Differences between a digital savings account and a regular bank account

Charlotte Miller

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Differences between a digital savings account and a regular bank account

Banks have simplified the process of opening an online bank account. IDFC FIRST Bank’s Instant Savings Account, that offer the popular ‘Zero-Fee Banking’ feature that waives off 28 commonly-used savings account service charges, do not require customers to visit a bank branch in person. Read this article to know the differences between a digital savings account and a regular bank account. This article enlists five critical differences between these two types of bank accounts.  

  • Digital savings accounts offer superior access to banking services

Customers can instantly download bank statements, access their bank balance, and even open a fixed deposit (FD) account instantly through the app. Besides accessing these services, customers can also open a new  through the app. 

  • Banks ensure the safety of bank transfers using an online account

Since UPI (Unified Payments Interface) transfers captured the nation’s imagination, the RBI (Reserve Bank of India) has directed banks to ensure the safety of online transfers. IDFC FIRST Bank’s app offers Auto Pay – a feature that helps customers automate recurring online payments. On the other hand, the ‘One-Swipe Pay’ feature facilitates safe payments by swiping on the app.

  • Customers can resolve their queries faster using an online savings account

Digital savings accounts help customers connect faster to customer service. IDFC FIRST Bank’s app prioritises query redressal by providing customers a direct access to customer support. If you have a query about your loan’s repayment or about your credit card details, for example, you can connect to an executive from IDFC FIRST Bank’s customer support team instantly. An online savings account can help you avoid the unending waiting queues that were the norm until a few years ago. 

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  • Banks offer savings-friendly features through their online accounts

IDFC FIRST Bank’s zero-fee banking feature waives the fees of 28 banking services, helping customers save more in the long run. These services include IMPS (Immediate Payment Service) transfer charges, NEFT (National Electronic Funds Transfer) fees, SMS alert charges, and ECS return expenses. This feature also makes ATM transfers less expensive by waiving ATM transaction charges. 

  • Banking apps help you budget better to increase your savings

IDFC FIRST Bank offers the ‘Track Your Expense’ feature through its mobile banking app. This feature helps customers categorise their previous payments into various categories of expenses. This can help customers infer learnings from their previous expenses to try and save more in the future. IDFC FIRST Bank also deposits monthly interest credits in customers’ bank accounts. 

The only effective way to access a savings account is through a mobile banking app. You must, therefore, analyse all the features of a mobile app before choosing it to access your savings account. Your mobile app must be technically resilient and must offer seamless access to your bank’s customer support team. Additionally, your mobile app must allow customers to save more. IDFC FIRST Bank facilitates more savings through three features – Zero-fee banking, monthly interest credits, and a high-interest rate.