Having a savings bank account is a must in today’s time. Many types of savings bank accounts can be opened, depending on your specific case. Let us look at one such type of bank account - the digital savings account.
A digital savings account is a type of savings account that can be opened completely on the digital platform. Digital bank accounts are zero-balance accounts which means you don’t have to make any initial payment to open a bank account.
A digital savings account has all the other features of a regular savings account but can be accessed online. It is opened to save funds, and banks give an interest based on how long the funds are parked in it.
If you were searching for digital savings account zero balance, you should know that most banks offer digital savings accounts with zero minimum balance.
So, they also have low maintenance charges as compared to regular savings bank accounts.
Now that you know what is digital saving account, let us look at the various benefits of opening a zero-balance digital savings account -
No need to visit the bank branch to open an account
You can enjoy all the services right from your phone or laptop
Completely paperless banking at your fingertips
Low maintenance charges
Attractive interest rates, based on the bank you choose
You can also apply for a virtual debit card and use it for transactions
The process of opening a digital savings account is simple and hassle-free. All you need is your Aadhaar authentication and a KYC video to open the account.
The eligibility criteria for opening a zero-balance digital savings account are -
You must have a valid Aadhaar card
You must be a resident Indian
To open an account, you have to visit the internet banking website of the bank of your choice. You can also open an account using the bank’s official mobile app.
The results from searching for digital savings account zero balance must have pleasantly surprised you! This type of bank account bring banking right at your fingertips.
You can also access your regular bank account from your phone using mobile or internet banking. But often, due to certain services, you will need to visit the bank branch. Whereas, in the case of a digital savings bank account, everything can be taken care of online.
Most major banks allow the opening of zero-balance digital savings accounts. You can open an account by visiting the bank’s internet banking website or using the bank’s mobile app.
You can convert your digital savings bank account to a regular savings account by visiting your nearest bank branch.
Yes, a digital savings account is as safe and secure as regular banking. Online banks have various precautionary measures to keep your money safe.
Yes, you can open a bank account completely online. You will not have to submit any documents or visit any bank branch.
The minimum balance for online savings bank accounts will depend on the bank and its location. Many online savings bank accounts have zero minimum balance. In other cases, rural branches will have a lower minimum balance as compared to urban branches.
Yes, you can have more than one digital savings account. However, only one account can be opened from one phone or device.
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