COVID-19 has made us all learn the importance of saving money for the future. Creating a reserve fund has never been important for us all during this crisis. While the economy seems to fluctuate amid the pandemic, people are reluctant to invest in funds to grow money and save for the future. What can be done in such a debilitating situation? You can open an online digital savings account to create an emergency fund or save money in general. It offers many features and benefits that you can avail to make the most of it.
An online digital savings account has its perks and comes with customized features, but before this, let’s learn how to open it in a few steps.
Follow these steps to open online digital savings account:
Step 1: Research multiple banks and their interest rates to find the one best suited for your requirements
Step 2: Decide upon the type of bank account you wish to open – account
Step 3: Log on to your chosen bank’s website to open the account
Step 4: Fill out the application form. Submit a digital copy of the following documents:
- Identity proof
- Employment proof, if required
- Age proof
- Address and photographs
Step 5: Once the details are verified; you can start using the account instantly.
Features of an Individual Online Digital Savings Account
- Carry-Out Multiple Transactions
An online digital savings account can be used to send and receive payments serving as a base for all transactions. This feature cuts down the dependency on cash for monetary dealings.
- Payment of Bills
Some banks offer payment facilities such as Bill Pay with online digital savings accounts. It enables you to make payments for utilities such as electricity, water, phone charges directly from your account.
- Cross Product Advantages
Some banks offer cross-product advantages for their saving account holders. It means that if you already have a savings account with the bank and decide to open another, then you can get exclusive benefits and offers.
- Net Banking
With an online digital savings account, your bank will provide you with net banking facilities. Thus, making it convenient for you to conduct transactions. You can log into your savings account online to make and receive payments.
- Mobile Banking
To make things easier, you can also download your bank’s mobile application. You can use mobile banking to make your banking activities convenient and accessible from anywhere. Also, you can interact with the bank executives for any queries anytime.
- Reward Points
Some banks offer a reward program to their savings account holders. These points can be redeemed in the form of vouchers, movie tickets, travel tickets and others.
Opening an online digital savings account is easy and efficient. A simple click will enable you to save money for your plans and goals. Before opting for a bank, it is wise to check the benefits it offers. Many reputable banks like Axis Bank provide different savings accounts options. You can visit their website and choose. You can also avail their activation, entertainment, and cashback benefits after opening the account. If you have any queries, their credible team will help you understand.
Let online digital savings account help you create a reserve during this pandemic.
