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Report Card: The Best Digital Savings Account

The world has gone digital. And so has savings accounts. Many banks have launched digital savings account to make it easier for customers to carry out transactions. These accounts can be opened online with the PAN and Aadhaar card. Opening these accounts only takes a few minutes.

In this article, we will compare the four most popular digital accounts in the country. We will look into the Kotak 811, Axis ASAP, SBI Digital Savings Account and DigiSavings Account. As digital saving account is different from a regular savings account, the comparison parameters will also be different.  Here are the five parameters on which we are comparing the different digital bank account.  

Best digital savings account
Best digital savings account

Minimum average balance of digital savings account:

One of the main features of a regular savings account is the minimum average balance. In regular savings accounts, a bank customer has to maintain a specific amount on a monthly or quarterly basis.  The minimum average balance varied from one savings account to another. It also depended on the location of the home branch.

However, digital accounts are different from a regular savings account. As the process of opening a digital savings account is entirely online, the online savings account introduced by many banks don’t have a minimum average balance. This makes it easier for many customers to open a savings account without worrying about the minimum average balance.

But currently, not all digital savings accounts are zero balance accounts. SBI Digital Savings has a minimum average balance. While the requirement of average balance was waived off in the last few months, currently, the minimum average balance of this account is as per the regular savings account.

Initial deposit:

When you go to a bank to open a savings account, you may have to deposit a certain sum of money as the initial deposit. It can range anywhere between Rs.1,000 to Rs.10,000. However, many digital savings account don’t have the initial deposit. In short, you don’t have to put any money to open this savings account.  Axis ASAP has an initial deposit requirement of Rs.10,000. That means that to open the account, you have to deposit Rs.10,000 in your bank account, but you don’t have to keep a minimum average balance.

Digital Savings Account Debit Card Issuance

As digital accounts are a virtual accounts, many banks provide free virtual debit cards to its customers. The features of the virtual debit card are similar to that of a physical debit card. One can make online transactions just like a regular debit card. These virtual cards can be accessed through the mobile bank app. The only online savings account that charge for the debit card like a regular savings account is SBI Digital Savings Account.

Annual maintenance charges of digital savings account

As these digital accounts are online, the cost of maintaining these accounts is also limited.  Hence, most accounts don’t charge any annual fees on their debit card or account. Kotak 811 and Axis ASAP does not have any annual fees. However, the yearly maintenance charge of SBI digital account is similar to the regular account. Also, Digisavings account has an annual charge of Rs.150 per year.   

Account closure charges of digital savings account

While you may have liked the journey with digital accounts, you may have to close one account or another due to various reasons. You can close these digital accounts as effortlessly as you opened it. Kotak 811 is the only account that does not charge any fees for closing the bank account, whether it was on day 3 or day 300. Other savings accounts such as Axis ASAP and digisavings account have an account closing charge of Rs.500. Also, to close an SBI account, you have to send a written request to the bank.


We compared the best digital savings account on five key parameters, and we see that only Kotak 811 ticks all the boxes. Hence, in this report card, Kotak 811 has emerged as the best digital savings account.

Here’s a quick recap:  

Parameters Kotak 811 Axis ASAP SBI Digital Savings Digisavings account
Nil Nil As normal savings account Nil
Nil Rs.10,000
Debit card 
Nil Nil As normal savings account Nil
Nil Nil As normal savings account 150
Nil Rs. 500 Written
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