What is a Digital Saving Account - A Complete Guide

30 Nov 2022

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Digital Saving Account Introduction

With technology filling gaps in the banking sector, digital savings accounts are answers to long winding queues and endless document verifications needed for savings accounts. In the words of Brett King CEO and co-founder of Moven, 'Banking has to work when and where you need it,' and that is the exact purpose that a digital savings account serves. Liberating you from tedious procedures, digital banking, first through internet banking and now through smart mobile banking apps, has redefined banking concepts. Saving accounts can be opened instantly with all banking features embedded in an app, your account is at your command, without the requirement of a physical presence at the branch. Supported by strong government and RBI initiatives, digital-first solutions have ushered in a new digital age in banking. It is banking with added features and more customer convenience features as compared to regular savings accounts.

What is a digital saving account?

An account that replaces the features of savings accounts with a complete range of services on a digital platform. Modern banking can be accessed from apps through paperless transactions. All you need to do is a video KYC and fill your Aadhar information to set up the best digital savings account.

Digital Savings Account the new wave in banking services

The next-generation savings account is deliberately simplified for customer ease. Taking stock of all customer requirements single point management cuts the need to physically visit the bank, making it feasible to open a savings account online.

Features of Bank of Baroda's Digital Savings Account (Silver, Gold, Platinum)

Bank of Baroda's digital savings B3 Accounts comes with OTT benefits maintaining personal interaction with customers through its Silver, Gold, and Platinum accounts. Offering unmatched experiences, and valuing customer preferences, customers can take advantage of shopping, dining, and entertainment option through easy payment from 'Bob World Benefits', a virtual instant debit card online. The card is enabled with an auto-enrolled programme earning customer points that not just include fresh activation and login to their bob account but UPI activation and transaction. You can transfer funds within and outside the bank, pay bills, recharge, scan and pay for flight tickets, bus, hotels, FASTag, apply for locker and generate credit reports. Each point carries 0.25p and is valid for 36-months. You can accumulate rewards points and incentives and redeem them from a range of products and e-vouchers. You can also spend on charitable causes under the reward catalogue while accomplishing milestones through financial and non-financial transactions. B3 Digital-only Savings Account lets you receive coins through Bob World that can be used for an OTT subscription. With B3 Gold and B3 Platinum Account, you can avail these attractive digital banking advantages.

Additional advantages of Bank of Baroda's digital savings account

Bank of Baroda's digital savings account along with all its varied digital products makes the banking experience smooth and time worthy. The products embrace the latest technologies supporting wearable contactless payment solutions with automated recurring transactions through e-Mandate, File Tokenisation, Biometric phone banking, Doorstep Banking (DSB), secured merchant payment solutions, ATM kiosks offering round-the-clock banking and most importantly, secured banking platform.

Bank of Baroda's digital savings account requires a minimum balance of Rs. 2,000 in Semi-urban or Rural branches and Rs. 5,000 in Urban branches.

Both Recurring and Fixed Deposits can be opened by transferring funds from the savings account.

Refer to the BOB World Mobile Banking App for all digital savings account transactions. Check account statements, and transfer funds along with all other banking need through this advanced smartphone technology.

Bottom Line

The digital savings account has outweighed regular savings accounts for their convenience. Bank of Baroda offers the best digital savings account with attractive savings interest rate.

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    The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

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