5 Benefits of Having a Savings Account with Digital Banking Services

Posted on Wednesday, October 11th, 2023 | By IndusInd Bank

In our fast-paced modern world, technological advancements have transformed nearly every aspect of our lives, including how we manage our finances. The way we do banking has changed radically in the last 5-6 years. Gone are the days of waiting in long lines at brick-and-mortar banks. Digital banking services have revolutionised the way we handle our money and make transactions. One of the most essential tools they offer is the digital savings account or simply put, savings account with digital banking services. Let’s understand the concept of digital banking services, what they include when it comes to savings accounts and the 5 significant benefits of having a savings account with them.

What are Digital Banking Services?

Digital banking services encompass a range of financial services provided through digital or online means. These services have become increasingly popular due to their convenience, accessibility and efficiency. With digital banking, you can manage your finances, conduct transactions and access various banking products from the comfort of your home or on the go using smartphones, tablets or computers. We can say that banking is at your fingertips now!

You’ll find digital banking services offered by a variety of institutions, including traditional banks, online-only banks, and fintech companies. Most of the banking products can be accessed online and you can even complete all the formalities online to avail of any facility.

What is Included in Digital Banking Services?

Digital banking services offer a comprehensive suite of features and benefits and it may vary from one financial institution to another. Some common components of digital banking services include the following:

• Account management: Digital banking allows you to monitor your account balances, view transaction history and manage account settings such as setting up alerts and notifications. Many banks allow you to open savings accounts online so you don’t have to visit a bank at all.
• Fund transfers: You can transfer funds between your accounts, send money to others and even make international transfers through digital banking platforms. Funds can be transferred through various means like IMPS, RTGS, NEFT or UPI.
• Bill payments: Paying bills online has never been easier. Gone are the days when you had to stand in long queues to pay your bills. Digital banking services allow you to schedule recurring payments, pay bills electronically and avoid late fees.
• Mobile banking apps: Most digital banks offer mobile apps that provide access to their services on smartphones and tablets, thereby enhancing the overall user experience and convenience.
• Savings and investment options: Digital banking services often allow you to make investments directly from the website or application. You can create fixed deposits online or invest in other avenues like digital gold, certificates of deposit (CDs) etc. This allows you to grow your wealth while keeping your funds easily accessible.
• Security features: As all our banking services are getting online, threats are imminent. Banks and financial institutions always employ robust security measures such as encryption, multi-factor authentication and biometric login to ensure that customer data remains safe and protected.

Other facilities: Apart from the above key facilities, you can also enjoy certain other ancillary services like FASTag recharge, mobile recharge, expense tracker etc. directly using the digital banking services.

5 Benefits of Having a Savings Account with Digital Banking Services

After understanding what digital banking services encompass, you might be quite assured that it got a lot of utility. Let’s delve into the five compelling benefits of having a savings account with digital banking services:

1) Convenience and accessibility

As stated earlier, digital banking services mean banking at your fingertips. One of the primary advantages of digital banking is the unparalleled convenience it offers. It all starts with an online savings account opening. With a digital savings account, you can access your funds 24/7 from anywhere with an internet connection. This means you can check your balance, make deposits or transfer money at your convenience without being bound by conventional banking hours or the need to visit a physical branch.

2) Higher interest rates

Not only you can apply for a bank account online but also earn higher interest rates on savings accounts compared to traditional brick-and-mortar banks. Since online banks have lower overhead costs, they can pass on these savings to their customers in the form of better interest rates. This means your money can grow faster over time, helping you reach your financial goals more efficiently.

3) Lower fees

Traditional banks may charge various fees, such as monthly maintenance fees or ATM withdrawal fees. One of the best examples is the bank statement. Earlier, you had to pay hefty fees to get your bank statements printed. But now, you can seamlessly download it online. Also, many banks offer low-fee or zero-charge savings accounts online under different schemes. This can save you a significant amount of money in the long run, allowing you to maximise your savings.

In addition to lower fees, choosing the right savings account can also bring you cashback offers, amazing deals, and discounts.

4) Easy account management

Digital banking services make it simple to manage your savings account. You can set up automatic transfers, create savings goals and track your progress easily. Many digital banking apps also provide tools to help you budget and manage your finances effectively.

5) Seamless integration

Online savings accounts often integrate seamlessly with other digital banking features. This means you can easily link your savings account to other accounts like investment/demat accounts or even third-party financial management applications. This integration streamlines your financial life and provides a holistic view of your finances.

Indus Delite Savings Account

You can’t explore the world of online savings accounts without going through the Indus Delite Savings Account. And here’s why:

• 5% cashback on fuel, entertainment, OTT spending and dining with your Delight Debit Card.
• 5% cashback on Amazon purchases with your Delight Debit Card.
• Zero balance requirement (subject to IP funding).
• 20% off on Swiggy and 10% off on Big Basket with your Delight Debit Card.
• Buy 1 Get 1 on movie tickets booked from Book My Show with your Delight Debit Card.

Indus Multiplier Max Savings Account

If you are focusing on generating wealth, we got you covered with an Indus Multiplier Max Savings Account. Here’s how:

• 25% locker discounts
• The smart sweep feature allows you to earn FD interest on your savings account balance. Excess balances above ₹20,000 will automatically be converted to FD and earn you much higher interest rates.

Summing up

Online savings account with digital banking services is a complete banking package with numerous benefits like unparalleled convenience, higher interest rates, lower fees, easy account management and seamless integration with other financial tools. These advantages make digital savings accounts a compelling choice for individuals looking to grow their wealth while enjoying the convenience of modern technology. As the world continues to embrace digital banking, it’s essential to choose the one that best suits your financial needs and goals.

Apply now for IndusInd Bank Savings Account!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.