Online Savings Account: Why Is It A Must In Today’s Times?

If you are searching for a secure avenue to store your hard-earned funds that you can access for meeting daily expenses and tracking your transactions, then a savings account bank can be the right choice for you. Saving is a vital part of people’s lives. Be it a working professional, a housewife, or a retired individual, the habit of savings must be inculcated in everyone. Afterward, you will observe that your finances have become more systematic and organized.

A savings account is an extended service provided by banks and post offices for their users, and such accounts can be opened in the name of individuals only. The funds stored in the savings account reap interest, hence providing a dependable source of income through online investment.

The interest reaped on a savings account is estimated and credited to the account quarterly or semi-annually. A few of the common services that come along with opening a savings account are listed below:

  • Chequebook
  • Passbook
  • Virtual banking
  • Life insurance
  • Accident insurance
  • Debit card

Furthermore, to opt for the perks and offers provided by the government, an individual needs to have a savings bank account to facilitate savings and make payment online through an app.

Savings accounts can be classified into sub-categories per the advantages offered and charges imposed. Stated hereunder are the most common classifications of savings accounts:

  • Regular savings account
  • No balance savings account
  • Jan Dhan’s savings account
  • Senior citizen’s savings account
  • Salary account
  • Minor savings account
  • Savings account for women

The charges imposed and services provided differ as per the type of savings account and the rules and policies of the bank.

Having a savings account comes with many advantages for the account holder, making it a must-have for everyone. In case you have not installed an online payment app or are not having a savings account opened already, now is the time to open one and avail the below-mentioned benefits:

A safe place to store funds:

Savings account or a payment online app provides a secure avenue to retain your additional funds. You can deposit money or make withdrawals easily, eliminating the need to keep cash every time and removing the tension about potential cash thefts. Also, you can enjoy great flexibility and safety for your money with a savings bank account.

Transfer payments right away:

You need not visit someone’s place to make or receive payment with a savings account already in place. Instead, you can directly facilitate payment in the beneficiary’s bank account or get payment in your account, which lets you manage payments easily.

Opt for Digital banking services:

The attractiveness of a savings account is on the rise after the current push by the government for virtual payments, as you can enjoy virtual banking services like Internet banking, NEFT, RTGS, UPI, and much more, which allows you to manage your account without visiting the bank branch.


Opening a savings account not just comes with a sense of financial freedom but it also makes regular transactions simpler. It lets you view and access credit facilities and track your income tax returns. The most striking reason to have a joint bank account is the flexibility that it brings along as the modern banking system has shifted far beyond traditional safeguarding; with a digital savings account, you receive access to a lot more and make your life simpler and meaningful.