Advantages of an online bank account opening

Online bank accounts have a critical advantage – there is no need to visit a bank in person to open these accounts. However, is that the only benefit of signing up for an online account? Not at all! This article enlists five features of online accounts that enable secure, seamless access to all banking services.  

1. Opening a bank account online helps you increase your savings

If you are an IDFC FIRST Bank customer, the high interest on your savings account is not the only way to increase your savings. Two other new-age features contribute towards helping customers save more – Zero Fee Banking and monthly interest credits. Let us understand these two features in brief:

• Zero-fee banking is IDFC FIRST Bank’s new feature that waives off  28 commonly-used savings account service charges like RTGS (Real-Time Gross Settlement) transfer charges, NEFT (National Electronic Funds Transfer) fees, Demand Draft Pay Order charges, and Balance Certificate issuance charges. You will know on calculating the amount you pay towards these services that these charges add up to a significant sum in the long run. IDFC FIRST Bank helps you save on these expenses through Zero Fee Banking.
• Monthly interest credits: IDFC FIRST Bank also deposits monthly interest credits directly to customers’ savings accounts. Coupled with Zero Fee Banking, this feature helps customers steadily increase their saved income.

2. The best banks offer secure access to all banking services through their savings accounts

You can open a recurring deposit or fixed deposit account, sign up for a personal loan, or contact customer service using an IDFC FIRST Bank digital savings account. Customers can check their bank account balance instantly through the app. Moreover, customers can download their bank statements quickly through the app. Credit and debit card details also are available to customers who have logged in to the app. 

3. You can access a large loan amount via a digital savings account

A key advantage of choosing a digital savings account is all-time access to a huge loan amount. IDFC FIRST Bank customers can access up to ₹1 crore in debt by opting for an instant personal loan with the bank. The eligibility requirements are straightforward, and IDFC FIRST Bank requires minimum documentation to process customers’ loan requests.

4. You can invest your saved income instantly in your preferred investment scheme

Your digital savings account can help you manage all your banking needs, including your investments. IDFC FIRST Bank’s mobile app will also send you personalised investment recommendations to help you make a beneficial investment choice.

5. Online savings accounts help you budget better

IDFC FIRST Bank’s ‘Track Your Expense’ feature is a good example of how digital savings accounts can help customers budget better today. The feature helps IDFC FIRST Bank customers categorise their previous expenses and infer learnings from them to save more in the future.

If your online savings account has at least three of the features mentioned in this article, you can be sure about having chosen the right savings account. You must analyse the features of your mobile app as well, before signing up for a particular bank’s savings account.