Digital savings account: How savings accounts have evolved over the years

Digital savings account: How savings accounts have evolved over the years

28 December 2023

Many remember the days when it was a huge task to open a savings account. You would visit a bank, stand in long queues, and fill out piles of paperwork. The process was slow and tiring, but it was the only way.

Those days are now way behind, with the emergence of digital savings accounts. Available 24/7, these accounts bring banking to your fingertips, anywhere, anytime. No more trips to the bank, dealing with lengthy documentation, or waiting for long approvals. Just tap on your mobile phone and do what once took hours and days in just a few minutes. This evolution shows how banks have kept up with the digital age.

Let’s understand the evolution of savings accounts over the years, examining how they simplify banking to align seamlessly with today's digital lifestyle.

Branch-like experience at home

The significant evolution in savings accounts allows you to enjoy branch-like services right from any location. Whether you want to open a bank account through Video KYC (Know Your Customer), block a misplaced card, create a fixed deposit, or use financial management tools, a digital savings account lets you handle it all online.

100% paperless banking

The savings account evolution has made it possible to complete most of the daily banking tasks digitally.

For example, if necessary, you have the option to view, download, and even update your documents through mobile and internet banking facilities. Digital signatures further simplify the process of completing banking formalities. Besides, you can even apply for a loan and get it approved online. Moreover, with regular backups and digital storage, there's no need to keep track of lots of papers and worry about your account security. This way, banking aligns better with how people live today – always online, quick, and green.

Bank anywhere, anytime

The best digital savings accounts do away with the restrictions of location-based banking. Services like internet banking and mobile banking give you the freedom to access your accounts from anywhere, at any time. INDIE by IndusInd Bank takes this approach to new heights.

This revolutionary banking app offers you a complete portfolio of services like:

Real-time updates

A digital savings account offers security through instant alerts for every transaction. Withdrawing cash from an ATM? You immediately receive a message. Making an online purchase? You get an alert confirming the deduction. With real-time updates on all account activities, you can manage your finances effectively and protect yourself from any unauthorised or illegal transactions. 

Earn rewards

Once solely for saving, savings accounts have now evolved into a multifunctional tool that offers extra perks like rewards and cashback on everyday expenditures.  INDIE’s Savings Account amplifies these benefits to make your daily spending more rewarding.

Every time you use your debit card or make an online purchase, you earn  INDIE Gems that can be converted into cashback. But the savings account benefits don't stop there. As a valued customer, you will also receive exclusive offers on things like fashion, travel, and dining and even discounts on locker facilities.

Redefine digital banking with IndusInd Bank’s INDIE Savings Account

The evolution of savings accounts into their digital form shows how technology has simplified the banking experience. They have become dynamic tools that integrate seamlessly into your digital lifestyle. IndusInd Bank’s online INDIE Savings Account not only adopts this innovation but refines the banking experience by offering various useful, user-friendly options. Every click leads you to a world of convenience and top-notch services. 

Open your INDIE Savings Account today! 

Disclaimer: Views are personal opinions of the author.
The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author 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.