The banking sector has been developing with the growth in technology over the last few years. A digital savings account is the next-generation upgrade for all our banking requirements. A digital savings account allows the customer to open, manage, and transact through their accounts, from the comfort and safety of their homes, which is highly paramount in the current COVID-19 scenario. It saves the customer time, money, and effort by bringing all their banking solutions right into the palm of their hands.
Digital Saving Account Vs Regular Saving Account
Account opening: Opening a digital savings account is a very simple and straightforward process. It is quick and does not require you to be physically present at the bank branch. You can submit all your documents online, complete the verification process, and start transacting. On the other hand, to open a regular savings account, the customer’s physical presence is mandatory. He has to carry his original documents and their copies. This might not be the best option, considering all the social distancing norms one has to maintain while stepping out of the house these days.
Debit card: Digital savings accounts are associated with Virtual Debit cards that can be used for online and ecommerce transaction without need of carrying a plastic card everywhere. On the other side, Regular Savings accounts have regular physical debit cards that also require yearly maintenance charges. These charges are generally not present on Digital Savings account.
Transactions: All online transactions in Digital Savings accounts like NEFT, RTGS & UPI are free of cost. So, you can make as many payment or transfers as you want without losing money on the processing fees. On the other hand, transactions in a Regular Savings account are not always free and attract fee charges beyond certain transaction limit.
Accessibly: A Digital Savings Account provides its holders with complete access to all features, at any time of the day, from the comfort of their homes or office. However, to manage or operate a Regular Savings Account, the customer has to visit the bank branch within the working hours.
All in all, a digital savings account is an upgraded version of a regular saving account.
YES BANK Digital Savings Account
To ensure a smooth banking experience for its customers, YES BANK has launched its Digital Savings Account. Opening a Digital Savings Account with YES BANK is a quick, easy, and paperless. The procedure can be completed within a few simple steps. Customers can start operating their accounts immediately after the completion of the verification process and approval of their application, just through a video call with the bank staff.
YES BANK offers attractive features and add-ons to all its Digital Savings Account holders. The bank provides customers with a Platinum VISA Virtual Debit Card, completely free of cost. This card can be used for online shopping and payments immediately after their account gets activated with a daily transaction limit of ₹50,000. The customers also receive onboard offers worth more than ₹16,000 after their Digital Savings account is activated. YES BANK gives its Digital Account holders lost card liability of ₹50,000, enhanced purchase protection of ₹25,000, and personal accident cover of ₹2 lakhs.
YES BANK brings to its Digital Account holders complete access to their accounts directly from their mobile phones through the YES BANK Mobile App. Moreover, the customers can also utilize YES ROBOT, which is a 24/7 Personal Banking Assistance.
The customer’s time and money are precious at YES BANK. Therefore, with the Digital Savings Account, they ensure quick, safe, and hassle-free banking services straight from the customer’s own mobile device. This makes banking with YES BANK a secure, time-efficient, and upgraded experience.