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5 Reasons Why Digital Savings Account is Important

Indians have always believed in saving for their future. We have been taught, to always be prepared in the face of unprecedented, unexpected adversity. Thus, households and families have always emphasized developing this habit. It … Read More

Indians have always believed in saving for their future. We have been taught, to always be prepared in the face of unprecedented, unexpected adversity. Thus, households and families have always emphasized developing this habit. It is because of this attitude that the Indian customer does not depend on debt and loans to meet his expenditure.

According to a report by Bloomberg, based on the Reserve Bank of India’s statistics, the household financial savings of the Indian consumer has risen to more than 7% of the country’s total GDP for the year 2019-20. Thus, it evidences a steady growth from the 6% rate in the year 2018-19. 

Although, the pandemic has struct this year and has affected the net savings of all earning professionals, the habit of saving regularly has helped many people tide over these difficult times. Banks also realize the potential of a savings bank account. Thus, to make it easier for the customers, they are now offering a digital savings bank account that can be accessed online as well.

Below are five advantages of having a digital savings bank account

  • Convenience
    • A digital savings bank account means that you can access your account from any part of the world. All you need is a stable internet connection, and you can perform any action on your account. You can transfer funds, check the balance, make a fixed deposit, receive funds, etc., online within a matter of seconds.
    • Banks offer a secure digital platform for you. You will receive a customer relationship login and set your password. It is a safe way, and only you can access your account without any risk of fraud. 
    • However, ensure that you never share your details with any person. These are confidential and private details that would allow complete access to your savings bank account. Hence, you need to safeguard and protect them.
  • Customized offers
    • Banks have understood the potential of the savings bank accounts in India. For most people, a savings bank account is their first experience with a bank. Thus, to make this experience memorable, banks have started to offer value-added services on their savings bank account.
    • You will find customized and unique savings bank accounts for women, for children, for senior citizens, etc., which are packed with attractive value-added services. Additional insurance cover, free ATM withdrawals, cheque pick up and drop facility, etc. are some of the services provided.
    • You can scourge the market and find the best-suited savings bank account for your needs and requirements.
  • Income generation
    • Keeping funds in your savings bank account helps you earn regular interest. Banks even have the requirement of maintaining a minimum balance in your account. It ensures that you are forced to save that amount, and you earn a regular interest on the amount you have parked in your account.
    • Owing to the increasing competition and capture a large share of the market, banks now offer high and competitive interest rates.
  • Build a habit
    • A savings bank account helps to build a regular habit of saving. You can arrange for automatic debit on your other accounts to regularly park funds in your savings account. It will help increase your savings gradually and regularly.
  • Your safety net
    • Your digital savings bank account is your pool of hard-earned income. It will keep you insulated against any future requirements. It will help you to stay away from any kind of debt, and meet your expenses with your funds. 
    • In case of any emergency, the funds in your savings bank account can be used, instantly. It will protect you and your family.
Author: admin