Due to better facilities sitting at home during the restrictions during the Corona period, people have turned more towards opening a digital account. This was also confirmed in a survey report. But during this it is important to keep some things in mind.
digital savings account
The Indian banking industry has changed a lot since the COVID-19 pandemic. The need to open a digital savings account has increased during restrictions like lockdown. Due to which various digital banking and mobile banking startups are offering different plans. A nationwide study conducted by NiyoX found that 70 percent of Indians are now inclined towards digital banks. Due to this convenient, people customers are getting more attracted towards it. But do you know that before opening a digital account, it is very important for you to know the special things related to it.
Experts say that amid the COVID-19 pandemic, people have become more cautious about their spending. The data from NiyoX also states that 55 percent of the people said that they can open their account based on different offers from banks. Whereas 45 percent people will switch banks for better interest rates. This survey has been done on about 8000 people living in metro and non-metro cities.
Benefit from better interest rate
According to Tushar Verma, Business Head, NiyoX, the most important factor while opening a digital account is the interest rate of the bank. Therefore, while opening an account, check in which financial institution you are getting the highest interest. He says, “People often deposit some money in their savings account because it is useful. However, such money accumulated over the years does not increase with the rising inflation rate.”
pay attention to fees
Most bank account holders in India are asked to maintain a minimum balance in the account, if the amount is not sufficient then banks levy a penalty. Apart from this, many such charges such as balance maintenance charges, SMS charges, ATM card charges, returned check charges, out-of-network ATM charges, etc. are levied. In such a situation, while opening a digital account, check the fee chart. It’s best to choose the checking account with the lowest fees.
Choose the best institution
Most digital savings accounts offer a great UI and UX experience. Many financial institutions offer 24×7 customer support, expense tracker, option to set limits on various tractions – UPI, POS, online, lock and unlock debit card through app, etc. Apart from this, different facilities are provided by the banks. Therefore, while opening a digital account, choose an institution where you will get many facilities.
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