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Nowadays, there is more than one way to open a bank account. However, before the advent of net banking services, you would have had to visit the bank physically in order to open an account. The offline mode used to take a long time as you were required to be in the queue and wait for your turn Net banking services, on the other hand made opening an account convenient and addressed this problem. Read below to know some key reasons to sign up for an online bank account:
1. Simple application process
When it comes to signing up for a bank account online, the application process for a bank account is quite convenient as compared to the traditional method of having to physically visit the bank. Now, the entire bank account opening procedure can be completed within an hour regardless of the banking hours.
2. Easy document submission
Submitting official documents to the bank is very important. When you are signing up for a bank account through regular banking, you are required to keep physical copies of all the official documents ready which can be a hassle. However, submitting documents is very easy online. You just need to submit soft copies of your documents. Also, the KYC process is simplified by the best online bank. For instance, while opening IDFC FIRST Bank’s online bank account you have the option of signing up for the facility of video KYC.
3. Simplified financial transactions
The best feature of online banking services is the auto-pay feature. As the name suggests, through this feature, you don’t even need to open the app for making a payment. You just need to add a standing instruction to the bank for an automatic deduction on a specific date. In accordance with the added instruction, a certain sum will be deducted from your bank account on the said date. This convenient feature is very useful for paying bills and is one of the best facilities that you could access through an online bank account.
4. Easy access to account statements
In regular banking mode, the only way you could check the account balance is by updating the passbook. In case you forgot to update your passbook for some, then, you must wait patiently until the time every transaction in the said period is recorded. In firm contrast to the offline method, retrieving the account statement online is very easy. Also, it is important to remember that in the online mode, you could alter the date range of transactions. This feature of modifying the date range of the account statement is helpful during the loan application process.
Online savings accounts are necessary if you are seeking to manage your finances in a better way. Signing up for a digital savings account can come with a wide range of benefits, such as easy access to funds, 24×7 banking, automated bill payments, and many more. Please remember that it is prudent for you to choose a reliable banking partner when it comes to signing up for the best online bank account.
