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How To Open A Digital Savings Bank Account Online?

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Created on
June 7, 2022

Summary

What’s Inside

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 more efficiently. With digital banking, you can easily send and receive money anytime and anywhere, plan your finances better by keeping a record of your spending, and enjoy various other benefits such as access to credit cards and discounts on partner brands.

What are the Benefits of a Savings Account?

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!

  • Keep your funds safe in your Savings Bank Account, often insured by the bank
  • Easily send and receive money anytime and anywhere with digital banking
  • Earn interest on your Savings Account funds, with different interest rates offered by different banks
  • Plan your finances better by keeping a record of your spends
  • Withdraw money whenever you need it, either through an ATM or by visiting the bank branch
  • Savings accounts come with various convenient features, such as online banking, mobile apps, and automatic transfers

Things to Consider Before Opening a Savings Account with Digital Banking

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:

  • Find a bank or financial institution that offers digital banking with savings accounts
  • Check the additional benefits that come with the account, such as access to credit cards and discounts on partner brands
  • Consider the convenience of features such as online banking, mobile apps, and automatic transfers
  • Research the bank's reputation for customer service and security measures

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.

Minimum Balance

Some banks have this requirement of maintaining a minimum balance. If you fail, you may have to pay the 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.

Additional Services

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.

Offers and Discounts

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.

Fees and Charges

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.

Conclusion

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.

Unlock In-Fi-nite Possibilities with this Zero Balance Savings Account!

Fi Money offers a zero-balance online Savings Account in partnership with Federal Bank. You can easily sign up for free & open a Savings Account online in 3 minutes. You can also use this Savings Account to safely stash your savings in deposits, earn additional interest, send/receive money instantly, analyse expenses, or budget smarter. If you upgrade to other account plans within Fi — you get access to premium features like Jump, zero Forex, US Stocks, Mutual Funds, etc. & up to 4x rewards for all payments!

Frequently Asked Questions

1. Can I open a Savings bank account online?

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.

2. Can I open an online Savings account without a PAN card?

Yes, you can open a Savings account online without a PAN card.  

3. Which bank is the best to open 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. Consider exploring the zero-balance savings account offered by Fi Money in partnership with Federal Bank. It's packed with features and benefits.

Disclaimer

Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.
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