In most discussions about savings accounts, customers prioritize interest rates the most. Most customers consider savings account interest rate the crucial criterion for selecting a savings account. However, there are other criteria that you must consider while opting for a savings account with a bank. This article enlists four features of digital savings accounts besides interest rates that make them popular in India today.
Digital savings accounts offer quick and safe online fund transfers
Since sending money to India using UPI (Unified Payments Interface) transfers has helped us transact faster online, banks are looking to improve the security of online transactions Banks have focused on security since the Reserve Bank of India (RBI) directed banks to focus on the safety of online transfers via a notification. Banks like IDFC FIRST Bank facilitate fast and safe online fund transfers through their mobile banking app. The IDFC FIRST Bank mobile app offers Auto Pay and One-Swipe Pay features to help customers transact safely. Auto Pay help automatically pays recurring online payments. One-Swipe Pay, however, enables them to transfer funds quickly to any recipient.
Banks offer savings-friendly features through digital savings accounts
You must also check whether your bank helps you save more in the long run. IDFC FIRST Bank’s Zero Fee Banking feature helps customers avoid the fees of 28 savings account-related services. IDFC FIRST Bank also waives the charges of services such as cash deposit and withdrawal charges, ATM transaction charges and NEFT (National Electronic Funds Transfer) charges. Additionally, the bank offers high-interest rates and monthly interest credits to customers. Customers must opt for a bank that enables them to save more money.
Mobile banking services
IDFC FIRST Bank’s mobile banking app combines innovation with convenience through its new-age features. Your bank must offer efficient mobile banking services to customers to help them access banking services better. IDFC FIRST Bank’s mobile banking app facilitates customers to access their bank account balance and download bank statements from the app. Furthermore, the app helps customers invest in various investment schemes and access their investments seamlessly. Your mobile banking app must also allow quick and secure online transfers and offer safety features such as biometric login.
Reliable digital banking apps in India offer uninterrupted access to the bank’s customer support team. IDFC FIRST Bank’s mobile banking app, for instance, offers seamless access to customer services 24/7. The bank facilitates instant query redressal and helps customers find solutions to their problems without making them wait in endless online waiting queues. You must opt for a digital banking account which allows access to efficient customer services.
While the four points mentioned in this article are necessary for choosing an efficient savings account, you must also consider savings account interest rates during an online account opening procedure. Banks like IDFC FIRST Bank help you save more via features such as Zero Fee Banking. You must look for such features while opening an online savings account.