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All you need to know about Digital Accounts

All you need to know about Digital Accounts

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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.

If you don’t know what a digital savings account does, this one’s all for you. I have been one of those work from home characters for a bit too long now. When I started writing as a full-fledged career, all I knew was that money magically appears in my account at the end of a project. As normal people do, I didn’t bother exploring banking. I knew I had money and that I could spend it where needed. A few years down the line, I’m learning about investing, saving, taxes, and even transfers. Here’s an interesting thing I noticed over the last year or so -

The number of times I’ve physically visited my bank - 3 

The number of times I’ve banked/transacted online - 300+

Now, to take a moment of utter ridiculousness - I didn’t know that I was functioning through a digital savings account. 

I knew I had an account and I used it as and when needed. I heard some close friends who also happen to be 'finance bros' talk about digital savings of digital banking in general. That was the day I realised that what I had was a digital savings account. 

Thanks for listening to my Ted Talk, if like me, you don’t know what bank accounts do, or what digital savings accounts are, read on. 

Difference between 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. 

What is a digital savings 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 a 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.

How to know if digital banking is for you

What you really need to ask yourself once you enter the maze of banking is *cue Joe Goldberg* what do YOU really 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 which 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. 

How to make a digital savings account:

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, all 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. 

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