In today's world, banking is a necessity. Transferring funds, withdrawing cash, and making investments — all require you to have some kind of digital account with a bank. The bank uses the account to manage all interactions done with its clients. It aids you in not only transferring funds but also with other essential services like checking your balance, making deposits, accessing customer care, etc. Primarily, accounts are classified based on their usage or purpose, which are current accounts, savings accounts, and salary accounts.
Current Accounts are zero-interest accounts used by business owners or individuals who don’t want a limitation on the number of transactions they can do in a day.
Savings Accounts are more common, they come with interest rates and limitations on monthly transactions. The best part about them is that they are customizable. You can figure out the services you need and tap into them.
Salary Accounts are the ones you love the most. Your company transfers your salary, allowance, and reimbursement to this account.
Let’s put two and two together. Digital savings accounts are just savings accounts you can make and use completely, all digitally. You can access your account from anywhere, make transactions, keep track of your spending, invest, earn, and whatnot, all from your screen. Apart from the easily spottable benefits, another major bonus is getting higher interest rates.
What you really need to ask yourself once you enter the maze of banking is *cue Joe Goldberg* what do YOU want? What is it that seems most comfortable, profitable, and attainable for you? The answer doesn't have to be a concrete one, if you think you’re going to stick to one banking style for a year, then it's safe to invest in an account of that style.
The most obvious question to ask yourself before going digital is if you are comfortable handling your bank account online. Many of us have our doubts about online banking, fair enough. Try to research all the great things and those that can go wrong before you decide.
If you want convenience, quick transfers, or to avoid that dreadful trip to the bank, this could be a legitimate option for you.
I bet that if you’ve made it this far it’s because of gauging one final time if Digital Savings can really be your thing. I know it all sounds super convenient so far, and let me tell you that account creation won’t disappoint you. All you need to do is choose a bank and start a savings account online. Go to their website and voila!
All you’d need to do is register, have your Aadhaar and PAN details, and create that account. You’d also most likely have to click a selfie and upload it for verification. If that doesn’t work out for you, you can contact customer support and have an executive come to finish up the process for you, from home.
Make sure to know everything about the account before you start it. You might have to wait for a few days for your banking kit to come to you after registering, depending on the bank you choose.
Post this, it gets even simpler. Change your passwords and PINs and go ahead and start using your digital savings account. I bank from the website and not from an app because I just find it….too casual to be banking? But I’m sure having your bank app on your phone and banking on the go is super time-saving. On a super personal note, I found that Digital Banking just works for me because I don’t have to step into a bank and walk around lost until some nice enough banker decides to help me out.
Regardless of what the reason is, I think it’s something you should check out soon. Banking is undergoing an online revolution, and it isn’t one you should miss out on.
In conclusion, the world of digital accounts offers convenience, flexibility, and higher interest rates. Whether you're new to digital banking or considering making the switch, this guide has provided valuable insights into different account types and the ease of creating a digital savings account. Embrace the online banking revolution and discover a banking experience tailored to your needs. Start your journey today.
You can go online & open a Federal Bank zero-balance savings account in 3 minutes — via the Fi Money app. No paperwork & no hidden fees! Fi, alongside its licensed partner Federal Bank, showcases the future of secure & simple money management. Fi can help you save, pay, invest, track expenses, and borrow money, all in one place. If you upgrade to other account plans within Fi — you get access to premium features like Jump, US Stocks, Mutual Funds, etc. & up to 4x rewards! In short, Fi's an online money management solution that helps you get smarter with your money.
A digital account is an online account that allows you to access various digital services and products. It can be used to store personal information, such as your name, email address, and payment details, and can be accessed from anywhere with an internet connection.
The process of creating a digital account varies depending on the service or product you want to use. Generally, you will need to provide some personal information, such as your name and email address, and create a username and password.
To keep your digital account secure, it's important to use strong passwords that are difficult to guess. You should also enable two-factor authentication whenever possible, which adds an extra layer of security by requiring a code in addition to your password.
