Finance

Lesser-Known Benefits Of Online Savings Account

Online Savings Account

January 14th, 2023   |   Updated on January 12th, 2024

For the past many years, banking habits have continuously evolved, especially when consumers have the option to choose how and where they want to use banking services.

While traditional banking has many benefits, it’s difficult to compete with the growing fan base of online banking considering it is much easier to open an online savings account and manage it from a personal computer or smartphone.

Although many people still prefer the traditional way of banking with its face-to-face human interaction benefits, opening an online savings bank account is much easier.

For instance, with the online option, a customer doesn’t have to travel to a physical bank branch to perform the simplest of tasks.

It’s also more convenient for people who live far away from the bank’s location – thus, helping them save transportation cost as well as time to travel to the branch. Let’s see what other the lesser-known benefits of online savings accounts are that one can avail yourself.

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Lesser – Known Features & Benefits

Rewards- Many banks such as the IndusInd Bank provide attractive rewards after opening an online savings account. For instance, a zero-balance savings account includes 5% cashback on Amazon purchases using their debit card, while other pioneer banking account is known for providing exclusive and handpicked lifestyle privileges across entertainment, dining, and shopping. You can also get cashbacks on cab booking, mobile recharges, and more.

Family Benefits – Many banks offer exclusive benefits for joint account holders. For instance, both the account holders can get lifetime free VISA Signature debit card with withdrawal limit of INR 1.5L – ensuring money is available without worrying about daily limit. Furthermore, they also get discounted locker service which help them save up money annually.

Add On – For the uninitiated, banks now offer various add-ons considering the ever changing purchasing habits of consumers.

For instance, banks now provide free debit card for progress savings account with complimentary lounge access at airports. For exclusive savings accounts, there are features like fee waivers, cashbacks, and more.

Dedicated Relationship Manager – Often we have various financial or investment related questions which we either can’t find on the internet or don’t know we need certain financial product.

Many banks savings account come with having a dedicated relationship manager who will be there to cater to all financial needs – making it easier for you to manage your wealth and savings.

Other Benefits

Automation – If you are one of those who has a hard time setting aside a certain amount monthly to save or invest, the online savings account is the one for you. You can easily automate deposits from your savings to recurring or PPF or other investment schemes, monthly.

Less Clutter – One of the forgotten benefits of opening an online savings account is less clutter. And it’s less about having less paperwork at your desk and more about the organization.

When your financial details are online, it’s easier to sort, search, manage and automate without worrying about losing an important document – because everything is digital!

Finally, many online bank customer agents are available 24*7 – a facility that traditional banks don’t have. So, look for exciting features that tally with your short-term or long-term needs to manage everything stress-free.

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