How Opening A Savings Account Is Crucial During This Pandemic?

How Opening A Savings Account Is Crucial During This Pandemic?

The COVID-19 pandemic has shaken the Indian economy to its roots. While many people have lost their jobs, others have received high pay cuts. In such a situation, people are resorting to using up either their savings or emergency funds. These are tough times for everyone, which are once again proving how savings provide that much-needed support during a critical period. Since the future still looks uncertain with no cure for the virus yet in sight, it would be good if you consider opening a digital savings account to secure your family and yourself. It offers an array of benefits that can help you build a reserve fund for a financial crisis.

Eligibility to Open Digital Savings Account:

•    An individual must be 18 years of age or above

•    Should have a PAN and Aadhaar card

•    Should have a personal mobile number

•    Should have an E-mail address

Things to Remember Before Applying:

•    Different banks offer Digital Savings Acocunts, each with their own benefits. Research online before applying.

•    Collect information about your preferred bank. Gather all the documents to make it a hassle-free process.

•    Keep a PAN and Aadhaar card handy.

How to Open Digital Savings Account?

Opening a digital savings account involves the following steps:

1.    Visit your preferred bank’s website and click on their digital savings account under the mentioned name.

2.    Click on open now.

3.    Choose your type of digital savings account – if offered by your bank.

4.    Accept terms and conditions.

5.    Now your verification process will start. It usually includes document verification along with a phone number.

6.    The next step includes completion of your profile information, including address details. Fill accurate information for acceptance of your application.

7.    After completing the personal information section, proceed with funding your account. You can also enquire about this step from your selected bank in detail.

8.    The last step is to complete your KYC process. Some advanced banks also provide you with the option to complete this process through a video call to make it quick and easy.

9.    Submit your application.

Why Should You Open Digital Savings Account?

Since the current COVID-19 pandemic spreads through human transmission as well as coming in contact with infected objects or surfaces, transacting through cash can increase the risk of contagion. Therefore, resorting to digital resources becomes a viable and safe option amidst these risky times. Further, it also offers you the advantage of opening the account from the comfort of your home itself. You can easily make multiple online transactions for your various purchases. Therefore, it is logical to say that by opening digital savings accounts, you will also save yourself as you will be able to carry out financial activities while staying indoors.

Here are some benefits of opening digital savings accounts:

•    Higher Interest Earnings

When you open digital savings accounts, you earn higher interest rates than usual. It can help you grow money in these crucial times and create a reserve for an emergency.

•    Increased Monthly Savings

Usually, you do not have to maintain any minimum monthly balance when you open a digital savings account. No charges are levied on not maintaining any amount. Furthermore, there are no extra charges levied on digital accounts. It helps in increasing your overall monthly savings.

•    Easy Access

After you open a digital savings account, you can get instant access to all its services that also includes e-debit card.

•    Online Transfer

Online transfer facility through NEFT and RTGS are readily available. You can also make quick card payments.

Open a Digital Savings Account to Create A Reserve

It is no denying that opening a digital savings account can help in saving money and creating a reserve during this pandemic. You can get secure banking options on the move with multiple features.

It is essential to select a reputable and reliable banking partner like Axis Bank that provides dedicated customer support to help you with the various processes. You can quickly open a digital savings account in a few steps and start using the services. Furthermore, you can instantly get an e-debit card after completion of video KYC and submission of application.


Image Credit: Shutterstock



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