Digital savings account
What is Digital savings account?
A digital saving account is an online account, which you can easily access through a mobile app or website. These accounts can be easily opened without visiting the bank branch. With a digital savings account, you can earn a higher interest rate as compared to a regular savings account. You can easily deposit, withdraw, and track your money digitally.
Features and Benefits of Digital Savings Account:
A digital savings account provides a simple and convenient way to manage your finances with several key benefits. These are given below:
- Online Access: You can manage your account anytime through a website or mobile app. This helps you to access your money anywhere and anytime.
- Higher Interest Rates: Digital savings accounts offer better interest rates than regular savings accounts. You can earn more savings over time.
- Low Minimum Balance Requirement: You do not have to maintain a high balance, unlike other traditional savings accounts. Moreover, some banks offer zero balance offering in which you do not have to maintain any balance.
- No need to Visit Branch: There is no paperwork required to open digital saving accounts. You can open your account with the help of a mobile or laptop. You can complete the process anywhere as you only require a good internet connection.
Eligibility Criteria
Any individual can open a digital saving account very easily.
- Must be an Indian citizen
- Must have a valid Aadhaar Card and PAN Card
Different Banks Offering Digital Savings Accounts
Listed below are some examples of banks that provide digital savings accounts. This is not a complete list, but it includes a few banks along with the basic steps to open an account online.
Bank Name | Account Name | Steps to open the account |
DBS Bank | Digibank |
|
IDFC First Bank | Signature Debit Card Savings Account |
|
HDFC Bank | Instant Digital Savings Account |
|
State Bank of India | Insta Savings (YONO App) |
|
Kotak Mahindra Bank | 811 Savings Account (811 App) |
|
RBL Bank | Digital Savings Account |
|
FAQs on Digital savings account
- Do I need to visit any branch of a bank to open a digital saving account?
No, you do not need to visit the branch; you can complete the whole process online.
- Is digital saving account secure?
Yes, digital savings accounts are secure as they use encryption, two-factor authentication, and are regulated by the RBI.
- Can I access my digital savings account anytime?
Yes, you can access your account 24/7 with the help of internet banking or mobile banking apps.
- What documents do I need to open a digital saving account?
To open a digital saving account, you only need a valid PAN card and Aadhaar Card. Also, your mobile number must be linked to your Aadhaar card.
- How can I deposit money into an online savings account if the bank has no branches?
You can deposit money via ACH transfer, direct deposit, or by mailing a cheque to the bank.
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