A new age digital savings account can change the way you bank

7 MinsJuly 16, 2020

We live in the digital era today, where banking has also extended largely into the digital domain. With the need to stay indoors, banks are helping us take care of all our transactions from the comfort of our homes. Going beyond simplistic digital solutions, banks are looking at the next frontier of innovation. At the centre of this innovation is the digital savings account of today, which can offer an array of features that your traditional savings account lacks. Let’s have a look at some of the experiences that a new age digital savings account can offer.

savings accounts


Opening a digital banking account
Far from being a cumbersome process, today, a digital savings bank account can be opened from the comfort of your home.

With Axis Bank’s Full Power Digital Savings account, you would also have access to the entire range of 250+ banking services sitting in the comfort of your home. As a truly new-age digital banking account, the Axis Full Power Digital Savings account is completely paperless thanks to Aadhaar authentication and Video-KYC

Let us see what the features of a new-age digital banking account are: 

Free from branch visits

Over time, a lot of services that were available only at a bank branch, are also now available on internet banking. But with a regular bank account, there could still be some services for which a branch visit is required. However, with a new-age digital banking account, you don’t need to visit a branch for any of your banking or account-related requirements. From transactions such as opening a bank account to applying for a loan to urgent services like blocking your misplaced card - a digital banking account can take care of everything without requiring a branch visit.

Paperless Banking

Perhaps one of the most apparent differences between a digital and a traditional banking account is the complete lack of paperwork. All your physical documents can be accessed digitally through the internet and mobile banking facilities. Even signature updates can be completed from home as long as you have a camera that can click a clear picture of your signature on a white paper – something that is possible with most modern smartphones.

[Also Read: Know how Video KYC works]

Get started in no time

Once your account is activated, you immediately have access to a wide range of services as mentioned earlier.

  • On account activation, the Full Power Digital Savings account from Axis allows you to immediately start transacting via your debit card, UPI, NEFT, IMPS and RTGS.
  • One of the most helpful benefits is that you’ll immediately get a virtual debit card loaded with offers. This also makes it easier to sign up for mobile banking using this card.
  • In addition to that, this account also provides you with a physical debit card, which will get delivered to your communication address within a few days of account activation.
  • Both debit cards stay active and can be used simultaneously.
  • Beyond this, thanks to the activation of mobile banking and internet banking with the virtual debit card, you can also access a wide range of services like fund transfer, bill payments, investments, and 250+ other online services right away.

Use it anytime anywhere

No account can be truly digital if it restricts you to a location. A modern digital banking account should be accessible wherever you are as long as you’re connected digitally. These accounts offer their entire portfolio of services through interfaces like mobile banking and internet banking which are accessible round the clock with no geographic restrictions. Fund transfer and payment methods like UPI are also accessible through apps like Axis Pay UPI. Along with that, features like fund transfer, balance enquiry, investments, applications, and even account management like updating your official signature – all of them can be done at any time of the day from any internet-enabled device.

Get rewarded for banking

Any good banking account should offer more than just banking services, such as transaction benefits and reward points. Not only do digital banking accounts offer such benefits, but they also make it easily accessible to you. For example, the Full Power Digital Savings Account offers a complimentary Times Prime membership after completing just three transactions on any of the two cards. You also get a buy-one-get-one offer on BookMyShow and even a standard 1% cashback on monthly online spends, and more. The Online Rewards debit card offers reward points that can also be easily tracked through digital banking, keeping you aware of the benefits you can avail at all times.

The new-age digital banking account has made life easier for you, in many ways. It has really and truly brought the bank into your home. You can now access your bank anytime, through any channel.

Disclaimer: This article has been authored by Siddharth Parwatay, a Mumbai based independent tech-journalist, editor, and content-creator. Axis Bank doesn't influence the views of the author in any way. Axis Bank and/or 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. Please consult your financial advisor before making any financial decision.