The Benefits of Digital Savings Account You Must Know

Gone are the days when you had to stand in a queue waiting for your turn to deposit/ withdraw money. Getting a bank statement or updating a passbook seemed like a difficult task. Sometimes the work which generally takes minutes to hours. Now, with a digital savings account there is no need to worry. You can manage all your banking activities without even going to the branch.

Benefits of digital savings account

With the emergence of the concept of digital savings account it is easier to manage the account. A digital savings account is paperless, fast and secure way for opening an account on a digital platform. With the help of a digital savings account, the account holder can avail banking services like instant transfer, phone banking, SMS banking etc. Additionally, there are free email and SMS alerts. Listed below are few advantages of a digital savings account:

• Earning interest: NEEBank will pay interest on the money maintained in your savings account. It is a great perk (benefit) to have. Although interest rates are subjected to market changes. NEEBank offers one of the higher interest rates on savings accounts across banks.
• Increased monthly savings: In some banks, there has to be a minimum amount maintained. If an account holder fails to do so, he is liable to pay a charge for the same. There are zero monthly maintenance fees, and interest is also good.
• Easy access:  There may be a medical emergency or a friend in need – for these worst case scenarios, there’s your emergency fund. This money is saved separately for the critical times. Also, having a digital savings account helps you access money without difficulty. It is accessible from mobiles and laptops; it is easier to manage banking on-the-go.
• Unlimited free transfers: With a digital savings account, one can enjoy the benefits of free transfers like RTGS, NEFT and card payments.

Digital savings account from NEEBank

For NEEBank, after becoming a NEEBanker, you will have 3 forms of savings for your account.

Savings based on interest rates on investment deposits from N1 to N9

Lowest package N1 – minimum deposit of $ 500, monthly interest rate of 2% or 24% / year. You will receive INTEREST $ 120 after one year.

Highest package N9 – maximum deposit of $ 100,000, monthly interest rate of 3% or 36% / year. You will receive INTEREST $ 36,000 after one year.

Savings based on the amount of cashback after depositing

When investors deposit, the default is NEEBanker – NEEBank’s bank will be entitled to policies such as cashback 20% / month on total transactions 1 month. In particular, will be entitled to commissions from their own NEEBanker system.

Savings based on the number of commission rewards from the system

A NEEBanker will save 12% for 9 levels from F1 to F9. In F1, you will earn 4% for F1 and 1% for the remaining levels.

In addition, digital bank NEEBank will issue NEECards to meet all Visa/ Mastercard requirements with full functionality and security features such as plastic cards.

• NEECards are virtual cards with images and information displayed online. Customers do not receive plastic cards (physical form) as usual.
• NEECards are used to make payments on EcoTouch.
• NEECards are issued to meet the needs of shopping and paying online safely and conveniently.

All digital savings accounts have their own sets of regulations and perks (benefits). There might not be zero maintenance charges and higher rate of interest. It varies from bank to bank. But having a digital savings account provides easy access and reduces exhausting bank trips. High interest rates come as an added advantage – so, what are you waiting for – enjoy the benefits in an instant!