What is Digital Savings Account?

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.

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.

Benefits of a Zero Balance Digital Savings Account

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

Eligibility Criteria to Open a Digital Savings Account

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.