Benefits of an online savings account opening?

Applying for a bank account online is very common in India today. Banks like IDFC FIRST Bank identified banking needs and customer convenience early on and now offer attractive benefits to those who choose an online savings account opening. This article follows the example of IDFC FIRST Bank’s online savings accounts to illustrate the benefits of choosing digital savings accounts.

1. Features like Zero Fee Banking help you save more. 

IDFC FIRST Bank’s Zero Fee Banking feature charges zero service charges for around 30 banking services. Customers who have signed up for any of the two savings account variants can opt for this feature. These services include NEFT (National Electronic Funds Transfer), IMPS (Immediate Payment Service), and RTGS (Real-Time Gross Settlement) transfers, ATM withdrawal and deposit charges and Balance Certificate issuance charges. Along with IDFC FIRST’s monthly interest credits and high-interest rates, this feature helps customers save a significant sum over the long term.

2. Paying online is very convenient. 

Opening a digital savings account helps customers automate recurring payments such as utility and credit card payments. The Auto Pay feature in IDFC FIRST Bank’s mobile banking app automates various bill payments. Besides UPI payments, the app facilitates NEFT, RTGS, and IMPS transfers. IDFC FIRST also offers the One-Swipe Pay feature to facilitate quick online transfers.

3. You can access your bank account at any time.  

A defining feature of any online savings account is its accessibility. Customers can instantly access their savings accounts online through digital account opening. IDFC FIRST Bank customers can check their bank account details at any hour of the day or night through the IDFC FIRST mobile app. Furthermore, customers can instantly open a Fixed Deposit (FD) account online and check the details of their investments through a digital account. Customers can also view bank balances and download bank statements at all times.

4. Banks have simplified the account-opening process for online accounts.

Most banks offer an instant online account-opening procedure today. Customers generally must produce minimal documents for convenience compared to a more generic account-opening process. IDFC FIRST Bank, for example, only requires customers to furnish their Aadhaar card and PAN (Permanent Account Number) to open a digital savings account. A digital account opening, furthermore, is paperless and less time-consuming.

5. Tracking your expenses and investments is easier. 

Customers can track their expenses efficiently through an online savings account. IDFC FIRST Bank’s Track Your Expense feature helps customers save more by budgeting better. It helps them categorise their previous expenses into various categories and analyse them for better savings. When seen in conjunction with the Zero Fee Banking feature, monthly interest credits, and a high-interest rate, this feature certainly helps customers increase their overall savings over time.

Digital banking accounts offer two distinguishing features: security and accessibility. Banking services, online transfers, and customers’ bank balances are safer in a digital banking account. Furthermore, banks offer seamless access to numerous banking services through their digital banking accounts.