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How Digital Savings Account differs from a Savings Account

The Digital India Movement

Since the advent of technology and the demand for accessibility, digital banking services have gained momentum. The term ‘digital banking’ is the culmination of online and mobile banking facilities offered by brick-and-mortar banks. Banks have now understood that in order to remain competitive and relevant, they need to provide more than a “good in-bank” experience. The banking industry transitioned into a customer-focused sector, with technology playing an important role. Soon, banks started investing in redefining their services, focusing more on expanding the digital wing.

Today, banks are available in the palm of your hand. Now, most of us access bank statements online, use UPI to make digital payments, and even resolve queries without stepping foot into a physical bank. In this day and age, it wouldn't be an exaggeration to say that every individual with a bank account has had at least one form of digital banking experience.

In India, this era of digital banking came into its own with the 'Digital India' movement. While digital banking started as an extension of physical banks, RBI is paving the way to create more digital-first solutions such as Digital Savings Accounts. First-time banking users can get started with a savings account or any other banking solution without going to a bank physically.

What is a Digital Savings Account?

Digital Savings Accounts (DSAs) are aimed at those who are looking for digital-first banking solutions. While most features and facilities for both ordinary and digital accounts may remain the same, DSA offers a little more than simple online accounts to check. For instance, it can offer an intuitive user experience and even improve savings in the long run.

Digital Savings Account is the Next-Generation Savings Account

A DSA can fulfill all banking requirements. In simple terms, it allows the customer to open a new account, manage, and transact without a single physical visit to or interaction with the bank. This type of savings account would be suitable for anyone looking to open a bank account digitally with a minimal KYC process.

There are 5 aspects in which a Digital Savings Account differs from a Savings Account.

 

Criteria

Savings Account

Digital Savings Account

1

Account Opening

Physical presence is necessary

Online KYC process simplifies account opening process

2

Debit Card

Physical debit cards provided with yearly maintenance charges

Virtual debit cards provided for online and commerce transactions without any annual maintenance charges.

3

Eligibility

Anyone can open an account

Only new customers who have had no previous relationship with the bank can open a digital savings account

4

Prerequisite

Anyone can visit the nearest branch to open the account

Resident individual 18 years of age and above

5

KYC Process

Complete KYC is necessary before opening account

Minimal KYC is enough to open an account. However, full KYC is mandatory within 12 months of account opening to enjoy all the benefits of the account

 

As one of the first banks to focus on its digital transformation journey, RBL Bank has reinvented its technology stack, product distribution strategy, and communication channels to meet the challenges in the evolving banking sector. This conscious shift towards technology and digital initiatives has given the bank the opportunity to significantly improve customer delivery capabilities.

Features of RBL Bank’s Digital Savings Account

As one of its most promising digital initiatives, the Bank allows customers to enjoy an instant and paperless banking experience, higher interest rates, and anytime banking.

  • Opening an account is a seamless and quick process that takes approximately five minutes. Users can visit the website or download RBL MoBank App and enter their mobile phone number, Aadhaar, and PAN numbers.
  • Quick video KYC with only PAN Card, Aadhar Card, blank paper, and a (blue/black ink) pen.
  • RBL MoBank 2.0 banking mobile app acts as the passbook, transaction portal, and more.
  • It comes with a Virtual Debit Card that can be accessed through the MoBank App. With no annual charges, the card offers a similar experience to physical debit cards and can be used for online payments and shopping.

Additional Advantages of RBL Bank’s Digital Savings Account

  • Maintain an average balance of Rs. 5,000 in the account.
  • Open fixed deposits in a matter of seconds by transferring the funds from your savings account and putting in an FD for any amount and tenure of your choosing.
  • RBL MoBank 2.0 is fully equipped to meet various customer requirements from checking statements, fund transfers, bill payments, and more.
  • Hassle-free cash withdrawal facility from any RBL Bank or any other bank’s ATMs across the country at no additional cost.
  • Higher interest rates on RBL Bank’s Digital Savings Account

To know more about RBL Bank’s Digital Savings Account, click here.


Disclaimer: Articles published on the website are merely indicative and suggestive in nature and do not amount to solicitation. The contents do not guarantee the desired returns and/or results. Reader is advised to exercise discretion and consult independent advisors for achieving desired result. Visitors to this blog/ website w.r.t products & services offered by RBL Bank Limited herein, shall ensure that the comments / feedback posted shall be restricted to the contents published herein and shall not contain such language that may be un-parliamentary or against any religion, caste, section of society, political view etc. While our endeavor is to publish the comments that are submitted, however, all comments/feedback shall be subject to internal review by RBL Bank Limited. We do not guarantee that the comments that are submitted will be published.

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