Digitization has transformed the way we bank. With the rise of online banking, traditional banking is slowly becoming a thing of the past. One of the most significant changes that have taken place is the way we save money. Traditional savings account are now being replaced by online savings accounts. Gone are the days when people used to visit their local bank branches to open and manage their savings accounts. Today, people can open and manage their savings accounts from the comfort of their homes!  

What is a Digital Savings Accounts?

A savings account is a type of bank account that enables you to save money and earn interest on your deposits. A digital savings account can be opened and managed entirely online. It offers a convenient and accessible option for those who prefer to bank digitally and want to save their money from anywhere at any time.  

What is a Traditional Savings Account?

A traditional savings account is offered by a physical bank or financial institution. To open this account, you need to visit the bank branch, complete the application process, provide the necessary documents, and complete the verification process. You can make deposits and withdrawals by visiting the bank branch once your online savings account is active. You can also use a passbook or ATM card to make transactions.  

Traditional vs Digital Savings Account: Key Differences 

Traditional and digital savings accounts also differ in terms of their features and benefits. Here are some key differences to consider before deciding between the two: 

1. Ease of account opening:

Opening a digital savings account is typically more straightforward than a traditional savings account. IndusInd Bank Online Savings Account has a 100% digital opening process, which can be completed quickly and easily from anywhere using Video KYC. In contrast, traditional banks require you to visit a physical branch to complete the account opening process.  

2. Frequency of bank visits:

With a digital savings accounts, you can manage your accounts entirely online, including deposits and withdrawals. You can manage your IndusInd Bank Online Savings Accounts using IndusMobile App. This means you do not have to visit a physical bank branch frequently. However, traditional savings accounts may require you to visit a physical branch to make deposits or withdrawals.  

3. Instant banking services:

Online savings accounts often offer instant banking services such as quick transfers and bill payments, while traditional savings accounts may take longer to process transactions.  

4. Fees and charges:

Online savings accounts generally have lower fees and charges compared to traditional savings accounts. Online banks have lower overhead costs, which allows them to offer lower fees and better interest rates to their customers. 

5. 24X7 account access:

With online savings accounts, you can access your account 24X7 from anywhere with an internet connection, making it convenient for you to manage your finances anytime. However, traditional savings accounts may have limited access outside of regular business hours.  

6. Speedy customer service:

Online savings accounts typically offer quick and easy customer service through phone, email, and chat, while traditional savings accounts may require you to visit a physical branch for support.  

IndusInd Bank Online Savings Account

For individuals with long-term savings goals, IndusInd Bank Savings Account presents an appealing option due to its higher interest rate. Moreover, customers can avail themselves of various benefits, such as a personalized account number, cashback on purchases, discounts on top brands, and reduced rates on bank lockers. With a simple 4-step process, you can open an IndusInd Bank Savings Account through a 100% digital account opening process.  

Simply,   
1. Pick an account number  
2. Fill in your details
3. Fund your account  
4. Complete Video KYC from anywhere, anytime!  

Apply Now.

Disclaimer: 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.   

As a parent, saving for your child’s education is a crucial financial goal. With rising tuition fees and educational expenses, having a plan in place to save for your child’s education is essential to ensure they have the best opportunities for their future. One effective strategy is to use a savings account to set aside money specifically for education expenses. In this blog post, we will outline the steps on how to use savings accounts to save for your child’s education and secure their educational future. 

Here is a 7-step guide:

Step 1: Set a Savings Goal 

The first step in saving for your child’s education is to set a specific savings goal. Consider factors such as tuition fees, books, housing, and other related expenses. Research the costs of education at your child’s desired educational institution and calculate the amount you need to save. Having a clear savings goal in mind will help you stay focused and motivated. 

Step 2: Research about Savings Accounts 

Once you have a savings goal in mind, research savings accounts that are suitable for your needs. Look for savings accounts that offer competitive interest rates, low fees, and other features that align with your savings goals. Consider factors such as minimum balance requirements, withdrawal restrictions, and account accessibility. 

IndusInd Bank Online Savings Account is designed to meet your needs and help you achieve your savings goal via a range of enticing features, including competitive interest rates, minimal fees, round-the-clock account accessibility, a personalized account number, and an array of additional benefits. 

Step 3: Open a Dedicated Savings Account 

To effectively save for your child’s education, it’s essential to have a dedicated savings account specifically for this purpose. Open a separate savings account solely for your child’s education savings. This will allow you to keep track of your progress and prevent co-mingling of funds with your regular expenses.  

Step 4: Automate Savings 

Setting up automatic transfers from your checking or main savings account to your child’s education savings account is a smart strategy. You can schedule recurring transfers monthly or with each paycheck to ensure consistent contributions towards your savings goal. Automating your savings helps you stay disciplined and ensures that you consistently save for your child’s education without having to remember to do it manually. 

Step 5: Take Advantage of Compound Interest 

Most savings accounts accrue interest over time, allowing your savings to grow. With IndusInd Bank Savings Accounts. You can take advantage of compound interest by leaving your savings untouched to allow them to grow over time. Choose IndusInd Bank for high-yield savings accounts that offer higher interest rates to potentially earn more on your savings.  

Step 6: Monitor and Adjust 

Regularly review your progress towards your savings goal and adjust your savings contributions as needed. Consider increasing your savings if you have additional funds available or if you need to catch up on your savings goal. Monitoring your savings regularly will help you stay on track and ensure that you are making progress towards your savings goal.  

You can take advantage of the all-in-one IndusMobile app that makes managing your IndusInd Bank Savings Account easier. You can monitor your account balance, send and receive funds, check statements and book an FD (Fixed Deposits) at an attractive interest rate in just a few clicks! 

Step 7: Stay Disciplined 

It’s crucial to stay disciplined and avoid dipping into your child’s education savings for other purposes. Resist the temptation to use the funds for other expenses and keep your savings account dedicated solely for education expenses. Remind yourself of the long-term benefits of saving for your child’s education and the impact it will have on their future. 

Conclusion: 

Saving for your child’s education is a significant financial goal, and utilizing savings accounts can be an effective strategy to achieve it. By setting a savings goal, researching savings accounts, automating savings, taking advantage of compound interest, monitoring and adjusting your savings plan, exploring tax-advantaged accounts, staying disciplined, involving your child, and revisiting and updating your savings plan, you can ensure that you are on track to secure your child’s educational future. Remember, early and consistent savings can make a significant difference in your child’s ability to pursue higher education without incurring excessive student loan debt.  

So, start saving today and give your child the best opportunities for their education.

Open IndusInd Bank Online Savings Account Now. 

Disclaimer: 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.