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Summary: In recent years, the banking sector has witnessed a shift from offline, branch-based mode of operations and customer interactions, to the digital ecosystem. It is a significant transformation in banking, attributed to an exponential rise in internet and smartphone users and aligned with the government’s push for a digital India.
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.
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!
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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.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.