Features and Benefits of New-Age Savings Accounts

The needs of bank account holders have evolved over the years, with expectations for more convenience, maximum security, and personalised banking services. Traditional savings accounts no longer meet the demands of today’s customers, who prefer premium digital experiences, higher returns, and integrated financial tools. A new-age savings account addresses these growing requirements perfectly.

Discussed below are the unique benefits and features of savings bank accounts designed for new-age customers. Learn in detail how these financial products have completely transformed the way people handle their finances today.

Digital-First Banking Experience

You can open a new-age savings account online from the comfort of your home. Gone are those days of standing in long queues at the bank with piles of documents. The IndusInd Bank Indus Delite Savings account, for example, offers a 100% digital and paperless account opening process. You can start the zero-balance account opening online and complete all the formalities from any location hassle-free.

Look at the Key Highlights of This Premium Banking Product:

• 10% off on BigBasket and 20% off on Swiggy
• Book movie tickets via BookMyShow and enjoy a ‘Buy 1 Get 1’ offer
• Receive a complimentary insurance cover worth ₹1.5 lakh
• 5% cashback on OTT, fuel, and entertainment spends

These features of the online savings account come exclusively with the Delights Debit Card that you can apply for separately.

High Interest Rates

New-age savings accounts are known for offering competitive interest rates. Higher rates make saving more attractive, as your money grows faster, and compounding helps you earn better returns over time. This efficient growth makes it easier to balance your short-term priorities and long-term ambitions efficiently.

FD-Like Interest on Surplus/Idle Funds

One of the most useful features of new-age savings accounts is the auto-sweep feature. It ensures that any surplus funds above the threshold limit are automatically transferred to linked Fixed Deposits (FDs) and earn higher returns.

In case your bank account falls short of funds for any transactions, the system will automatically draw the required amount by liquidating a part of your linked FD. The best part is that the withdrawals are penalty free. This way you enjoy 24/7 liquidity and FD-like returns.

A Dedicated Mobile Banking App

A new-age savings account often comes with a dedicated mobile banking app that gives you complete control over your finances. For example, with IndusInd Bank’s IndusMobile app, you can transfer funds, pay bills, manage FDs, and perform many other financial tasks, all from a single dashboard.

You can even open a savings account online through the app. The steps are:

• Create an account number of your choice
• Enter your personal and financial details
• Make a deposit to your account
• Complete video KYC from any location at your convenience

For added security, mobile banking apps use biometric logins such as fingerprint and facial recognition so that every transaction is authenticated and safe.

Additional Value-Added Benefits

New-age savings accounts also come with additional premium banking services, such as:

• Exclusive discounts, offers, and cashback on shopping, fashion, dining, and travel spends
• Dedicated relationship managers and 24/7 customer support for quick assistance and personalised solutions
• Unrestricted, free access at all ATMs
• Higher rates on linked financial products like fixed and recurring deposits
• Discounts on lockers and more

Key Takeaways

The features and benefits of new-age savings accounts are countless. These include a 100% digital banking experience, high savings account interest rates, top-notch security, 24/7 customer service, auto-sweep facilities, and additional value-added services. Combined, these perks empower you to manage your finances efficiently and achieve financial objectives effectively.