Benefits Of Digital Savings Account

Gone are the days when you had to stand in queue waiting for your turn to deposit/withdraw money. Getting a bank statement or updating passbook seemed like a difficult task. Sometimes the work which generally takes minutes took hours. Now, with digital savings account there is no need to worry. You can manage all your banking activities without even going to the branch.

With the emergence of the concept of digital savings account it is easier to manage the account. A digital savings account is paperless, fast and secure way for opening an account on a digital platform. With the help of a digital savings account, the account holder can avail banking services like instant transfer, phone banking, SMS banking etc. Additionally, there are free email and SMS alerts. Listed below are few advantages of a digital savings account:

• Earning interest:

  Bank will pay interest on the money maintained in your savings account. It is a great perk (benefit) to have. Although interest rates are subjected to market changes. AU Small Finance Bank offers one of the higher interest rates on savings account across banks.

• Increased monthly savings:

  In some banks, there has to be a minimum amount maintained. If in case, account holder fails to do so, he is liable to pay a charge for the same. There are zero monthly maintenance fees, and interest is also good.

• Easy access:

  “Bura waqt keh kar nahin ata” is a saying we’ve been hearing since childhood. There may be a medical emergency or a friend in need – for these worst case scenarios, there’s your emergency fund. This money is saved separately for the critical times. Also, having a digital savings account helps you access money without difficulty. It is accessible from mobiles and laptops; it is easier to manage banking on-the-go. Transferring funds is easier than it ever was, but there are limitations to the number of transactions.

• Unlimited free transfers:

  With digital savings account, one can enjoy the benefits of free transfers like RTGS, NEFT and card payments.

All digital savings accounts have their own sets of regulations and perks (benefits). There might not be zero maintenance charges and higher rate of interest. It varies from bank to bank. But having a digital savings account provides easy access and reduces exhausting bank trips. High interest rates come as an added advantage – so, what are you waiting for – enjoy the benefits in an instant!

Read more about the types of savings accounts and also get to know the current and saving account difference

Also, Read online more about the monthly average balance and maintaining

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