A savings account is a safe and secure way to store your funds and easily plan your finances. You can keep your funds safe, earn interest on your savings, and withdraw money from ATMs or bank branches. Additionally, savings accounts come with various convenient features, such as online banking, mobile apps, and automatic transfers.
Digital banking can help you manage your savings accounts in a more efficient way. With digital banking, you can easily send and receive money anytime and anywhere, plan your finances better by keeping a record of your spends, and enjoy various other benefits such as access to credit cards and discounts on partner brands.
A savings bank account has several benefits that can be helpful in your financial planning and the efficient management of your savings. Here are some of them!
Opening a Savings Account is no rocket science, but with digital banking, you can enjoy various benefits that can make managing your finances more efficient. Here are a few things for you to consider while opening a Savings Account with digital banking in mind:
In summary, digital banking can help you manage your savings accounts more efficiently, with features such as online banking, mobile apps, and access to credit cards and discounts on partner brands. When opening a savings account, consider the additional benefits offered by the bank, as well as its reputation for customer service and security measures.
Some banks have this requirement of maintaining a minimum balance. If you fail, you may have to pay a penalty. The minimum balance to be maintained varies from one bank to another. Also, it depends on where you live. For instance, if you live in a metro city — the minimum balance to maintain may be higher, while if you are from a Tier-2 or Tier-3 city, the minimum balance can be lesser.
Many banks offer free chequebooks and free Debit Cards, while many don't. You can always check with your bank for better visibility on the additional services they provide.
Many banks and financial institutions offer deals and discounts when you make purchases with their partnered brands. For example, you'll see many bank discount offers on platforms like Swiggy, Zomato, Amazon, Myntra, Croma, etc.
Most banks have an additional fee apart from the minimum balance requirement. Please check with your bank before opting for a Savings Account.
Before you go, check out this article on the different types of digital banking.
Fi Money offers a zero-balance savings account in partnership with the licensed bank Federal Bank — you can easily sign-up for free & open a savings account online. This account provides a VISA Platinum, zero forex debit card with no hidden fees. You can also use Fi’s online savings account to safely stash your savings in deposits, earn additional interest, send and receive payments instantly, analyse expenses, and budget smarter. If you upgrade to other account plans within Fi — you get access to premium features like Jump, US Stocks, Mutual Funds, etc. and not to mention — up to 4x rewards!
Want to know how to open a Zero Balance Savings Account on Fi in less than 5 minutes?
Watch this video now!
A savings bank account offers a secure place to save money, with easy access and the opportunity to earn interest. It serves as a means to receive funds, make payments, and transfer money online. Before opening a savings account, consider factors like minimum balance requirements, additional services, offers and discounts, and fees and charges. Consider exploring the zero-balance savings account offered by Fi Money in partnership with Federal Bank, which provides various features and benefits to help you manage your finances effectively.
Yes, you can open a Savings Bank account online. You can visit the nearest branch of your preferred bank or visit their website to apply for a Savings Account.
Yes and No. You can open a bank account online without a PAN card. But It may come with limited features and fewer benefits than a regular Savings Account. They are often called a Small Account. Although, most of the banks need your PAN details for a Savings Account.
All banks offer Savings Accounts. You can look into factors like minimum balance requirements, additional services, offers and discounts to choose as per your needs. But you can also consider exploring the zero-balance savings account offered by Fi Money in partnership with Federal Bank. It's packed with features and benefits.