Digital vs regular savings account: A comparison

Digital vs regular savings account

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IDFC FIRST Bank’s Zero Fee Banking feature has revolutionised digital banking by helping customers save more on various banking and financial services. Banks generally offer benefits such as the Zero Fee Banking feature with their digital bank accounts. This article enlists five features of digital savings accounts that make them the preferable mode of opening a bank account.

1. A digital savings bank account helps you access banking services better

With IDFC FIRST Bank’s mobile banking app, customers can conveniently access numerous banking services. These services include opening a Fixed Deposit (FD) account online, opting for an online personal loan, and checking your bank balance. Banks also help you download your bank statements directly through their apps. Most importantly, you can easily access your bank’s customer services through an app.

2. Customers can easily transact online via a digital savings account

New-age mobile banking apps focus more on offering more options for online money transfers. For example, IDFC FIRST Bank’s app provides two modes – Auto Pay and One-Swipe Pay. Auto Pay helps customers pay for utilities and recurring payments, whereas One-Swipe Pay helps customers make quick online fund transfers. Besides these modes of transfer, IDFC FIRST Bank also facilitates customers to transact using NEFT (National Electronic Funds Transfer), IMPS (Immediate Payment Service), RTGS (Real-Time Gross Settlement) and UPI (Unified Payments Interface) with any additional charges.

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3. Digital savings accounts help customers save more

IDFC FIRST Bank helps customers save more via multiple customer-friendly features. The Zero Fee Banking feature waives the fees of 28 services like NEFT/IMPS/RTGS transfer charges, cash withdrawal and deposit charges, and chequebook re-issuance charges. IDFC FIRST Bank offers a high-interest-rate savings account with monthly interest credits that help them save more. Furthermore, the IDFC FIRST Bank app offers the Track Your Expense feature using which customers can categorise their transactions and draft better financial planning for better savings.

4. Banks offer unique features with online savings accounts

IDFC FIRST Bank offers a range of beneficial features through its savings accounts. The bank facilitates a paperless, digital account opening with video KYC. It also provides a competitive interest rate to customers on digital savings accounts compared to regular savings accounts. Customers can also withdraw cash conveniently from IDFC FIRST Bank ATMs with an exclusive debit card.

5. Opening a savings account online is very convenient for customers

 Most banks expect customers to meet extremely streamlined eligibility criteria while applying for an online savings account. Moreover, banks require customers to submit minimal documentation while signing up for an online bank account. Customers increasingly prefer an online account-opening thanks to these features.

While opening a basic savings bank deposit account, you must visit a bank with all your documents. An online account opening is convenient, and with IDFC FIRST Bank, you receive an easy application and a high-interest rate to save more. You must check the features of the bank before opening a savings account online. Furthermore, you must also analyse the bank’s mobile banking services; since your mobile app will help you access all banking services.