The evolution of online savings account

The journey from conventional savings bank accounts to digital accounts that can be operated online has been quite significant. Previously, customers had to visit a bank physically, wait in long queues, and fill out extensive paperwork to open a savings bank account. However, the advent of online banking has changed this process. Today, customers can open a savings account online right from the comfort of their homes.

Curious about the significant influence on the evolution of savings bank accounts? The answer lies in technology. It has revolutionised the way individuals manage their financial affairs today. Conventional savings bank accounts required the customer’s physical presence as well as lengthy paperwork. However, with the introduction of technology, the procedure of opening as well as managing a savings bank account has become digital, making it convenient and seamless. 

Significant benefits of using a digital savings bank account

• Convenience
  The online savings account opening process has changed the banking vertical by offering unprecedented convenience. It allows you as a customer to conduct distinct banking activities such as transferring money, paying bills, or checking your savings account balance, without the need for stepping out of your home. This convenience extends beyond geographical boundaries and banking hours, offering a 24x7 banking experience. The digital banking services offered by IDFC FIRST Bank, for example, permit you to perform various transactions with just a few clicks, thereby enhancing your banking experience considerably.
  
  
• Lower charges
  Traditional banking services include various fees, which can affect your savings. In contrast, the online bank account opening process typically comes with lower charges. IDFC FIRST Bank, for example, offers a feature called ‘zero-fee banking’ that waives off the charges for all commonly used savings account services involving IMPS, NEFT, RTGS charges, and debit card issuance fees. This feature allows you to keep your banking expenses to a minimum, thus permitting your savings to grow considerably.
  
  
• Easy access to funds
  One of the most important benefits of online savings bank accounts is the ease of access to funds. With online banking services, you can check your bank account balance, download bank statements, and even perform transactions anytime, anywhere. IDFC FIRST Bank’s mobile banking application, for instance, provides you with the facility to download savings account statements and check your account balance anytime.
  
  
• Automation of bill payments
  Missing out on bill payments for any reason can result in late payment charges and can have a negative impact on your credit profile. If you open savings account online, then you can solve this problem by automating your bill payments. IDFC FIRST Bank’s mobile banking application offers the ‘Autopay’ feature that assists you in automating your regular payments, ensuring bill payments by the due date. This feature helps in planning your budget as well as improving your credit score.

Final thoughts
 

The evolution of savings bank accounts has changed the banking sector thoroughly by offering customers numerous benefits and unprecedented convenience. Note that the trend towards digital banking is set to continue in the future as well and those who successfully adapt to this change will be the ones who leverage the most out of such benefits. Thus, if you have not opened a savings bank account online yet, it is high time you consider doing so!

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.