People across the country have adapted to Internet banking and technologies like UPI (Unified Payments Interface) that made mobile banking extremely popular. Popular banks like IDFC FIRST Bank are now focusing on helping customers open instant savings accounts through their mobile banking apps. Is Insta Save accounts the way forward? More importantly, which features make customers prefer an online account opening? This article enlists five reasons why opening an online account is the best way of applying for a bank account in India today.

1. Online account-opening costs lesser and is more convenient

Let us understand the savings-related benefits of opening a digital account through IDFC FIRST Bank’s example. IDFC FIRST Bank offers a Zero Fee Banking feature with all its savings accounts. Therefore, a customer who opts for an online account opening can benefit from a fee waiver for 28 banking services. Thanks to Zero Fee Banking, IDFC FIRST Bank waives off the fee for services like NEFT (National Electronic Fund Transfer), IMPS (Immediate Payment Service) and RTGS (Real-Time Gross Settlement) transfers; SMS alert charges, and chequebook re-issuance charges and you can save more. Furthermore, IDFC FIRST Bank offers monthly interest credits and a competitive interest rate.

2. Digital savings accounts help customers save more

Continuing with IDFC FIRST Bank’s example, in addition to the three features mentioned in the previous point, the bank offers the Track Your Expense feature on its app. Track Your Expense helps customers categorize their expenses to budget better, thereby helping them save more.

3. An online account-opening procedure is secure and offers more access

Banks have made online account opening procedures extremely secure. IDFC FIRST Bank provides a secure portal to fill out their application form. Moreover, the customer’s information and documents such as identity proof and address proof are securely uploaded to a server without disclosing this information to any third party. Banks have also introduced a range of security features in their mobile banking apps to improve the security of their services.

4. Customers can make instant, online money transfers using a digital bank account

IDFC FIRST Bank’s mobile banking app has the Auto Pay feature to help customers automate their regular payments. It also has the One-Swipe Pay feature that helps customers pay simply by swiping on their screen. The app also supports traditional modes of online transfer like UPI, NEFT, RTGS, and IMPS.

5.The features of various banks can be compared online before opening a savings account

A key advantage of opening a bank account online is the ability to compare the account with other digital bank accounts and weigh one’s options. You can compare the interest rates, mobile banking apps, and the fees charged by banks before applying for a bank account online.

Mobile banking apps complement personal Internet banking by considerably increasing the customer’s overall accessibility. The more accessible the banking services of a bank are, the better that bank is for you, as a customer. While opening a savings account online, you must prioritise a bank with an efficient mobile banking app to access banking services better.