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.
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.
