Savings accounts are one of the most common types of bank accounts.
It is a great tool to park your funds and earn steady interest. There are two different types of savings accounts. One is offline and the other is an online savings account.
Here is how regular and online savings accounts differ from each other:
Opening An Account
While the steps taken to open a bank account are almost similar for both a regular and online savings account, there still are still some differences. When you opt to open a bank account through offline means, it is imperative that you are physically present in the bank.
It is only after you have signed the application form and submitted the physical documents that your regular savings account is activated. For an online savings account, that’s not the case. For an Insta savings account, you can complete the entire procedure online.
Way To Bank
Apart from the account opening process, the way that banking transactions are carried out is also different when it comes to a regular and an online savings account.
So, in case you want to transfer money or check the account balance, you have no option but to visit the bank physically. But that’s not the case when it comes to an online savings account. It is also very easy to access your bank account details through internet banking.
Generally, digital savings accounts offer virtual debit cards. This type of debit card is useful online for all types of E-commerce transactions without requiring you to carry a physical plastic card everywhere.
Conversely, by signing up for a regular savings account, the bank will send you a debit card which can also function as an ATM card. To use the said debit card through the regular savings account, you need to have the card in your hand.
Fund transfers in a regular savings account are not always free. In case the amount of money transferred exceeds a certain limit, it might attract fee charges. On the other hand, money transfers in an online savings account, be it NEFT, RTGS, IMPS, or UPI, are free of cost. So, with digital payments, you can carry out as many money transfers as you want without attracting any fees.
Hours Of Operation
When it comes to banking through a regular savings account, you need to keep in mind the time at which the bank is open. With a regular account, all your banking tasks should be completed within banking hours. But there are no such restrictions with online banking. Everything from fund transfers to loan applications can be done at whatever time you want.
Looking at the features of both an Instant saving account and a regular one, it is quite clear that an Insta saving account makes life much easier.
Through internet banking, all of your banking needs can be accomplished from the comfort of your home itself! With IDFC FIRST Bank’s online savings account, you can get a VISA Platinum debit card with a Rs 25,000 average monthly balance. Also, you can enjoy complimentary domestic airport lounge access once every quarter.