Have a look at some of the Best Digital Savings Account in India. You’ll get a comprehensive list of popular and growing names in the digital world.
I remember accompanying my father to the bank and spending almost a few hours to just deposit money and print the passbook. Nowadays, all this is possible with a few clicks, while sitting at home and watching a movie and munching on a bag of popcorn. This revolutionary change is due to the digitization of the system which has transformed the way we perceive finance. It just doesn’t mean online or net banking, its far more progressive than that.
For example, you can visit your nearest ATM anytime to get cash or just pay off your bills on their app, without having to visit the vendor. The magnetic ink character recognition or MICR is another example, which is a character-recognition technology and utilized to expedite the processing of cheques.
Everything seems digitized now! Don’t you think so? In the era of Artificial Intelligence, the banking system has also embraced technological advancements in a smart way.
Now, let’s know what is a digital bank?
It’s a fascinating concept which led to the transition of traditional bank services to an online medium, to provide a faster and responsive system. Customers get to utilize traditional amenities such as money deposits, withdrawals, transfers, loan management, bill payment, investments, tax inquiries from a single point of access without having to visit the physical branch.
Slowly but consistently, it is gaining ground as internet and smartphone access has become widespread, with the millennials leading the pack. Further, you can perform all important banking tasks through their user friendly mobile banking apps.
Digital Savings Account: Benefits
Digital accounts have many advantages such as:
- Open Savings account instantly from the comfort of your home. A Paperless digital process to follow!
- Save your precious time and offer more flexibility.
- Maximum benefits similar to a regular savings account.
- Easy access to the bank’s internet banking portal.
- Enjoy higher interest rates as they don’t have any major infrastructure and overhead costs associated with the traditional set-up.
- They offer 24/7 customer care, service entry.
- Do online shopping, bill payments and offer a superior experience.
- Mostly banks have a zero minimum monthly balance requirement. (Make sure to check all the details before opening a savings account.)
However, there are few drawbacks as well.
- They lack a personal touch with their banker.
- They rarely can equip with knowledge of other facilities which might be useful to the customers’ accounts like loans or insurance.
- An online account also poses a possibility of a security breach and being hacked, which has been highlighted many times in the media.
- Fewer physical branches also mean longer travel time in case there is no other option but to visit the physical location.
- And of course, there issues such as power outages or servers being out.
Digital Savings Accounts India:
Let’s catch up with few digital savings account
1. Kotak 811
This is recognized as one of the best digital savings bank account and is offered by the Kotak Mahindra bank. It presents instant account opening, strong interest rates, minimal or zero balance, a virtual debit card and many discounts besides the other features. Its known for its customer care and mobile application. Here are the four variants of 811 Digital Bank Account:
- Kotak 811 Limited KYC
- 811 Lite
- 811 Full KYC
- Kotak 811 Edge Account
2. Indian Post Payments Bank:
This digital savings account includes self onboarding, zero balance, and a competitive interest rate. It provides features such as bill payments, recharges, instant fund transfers and multilingual customer care. You can complete the KYC or Know your customer formalities with the help of their postman, which is quite groundbreaking. On completion of the KYC within 12 months, the account can also be linked to the POSA or Post Office Savings Account.
3. DigiSavings by DBS:
This digital wallet cum account offered by DBS Bank Ltd.(Singapore) provides a seamless digital banking experience. You can open the DigiSavings account by installing the mobile app. DBS bank has been rewarded as the “Safest Bank in Asia” by Global Finance. Thanks to its automated authentication feature!
4. State Bank of India Digital Savings Account:
One of the biggest bank in India offers an integrated platform known as YONO or “You Only Need One”. It provides a variety of provisions such as bill payments, request for checkbooks, transfers, TDS inquiry, nominal balance obligation, shopping and so on under this single umbrella.
5. HDFC or (Housing Development Finance Corporation):
It is considered one of the biggest private financial institutions in India with a vast customer base. It’s known for its secure portal, user-friendliness, and innovative technology. The experience is customer-centric and offers unique discounts to its customers besides the variety of provisions as any other online account.
6. Bandhan Bank:
One of the fastest-growing in India and popular among the rural population, especially in the cooperative circle. It provides good interest rates, message facility, funds transfer, bills payment, minimal or zero balance requirement, and so on through their savings account.
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The Bottom Line
No doubt, these technology driven approaches, online savings accounts, mobile banking apps, and digital wallets have made processes faster and smoother. But, visualizing a completely cashless economy in India is still miles away.
Moreover, you need to be cautious at every step! Even with the best of technology, adequate security has to be monitored. You must keep your confidential information safe. The management should constantly circulate warnings not to share pin number, the three-digit code on the back of your debit card, customer identification number, etc.
What are your thoughts on Digital banking in India? Have you opened a digital savings account? Feel free to share your views thereon.