Savings Account – Creating a Reserve During Covid-19

The COVID-19 pandemic has greatly impacted the global economy. In these troubled times, you must have enough cash-in-hand or save money to deal with any emergencies. As India battles the pandemic even after a 4-month lockdown, people are giving preference to the digital economy.

For similar reasons, banks are also offering digital savings account facility that you can open from the comfort of your home and avoid going out in public. You can save money with these accounts and avail of various offers and benefits.

What is a Digital Savings Account?

A digital savings account is a quick, hassle-free, and secure way of saving money. You can easily open it online with a few steps and complete KYC with your PAN and Aadhaar card.The entire procedure is paperless and can be completed from the comfort of your home.

A digital savings account gives access to the internet and mobile banking platforms instantly. You can use it to pay all your bills or transfer money or avail other facilities, such as obtaining your bank account statement.

Benefits of Digital Savings Account

• Earning Interest

According to COVID Monitor of International Labour Organisation, youths are excessively affected by this pandemic. All the countries are seeing a rise in unemployment. There is a similar financial uncertainty for people of India as well.In such situations, a digital savings account offers some financial security by paying interest on your money saved. These are usually high-interest rates, helping you grow cash with time.

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• Zero Minimum Balance

Typically, a bank account requires you to maintain some minimum account balance to have smooth operations. They levy charges if you are unable to maintain that amount. You can also build a reserve fund for critical times.

• Easy Access

There can be emergency scenarios where you have to rush to get money or use your emergency fund savings, such as this COVID situation. Without adequate financial backup, you may have to go out of your way to get the treatment for yourself and your loved ones – putting your financial health at risk.

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During an emergency, you usually don’t get enough time to rush to the bank or ATM. Moreover, cash payments may involve risk these days due to the spread of thecontagious COVID-19 disease.

Digital savings account helps you use your money efficiently in critical times. You can easily access your account through a phone or laptop and make quick online payments. It is also easy to manage banking-on-the-go.

• Quick Online Transfers

Transferring funds has become easy with digital savings accounts. Some banks have limitations to either the amount or the number of transactions per day. You can check it while applying online. You can also leverage the benefits of free online transfer with RTGS, NEFT, and card payment options.

Go Digital During This Pandemic

Creating a reserve during this pandemic is essential – especially if you are facing unemployment or high pay cuts. A digital savings account helps you do so with a set of regulations and benefits varying for different banks. Apart from all these, it is equally essential to open your account with a reputable bank such as Axis bank that offers you multiple benefits.

You instantly get an e-debit card after completion of video KYC in 4 steps. You also get an array of activation, entertainment, and cashback benefits with your digital savings account. Besides, it is available for instant transaction after activation.

Going digital in this pandemic is proving to be beneficial in many ways – one of them is opening a digital savings account. You can create your reserve for similar crucial times.