0 hidden charges. 0 forex

Navigating the world of an Online Basic Savings Account: All You Need to Know

Reviewed by
Created on
May 19, 2023


What’s Inside

As they say - "a penny saved is a penny earned." This adage holds ground for everyone regardless of their financial status or goals. Whether starting a new career, saving for an emergency, or planning a big purchase, having a basic savings account is crucial to maintain financial stability.

But what is a basic savings account, and how can it help grow your hard-earned money? Here’s a rundown of an online basic saving account to help discover its meaning and features.

What is a Basic Savings Account?

Individuals today can deposit their funds safely in nationalised and private banks. The basic savings bank deposit account (BSBDA) is a product that allows customers to save safely. You can use this account to save and withdraw money without any extra cost.

You even don’t need a minimum balance to open a savings account. You will receive a chequebook and ATM-cum-debit card to facilitate deposits and withdrawals. You may also earn a small profit for parking your money with the bank as per the current interest rates offered.

All noted banks offer Internet and Mobile banking facility for online transactions.

The Benefits of Opening a Basic Savings Account

With the prevalence of online banking, it’s easier than ever to open and manage an online basic saving account. You can access your account and check transaction details anytime, anywhere. Here are some other benefits of opening a basic savings account.

1. Offer interest on saving:

Unlike current accounts, online basic savings accounts offer reasonable interest on the sum saved with the bank. It means your money grows over time, and you earn a profit.

2. Easy to Maintain

Online basic savings accounts are easily manageable from anywhere with an internet connection, making it easy to deposit and withdraw money whenever required. You can check previous years’ transactions, pay bills, and send bank statement requests using online banking and the app.

3. Low Convenience Charges

Most savings back accounts have low or no monthly maintenance fees, making them an affordable option for customers. Banks charge negligible annual fees on ATMs, SMS alerts and similar services.

4. Low-Risk Investment

Online banking platforms employ advanced encryption technology to protect your personal and financial information, keeping your funds safe and secure. Moreover, savings accounts pose a much lower risk than most investments, influenced by the market.

5. Offer Higher liquidity

Money saved in your account offer more liquidity than any other investment. You can access your funds anytime and withdraw cash in an emergency. On the other hand, most market investments have a lock-in period.


An online basic savings account is an excellent financial instrument to save and manage money from home. To find the best savings account, you can compare the interest rates of multiple banks and pick one that offers the best value.

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/receive payments instantly, analyse expenses, budget smarter, or invest in Mutual Funds.

Frequently Asked Questions

1. Are there any risks associated with savings accounts?

Generally viewed as low-risk, the savings account doesn’t carry a significant threat. However, some risks are worth considering, such as low-interest rates and bank fraud.

2. Can savings accounts be accessed through online banking platforms and mobile apps?

Yes, why not! You can access savings accounts through online banking platforms and mobile apps without hassles. All renowned banks offer Internet and Mobile Banking facilities for a seamless experience.

3. How can customers choose the best savings account that suits their financial needs?

Finding an ideal savings account is easy. Customers can compare multiple banks’ interest rates, charges, and minimum balance requirements to find the best option. They can also consider other banking components, such as contactless cards, online banking or mobile app facilities, and choose the one that aligns with their financial goals and needs.

4. How do savings accounts play a role in the overall financial planning of an individual?

Savings accounts assist individuals in financial planning by furnishing a secure place to park money. These accounts come with interest rate offers and help customers set aside an emergency fund. It aids in achieving financial goals, such as saving for a down payment on a house or planning a vacation.


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.
Share this article
Copied Link!
Navigating the world of an Online Basic Savings Account: All You Need to Know


View similar articles in
Get the Fi app