Savings Accounts are no longer only for saving money; they now offer a range of benefits. With digitisation and advanced banking technologies, these accounts offer a seamless banking experience, allowing users to benefit from its array of features.
Online Savings Accounts have saved valuable time and multiple trips to banks to get the most trivial things done in time. However, there is more to online savings accounts than offering convenience and flexibility. In this blog, we shall discuss an extensive list of features of online savings accounts and their benefits.
Features of online Savings Account
Accessibility
With online savings bank account, your money is highly accessible to you. So, in case an emergency comes up, you can easily access your account by logging into it through a mobile device using your username and password.
Quick account opening process
Opening a Savings Account is no longer a hassle. You can open online zero balance savings account anytime by simply completing an online process. Typically, opening an online savings account requires 4-5 minimal and quick steps, which may include Aadhaar and PAN verification, filling out an application form, completing the virtual KYC process and adding funds to your account.
This online process saves you a lot of time and minimises the paperwork. Additionally, once your account verification is complete, you get access to the entire range of banking services at your fingertips.
Easy transactions
Your new-age Savings Account not only gives you the benefit of earning interest on your savings but also offers secure online transactions. Using your online account, you can send and receive payments through net banking, UPI or debit cards. It minimises the dependency on cash transactions, saving you trips to banks and your valuable time. Instead, you can complete all your transactions with just one click.
Online bill payments
Your online accounts also allow you to pay bills from anywhere at any time. Most banks provide a one-stop solution along with the online savings account by integrating bill payment platforms into one app.
High liquidity
Savings Accounts are excellent money-saving and management tools. They have no lock-in periods, which means that you have the flexibility to use your savings anytime you need to. With online Savings Accounts, you have access to other digital services such as Internet Banking, Mobile Banking, UPI, etc. These services make the money saved in the account highly liquid.
Additional linked services
In addition to Internet and Mobile Banking, online Savings Accounts are linked to many other services and banking products. These include products like virtual Debit Cards, Demat accounts, Fixed Deposit accounts, etc. Most banks activate these services for you as soon as your account is verified and active.
Access to multiple digital services
Most banks offer a wide range of services to enhance their customers’ banking experience. By opening a Savings Account, including 0 balance savings account you get access to all such services, which may include Debit and credit cards, online banking, loans, investment, and insurance products.
Conclusion
The benefit of opening a Savings Account has gone beyond saving money and earning interest over it. In addition to enjoying competitive savings account interest rates, you can benefit from a diverse range of products and services by opening Savings Account online.
Moreover, since it provides convenient banking services and offers high accessibility, you can enhance your banking experience and fulfil all your financial requirements with a few clicks.
