Author
LoansJagat Team
Read Time
4 Min
27 Jun 2025
Shruti is a marketing professional. She is earning ₹62,000 per month. Until recently, she had saved only ₹6,000 per month. She decided to switch to a digital banking app as it offers:
With these, her monthly savings rose to ₹12,500. You can see that she was able to save more than double without any major lifestyle change. The thing that helped her was knowing how to use her banking app’s features wisely.
At any time you can easily see your:
Many apps allow you to schedule transfers into savings or recurring deposits.
You may be aware that digital accounts often offer higher interest rates than traditional ones. Some offer up to 7.25% annually.
By using digital banking apps you can easily see where your money is going and areas where you can cut back.
This feature rounds off your every transaction to the nearest ₹10 or ₹50. Then, it adds the spare amount into a savings section.
When Sunidhi spends ₹193, her app deducts ₹200 and saves ₹7 separately. If she makes 40 such payments in a month then she can save ₹280 without even realising it.
Push alerts help you:
You can set targets like ₹50,000 for a holiday or ₹1,00,000 for emergencies and watch your progress over time.
Most apps nowadays tie-up with online brands to give you up to 5% cashback.
Feature | Digital Account | Regular Account |
Minimum balance requirement | Often zero or very low | ₹5,000 to ₹10,000 |
Interest rate | 6.5% to 7.25% | 3.5% to 4% |
Virtual debit card | Instantly available for online use | Usually needs to be issued manually |
Auto FD sweep | Extra funds automatically moved to FD | Requires separate request |
KYC process | Instant e-KYC through app | Physical visit or paperwork needed |
As you know digital banking is easy but you must follow safe practices:
As per mobile banking safety tips, using updated apps and biometric logins are among the most effective ways to reduce the risk of fraud.
Tool | How Does It Help? |
Expense Tracker | Breaks down your spending by category |
Budget Reminder | Warns you if you exceed limits |
Auto Transfer to RD | Ensures monthly savings without delay |
Scheduled Bill Payments | Avoids late fees on utilities and loans |
Investment Suggestions | Guides you to earn better returns |
Action | Manual Method | Using Digital App |
Balance check | ATM or Branch visit | Anytime on the phone |
Track spending | Maintain physical diary | Automatically recorded |
Set savings goal | Written on paper or notepad | Graphical tracker in the app |
Fund transfer | Visit bank or net banking | Instant UPI or IMPS transfer |
Get offers | Requires research | Alerts and banners in-app |
With the help of the table, you can see how Sukriti improved her monthly savings using various digital features:
Action | Monthly Saving (₹) |
Round-up savings | 300 |
Cashback from spending | 500 |
Auto RD contribution | 5,000 |
Higher interest earnings | 450 |
Avoided late fees | 250 |
Total | ₹6,500 |
This added up to ₹78,000 over the year without needing a change in her income.
We all know that nowadays digital banking apps have become more than just a way to check balances or pay bills. They make it easier for you to save by offering:
If you know how to use these tools properly then you can easily improve your savings. You do not even need to earn more or cut back heavily. That is what made the difference for Sukriti.
1. What should I do if I lose access to my app or phone?
Contact your bank immediately and block access. You can always reinstall the app later.
2. Is there any fee for using digital banking app features like budgeting or goals?
No, these tools are usually offered free of cost.
3. How often should I review my spending and savings through the app?
Ideally, once a week or at least once a month.
4. Can I use these apps even if I don’t have much technical knowledge?
Yes, most apps are easy to use and come with help sections or chat support.
About the Author
LoansJagat Team
We are a team of writers, editors, and proofreaders with 15+ years of experience in the finance field. We are your personal finance gurus! But, we will explain everything in simplified language. Our aim is to make personal and business finance easier for you. While we help you upgrade your financial knowledge, why don't you read some of our blogs?
Quick Apply Loan
Subscribe Now
Related Blog Post