The Era of Digital Savings Accounts: Banking from Your Smartphone

October 16, 2024

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In today's fast-paced world, where technology has transformed various aspects of our lives, it's only natural that banking has also evolved. With the introduction of Digital Savings Accounts, managing your finances has become more convenient than ever.

But what exactly is a Digital Savings Accounts? How does it differ from a regular savings account? And what are the benefits of embracing digital banking? In this article, we will answer all these questions and more to help you get a complete understanding of Digital Savings Accounts.

What is a Digital Savings Account?

A Digital or an Online Savings Account is an account that can be opened instantly through a digital platform. It offers the convenience of accessing and managing your Savings Account using a computer, laptop, or smartphone.

No longer do you need to wait in long queues or adhere to limited banking hours. With an Online Savings Account, you can take care of your everyday banking needs 24x7, right from the comfort of your smartphone or laptop.

Now, let’s understand how to open a Digital Savings Account. For your ease of understanding, we have illustrated how to open Ujjivan SFB Digital Savings Account online.

How to Open an Ujjivan SFB Digital Savings Account Online

Step 1: Visit ujjivansfb.in

Step 2: From the 'Savings Account' section on the top menu, select Digital Savings Account

Step 3: Click on 'Apply Now' or 'Open Online'

Step 4: You will be redirected to the Savings Account Journey Page

Step 5: Select whether you’re a ‘New Customer or an ‘Existing Customer’ and proceed accordingly.

Please Note: New Customers need to complete Video KYC to open their account. Also, kindly ensure to keep your PAN and Aadhaar ready for KYC. You will receive an OTP to your registered mobile number, so make sure that your mobile number is linked to your Aadhaar.

Benefits of Digital Savings Accounts

Digital Savings Accounts provide unparalleled convenience, accessibility, and a host of innovative features that cater to our modern lifestyles. Let's delve into some of the key benefits:

Always Accessible

Access your bank account anytime, anywhere. Forget about rushing to the bank or waiting in line. With just a few taps on your smartphone or a few clicks on your desktop or laptop, you can transfer funds, pay bills, or check your account balance instantly if you switch to Digital Account.

Zero Paperwork

Digital Banking mitigates the need of physical branch visits, and cuts down paperwork. Additionally, digital transactions are quicker, safer and more efficient.

Robust Security

Technology advancements have made Digital Banking more secure than ever. Robust encryption, multi-factor authentication, and real-time fraud monitoring keep your financial information safe and secure.

Better Financial Management

Digital Banking platforms come with tools to help you manage your finances better. Use budgeting tools, spending trackers, and customisable alerts to make informed financial decisions. Some platforms even offer personalised insights and recommendations based on your spending habits and financial goals, empowering you to take control of your financial future.

Digital Savings Account vs Regular Savings Account

Aspect	Digital Savings Account	Regular Savings Account
Accessibility	24/7 access from anywhere, anytime	Requires visiting a bank branch during working hours
Paperwork	100% paperless journey	Paperwork required at bank branches
Account Management	Withdraw cash on-the go	Need to visit bank branches for cash withdrawal
Additional Benefits	Fast money transfers via NEFT, IMPS, RTGS, UPI	Can be time consuming if you want to transfer funds

Disclaimer: This table is for educational purposes only.

Are Digital Savings Accounts Safe?

Digital banking platforms use stringent security measures to keep your financial information safe. Methods like OTPs (one-time passwords), grid-based authentication, and Video KYC add an extra layer of security to your transactions.

While there are robust security measures in place, you can also follow certain steps to safeguard your online savings account:

Set a password or PIN for your mobile device - never share these details with anyone
Never click on suspicious links
Never save your password on your device - mobile, laptop, etc.
Avoid using unsecured Wi-Fi networks for online banking.
Log out from the mobile banking app or website as soon as you finish your transaction
Monitor your account regularly

Implement these steps to enjoy the convenience of Digital Banking with a peace of mind.

Final Thoughts

Digital Savings Accounts have transformed the way we manage our finances. With their unmatched convenience and enhanced security features, they offer a host of benefits that helps you manage your finances in a much more convenient way.

Ujjivan SFB's Digital Savings Account comes with a host of features including free RuPay Debit Card (for the first year), Mobile, Internet and WhatsApp Banking facilities, 24/7 accessibility and more. Apply now and experience hassle-free banking.

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FAQs

1. How do I open a Digital Savings Account?

Opening a Digital Savings Account is quick and easy. Visit the bank's website or download their Mobile Banking app and follow the instructions to open an account online.

2. Can I link my Online Savings Account to multiple devices?

Yes, you can link your Online Savings Account to multiple devices by logging in with your credentials on each device.

3. What should I do if I forget my MPIN for the mobile banking app?

Most mobile banking apps, provide options for resetting your MPIN through email or SMS verification. Follow the app's instructions to reset your MPIN and regain access to your account.

4. Are online savings accounts safe?

Yes, online savings accounts are equipped with robust security measures to protect your funds and personal information. Ensure that you use strong passwords and keep your login credentials secure.