire gamut of banking and financial services into the customer's hand-held device and give them the convenience of dealing with their money and investments as and when desired, rather than being tied to the limitations of a physical branch banking experience.
With a guided KYC process, you can open a digital bank account in just a few minutes. Upload/click pictures of relevant documents and agree to the banking terms and conditions, then verify with mobile and Aadhaar-based OTPs, and you can have your new digital account ready and operational in no time!
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What are the advantages of a digital savings account?
- Wide range of financial services: The bank's mobile app and internet banking platform enable you to access the entire service bouquet of products. You can send and receive money using NEFT, RTGS or UPI modes, along with make deposits and invest in financial products such as stocks, mutual funds, gold, and insurance. You can even make loan applications, place service requests (say, for a chequebook), or issue demand drafts without visiting the bank branch physically.
- Lower operating costs: A digital savings account is cost-efficient not just for consumers but for the bank too. By moving the customers to a digital platform, the bank can reduce its operating costs, such as rent and wages, which comprise a significant amount of the cost of running a branch. The bank, in turn, can pass on some of the benefits to the customers in the form of a lower average monthly balance to be maintained, lifetime free debit/credit cards, lower charges on service requests, etc.
- Virtual debit cards: Digital banking customers get a free virtual debit card on account opening. The virtual card is a digital version of a regular debit card and lets you perform the same types of transactions – but with the added benefit of greater security. As there is no physical card to carry, it cannot be stolen. Virtual debit card details (16-digit number, expiry date, and CVV) are stored in your mobile banking app. If you wish to make a payment or shop online, you just need to copy the card details from the digital vault of your app. Please note that a physical debit card is also sent as a part of onboarding along with other necessary documents through courier.
- Pay bills: Most digital banking apps have a tie-up with major service providers, allowing you to pay your electricity, gas, and water bills, DTH subscription, mobile bills, and even your FASTag recharge. You can set up an auto debit instruction for payment of essential services, eliminating the hassle of remembering different due dates or visiting each service provider's respective websites. You can also set up auto debit for payment of rent, mutual fund SIPs, or insurance premiums.
- Track expenses: Managing all payments and expenses from a single digital account makes it easier to quantify and separate various expense heads. It allows you to keep control of your budget and figure out avenues to cut down on non-discretionary expenses. This way, you can get on a savings plan to help fulfil your other major life goals.
- Discounts and offers: Many banks offer discounts and value-added benefits when you sign up for a digital savings account. These could be percentage discounts on shopping at merchant partner stores, complimentary memberships to exclusive clubs, and more. Virtual cards may also offer accelerated reward points across popular spending categories such as shopping, dining, travel, entertainment, etc. You can further redeem these rewards in lieu of discounts or air miles.
Reward yourself with the best digital banking experience
Irrespective of your age or profession, a digital savings account is a must-have if you wish to navigate today's tech-oriented world. IDFC FIRST Bank offers a feature-laden online banking account that will change how you transact and manage your finances. Instantly open your account here with a video KYC and take advantage of various features and benefits.
Access banking services anywhere and anytime with the IDFC FIRST Bank Mobile Banking App, over the netbanking platform, and even on WhatsApp. You also get a substantial personal accident and air accident insurance coverage with your new bank account. You can earn a high, competitive interest per annum on your savings account balance, which is credited monthly to your account to benefit from the power of compounding.
You can also invest in other assets, such as stocks, mutual funds, gold, insurance, etc. from the convenience of your banking and investment account.
For a superior digital banking experience, open an account with IDFC FIRST Bank today!
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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