Features to look for when opening a digital savings account

5 MinsSept 7, 2021

What do you look for when opening a Savings Bank Account? Most banks offer similar interest rates and features. Most don’t offer a lot beyond the standard banking services, as a Savings Bank Account is largely used for basic banking transactions. For most of you it is the account into which your monthly salary comes in and from which you make your regular payments.

But what if you are looking for a Digital Savings Account? It should offer much more than a regular savings bank account. We list some features to look for when opening a Digital Savings Account.

digital savings account

Easy to open and operate

Typically, opening a savings bank account involves paperwork and visits to your bank branch. From filling physical forms to submitting paper copies of your identification documents, the process can be cumbersome. This is where a digital savings account can help.

Making the most of methods such as video-KYC and e-verification of electronic documents, opening a modern digital savings account is a breeze. The set-up process is completely hassle-free as long as you have a smartphone and reliable internet connectivity. 

For example, the Axis Full Power Digital Savings Account uses Aadhaar-based authentication for identity verification, which can be done digitally. Along with that, it also uses video-KYC during the account creation process. And once activated, the entire range of over 250 services can be accessed from the convenience of your home.

Quick activation of linked services

As compared to a standard savings account, a digital savings account offers vastly reduced activation-time for its services. Thanks to everything happening online, you don’t need to wait to get access to numerous features. 

For instance, after completing your application process, the subsequent verification and activation for the Axis Full Power Digital Savings account can be completed in as little as an hour. Upon activation, you instantly get access to a virtual debit card that is shared via email. This can be used for transactions immediately upon receipt.

[Also Read: A new age digital savings account can change the way you bank]

There’s more to the virtual debit card than just transactions. It also allows you to activate mobile banking and internet banking, which can also be done immediately upon receiving the card. This means you can start using 250+ banking services as early as an hour after completing the application for your account.

Access to a wide range of digital services

Along with the convenience of easy set-up and quick activation, a digital savings account should provide access to the entire range of banking services from the convenience of your home or wherever you are. 

Under the umbrella of services like Mobile Banking and Internet Banking, you should have access to fund transfer, bill payments, statement generation and more. Ideally, it should be a single gateway to your personal finance needs. That includes investments, long-term savings and a lot more. 

With Axis Bank’s Full Power Digital Savings account, you get all of the above without any restrictions on your location or demands on your time. For example, even if you are looking to update your official signature, you can do so by clicking a picture of your signature on white paper with your smartphone and sharing it with the bank digitally.

Added benefits and offers

A modern digital savings account shouldn’t just be about carrying out your regular transactions. It should also reward you for your usage by way of transaction benefits and reward points. Additionally, all of this should be easily accessible to you as and when you want it. 

For example, the virtual debit card that you get immediately upon account activation with the Axis Bank Full Power Digital Savings account brings you a number of offers. You get flat 5% to 3% cashback on amazon via Axis Bank Grab Deals. Also, you get 1% cashback on online spends and a Times Prime membership upon successful completion of 3 transactions within 60 days of account opening. Additionally, the physical debit card that will be shipped within 7 days of account activation, also carries benefits for online spends via reward points.

If your savings account doesn’t pass all the checks mentioned above, maybe it is time to consider an upgrade to a truly digital savings account. Not only is it convenient and quick, but it also brings you one step closer to the future of banking. Visit our website to explore the Axis Bank Full Power Digital Savings account.

What's more, now might be the best time to open your Savings Account! In addition to a host of existing benefits, Axis Bank is offering a flat 10-15%* cashback on Amazon.in and Flipkart shopping to every new ASAP Digital Savings Accounts opened between the 6th of September and 6th of December 2021. So don't delay any further, find out more about savings account interest rates and start the journey to maximizing your savings today! Click here to know more.

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.