Savings Account: Differences Between Traditional and Digital

Posted on Wednesday, April 26th, 2023 | By Indusind Bank

Digitization has transformed the way we bank. With the rise of online banking, traditional banking is slowly becoming a thing of the past. One of the most significant changes that have taken place is the way we save money. Traditional savings account are now being replaced by online savings accounts. Gone are the days when people used to visit their local bank branches to open and manage their savings accounts. Today, people can open and manage their savings accounts from the comfort of their homes!  

What is a Digital savings accounts?

A savings account is a type of bank account that enables you to save money and earn interest on your deposits. A digital savings account can be opened and managed entirely online. It offers a convenient and accessible option for those who prefer to bank digitally and want to save their money from anywhere at any time.  

What is a traditional savings account?

A traditional savings account is offered by a physical bank or financial institution. To open this account, you need to visit the bank branch, complete the application process, provide the necessary documents, and complete the verification process. You can make deposits and withdrawals by visiting the bank branch once your online savings account is active. You can also use a passbook or ATM card to make transactions.  

Traditional vs Digital savings account: Key differences 

Traditional and Digital savings accounts also differ in terms of their features and benefits. Here a`re some key differe`nces to consider before deciding between the two:  

1. Ease of account opening: Opening a digital savings account is typically more straightforward than a traditional savings account. IndusInd Bank Online Savings Account has a 100% digital opening process, which can be completed quickly and easily from anywhere using Video KYC. In contrast, traditional banks require you to visit a physical branch to complete the account opening process.  
2. Frequency of bank visits: With a digital savings accounts, you can manage your accounts entirely online, including deposits and withdrawals. You can manage your IndusInd Bank Online Savings Accounts using IndusMobile App. This means you do not have to visit a physical bank branch frequently. However, traditional savings accounts may require you to visit a physical branch to make deposits or withdrawals.  
3. Instant banking services: Online savings accounts often offer instant banking services such as quick transfers and bill payments, while traditional savings accounts may take longer to process transactions.  
4. Fees and charges: Online savings accounts generally have lower fees and charges compared to traditional savings accounts. Online banks have lower overhead costs, which allows them to offer lower fees and better interest rates to their customers. 
5. 24X7 account access: With online savings accounts, you can access your account 24X7 from anywhere with an internet connection, making it convenient for you to manage your finances anytime. However, traditional savings accounts may have limited access outside of regular business hours.  
6. Speedy customer service: Online savings accounts typically offer quick and easy customer service through phone, email, and chat, while traditional savings accounts may require you to visit a physical branch for support.  

IndusInd Bank Online Savings Account

For individuals with long-term savings goals, IndusInd Bank Savings Account presents an appealing option due to its higher interest rate. Moreover, customers can avail themselves of various benefits, such as a personalized account number, cashbacks on purchases, discounts on top brands, and reduced rates on bank lockers. With a simple 4-step process, you can open an IndusInd Bank Savings Account through a 100% digital account opening process.  

Simply,   
1. Pick an account number  
2. Fill in your details
3. Fund your account  
4. Complete Video KYC from anywhere, anytime!  

Apply Now.

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.