The concept of saving and being prepared for a rainy day has been inculcated in our financial education for time immemorial. Hence, it comes as no surprise that Indians are primarily savings-based consumers in a growing economy.
COVID-19 has enforced social distancing and gravely impacted the economy, people fall back on their savings. The job loss, pay cuts, and enhanced medical requirements have put a lot of us under considerable financial strain. This is the time that we value our savings and understand the importance of the age-old practice of keeping aside funds for an unpredictable future!
Hence, if you are worried about how to save your hard-earned money and are looking to open a savings account, do not lose heart, banks now offer the digital mode of opening such accounts! Technological advancements have ensured that you do not even need to step out to open your bank account which is packed with features and advantages!
Below are a few of the amazing attributes of a digital savings bank account:
A digital bank account can be operated from anywhere. All you need is a stable internet connection. Mobiles, laptops, and even office computers can be used to transact or check your digital account. In case of any emergency, a digital savings bank account can be accessed in a matter of minutes!
- No Branch Visits
You have no hassle of going to the branch to check your balance, request a fund transfer, opening an FD, etc. All banking related work can be done from the comfort of your home. Hence, in times of social distancing, this also ensures the safety of your health and your family!
- Easy Documentation
A digital savings bank can be opened in a matter of a few minutes. Some banks such as the RBL Bank website are equipped to open your digital savings account in as less as 7 minutes! Only basic KYC documentation such as Aadhaar and PAN card – which are readily available to everyone are required. Once you upload, a customer representative might contact you for physical verification and your account will be active and ready.
An increasing market of the digital savings bank account, coupled with new players and a competitive market ensures you have a wide variety of savings bank accounts to choose from. Some banks even offer customized and unique savings bank accounts such as – women-only saving bank account which has special provisions and features for your needs.
- Interests, minimum balance, and deposits
A.) You can scourge the market for the best interest rates that are being offered. Further, some banks and variants may require you to maintain a minimum balance in your savings bank. However, some bank also waives off these requirements if you open a nominal systematic investment plan or recurring deposit to them.
B.) Such requirements not only boost your savings but also help you earn better on your income. Further, you can also opt for an automatic debit for a fixed amount every month to this account for your savings plan. This would automatically deduct a certain sum every month towards your deposits and investment. This would curb your desire to overspend and help develop the habit of saving.
The bottom line is that you must always save for the future. This would help you become financially independent and increase your reserves. A digital savings bank account gives you the liberty of accessing your account from anywhere. The process is simple, easy, and fast. It also forces you to save and set aside funds. Hence, opt for a digital savings bank account from the comfort of your home soon!