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Digital Savings Account: Innovation in Convenience Banking

RBL Bank Oct 20, 2021

The digital banking revolution, and its subsequent acceleration has dramatically enhanced the customers' banking experience. For a bank that has since inception focused on delivering value, going truly and fully digital without compromising on the quality of service has become vital due to the following reasons.

  • The customers today, irrespective of their age, are getting increasingly digitally literate. They expect certain standards, speed and functionality in delivery of online services, and that includes personal banking.
  • Even when going fully digital, they expect their banking experience to be personalised.
  • Customers also expect transparency in the way in which they bank, helping them make better and smarter choices for their personal finances.
  • Value-added services are the norm with a host of fin-tech organisations offering niche financial services to a wide range of audiences digitally.

RBL Bank has always believed in leading with trust and utmost value creation, and the digitalization of banking has been a splendid opportunity for us to offer services that align with our customers' evolving choices and set of expectations.

What The Customer Expects

Your first-choice banking partners usually stem from the preferences of your family. This element of trust often ranks higher than the range of benefits and conveniences that your bank offers. Questions like -

  • Which bank gives the highest interest rate on a savings account?
  • Where would I get the best interest rates on my term deposits?
  • Which bank gives me a range of additional benefits through debit and credit card facilities?
  • Can I open, access and transact on my bank account from anywhere?
  • Can I go entirely cashless?
  • Can my bank provide me with services tailor made for my and my family's lifestyle?

- are seldom prioritised with a traditional bank setup. But with the entire world constantly running with it, customers are looking at banking partners that offer all of the above and more with trust being an inherent pre-requisite. At RBL Bank our efforts have been to evolve not only with the times, but also in line with the heightened expectations and requirements of our next generation of customers.

Banking On The Go, At Anytime & From Anywhere

A significant portion of RBL Bank's customers comprises millennials, who are hustling round the clock. They are young achievers and go-getters when it comes to their careers, and are also equally trying to balance and run their personal lives.

Not only is this the age where life is "happening" right now, it's also when responsibilities are unfolding and it seems like there is never enough time for everything. But can they afford to let banking take a backseat?

With RBL Bank's Digital Savings Account, we're revolutionising banking by making it super easy, fast and accessible for our young customers. Take for example Ankita and Vishesh, a young couple in their mid-thirties. New-age RBL Bank customers, Ankita and Vishesh are a working couple who spend majority of their day behind screens. Both work fully remotely at the moment. They are also parents to 4-year old Ansh, who in fact has a more inflexible time-table than his parents. For a working couple bound to their home desks for close to 10 hours a day and a toddler in tow, we can imagine how hectic a typical week day looks like.

If you take a traditional banking setup, there is no way that Ankita and Vishesh can find it feasible to visit the bank branch during working hours. Online banking has made it convenient for people to transact on the go, but there are still instances where they would have needed to visit the bank branch. But not anymore.

For the new age RBL Bank customer, RBL Bank's Digital Savings Account is a fully digital experience from the word go. How does it work?

Digital Savings Account Opening

  • You can apply for opening a DSA in two ways - by visiting the RBL Bank website, or by downloading the RBL MoBank 2.0.
  • You only need to keep your mobile number, Aadhaar number and PAN numbers ready, and you are set.

Minimum Balance Required

The average balance requirement for a Digital Savings Account is INR 5,000. However, you can waive off this requirement if you opt to start an SIP or RD with a monthly contribution of INR 2,000 or more.

What Are The Benefits Of Opening A Digital Savings Account With RBL Bank?

  • There are zero charges on non-maintenance of minimum balance, subject to starting an SIP or RD linked to your DSA.
  • The entire account opening and operating process is instant, paperless and seamless.
  • The interest rates on your DSA are higher than comparable savings interest rates, subject to the value of your account balance.
  • With the RBL Mobank 2.0 app, you can bank at any time and from anywhere.
  • Funds transfer options like NEFT, RTGS and IMPS are available digitally at your disposal, with NEFT facility available 24X7.
  • Your transactions and investments remain seamless and secure at all times.

What Are The Additional Perks Of A Digital Savings Account With RBL Bank?

  • You get a Virtual Debit Card, making all your routine transaction requirements too, completely paperless.
  • Your DSA also comes with an easy bill pay facility, making it easy for you to manage your bill payments by automating these.

Bringing It All Together For A Data Driven Future

The Digital Savings Account is among the firsts in the early chapter of the overhaul that our financial sector has undergone. With tough competition from emerging fintech companies and products, we believe that a trusted banking partner can emerge far superior when equipped with the right technologies, products and services. With RBL Bank's Digital Savings Account and a platter of personal and personalised banking services, we hope to continue being first-choice banking partners for new age customers like Ankita, Vishesh and Ansh.

Disclaimer: Articles published on the website are merely indicative and suggestive in nature and do not amount to solicitation. The contents do not guarantee the desired returns and/or results. Reader is advised to exercise discretion and consult independent advisors for achieving desired result. Visitors to this blog/ website w.r.t products & services offered by RBL Bank Limited herein, shall ensure that the comments / feedback posted shall be restricted to the contents published herein and shall not contain such language that may be un-parliamentary or against any religion, caste, section of society, political view etc. While our endeavor is to publish the comments that are submitted, however, all comments/feedback shall be subject to internal review by RBL Bank Limited. We do not guarantee that the comments that are submitted will be published.

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