A Digital Savings Account is a bank account that can be opened on a digital platform. Digital savings account makes it easy to access a wide range of banking services. This includes mobile banking, SMS banking, instant money transfers, and free email and SMS alerts.
Listed below are some of the top benefits of digital savings account you cannot miss out on:
- Easy Account Opening
The process of opening a digital savings account is quick and easy. It takes only minutes for the documents to be verified after they are submitted online. Money transactions can easily be initiated after completing the verification process.
- Zero Cost Transactions
The digital savings account allows you to make multiple transactions, such as UPI, NEFT, and RTGS, without paying any fees. A regular savings account, however, might charge a certain amount of fees over the specified amount.
- Great Accessibility
You can check your account balance, transfer money and make transactions from anywhere, at any time. Digital saving accounts are accessible 24×7 from any online device at the owner’s convenience. With digital banking, it is easier to manage personal finances.
- Highly secure
Complete management of a digital account is under the user’s supervision. Banks ensure that digital banking remains one of the most secure places. Digital banking offers multifold security that includes OTP and password logins. Digital savings accounts also have advanced security features such as two-factor authentication, which can protect your account from unauthorized access.
- Low maintenance charges
With a digital savings account, users can maintain fewer charges in the bank account. Fi.Money offers zero-balance savings accounts in partnership with RBI-governed Federal Bank. The online savings account allows users to save money in deposits, send payments promptly, and analyse expenses. This can save you money in the long run, as traditional savings accounts often have monthly maintenance fees or other charges.
- Better interest rates
With a digital savings account, users who have saved can earn a better interest rate. There is a continuous need for digital banks’ loan- or fee-based products. As opposed to conventional banks, these banks strongly desire to increase deposits. They primarily accomplish this by setting competitive interest rates for savings accounts. This means that you can earn more money on your savings over time.
- Automatic Savings
Some digital savings accounts offer an automatic savings feature, where a certain amount of money is automatically transferred from your checking account to your savings account regularly.
- Better Budgeting
Digital savings accounts allow you to monitor your account and spending more closely, which can help you to budget your money more effectively.
Each digital savings account has its own regulations and benefits. With technological advancements, it has become convenient and easy to have a digital savings account and manage one’s finances.
Fi.Money offers various opportunities for opening and maintaining a digital savings bank account with ease. Fi. Money’s online banking can help users save up, invest wisely & analyze their expenses. Fi.Money, alongside its RBI-licensed partner Federal Bank, showcases the future of secure, digital banking.