Opening an online bank account opens the gateway to quick and efficient everyday banking with simple financial management solutions.
Money does not buy happiness, but it is needed to make life comfortable. The first financial habit each of us needs to take on board is to save money regularly. This can be done by depositing extra money in your savings bank account.
You start by opening a bank account at a good bank. Every bank pays a savings account interest on the savings deposits on a quarterly basis. So, the more money you save, the more the savings deposit grows over time.
But why go through the rigours of visiting your bank branch and filling out paperwork, when you can simply open an online bank account from the privacy of your home? This is how an online savings account opening helps your financial life:
* It is convenient. Opening an online bank account is an option offered by leading banks in India. You can open the account online, without signing any paperwork or visiting the bank branch. The bank sends an account opening form in your email inbox, which you can fill out and send back with the documents required. Plus, you can open the account any time you want, from anywhere.
* It is quicker than the offline option. The bank may take longer to process an offline account opening request, but the online saving account opening is quicker. The application form is processed quickly and the account becomes operational in a couple of days. This saves a lot of time for all parties concerned.
* It saves your money. Since operational costs are lower on the Internet, you are not charged high processing fees for opening the online bank account. The bank stores your form and documents on an online cloud and does not need to store actual copies of the application, so you are not charged for storage and account maintenance. Also, online money transfers cost much lower than cheque processing.
* The account is easy to monitor. The bigger advantage of opening an online savings account is that you can access your finances at any time, from anywhere, and have full control over money transfers and receipts. Meanwhile, since the account is linked to the bank’s app, you can summon your monthly statement, monitor your investments, check your insurance premiums, etc. on your smartphone.
* The account can make digital payments – no need to use cash! An online bank account opens the doors to digital payments via the bank’s app, or UPI-based payment platforms, or even via net banking. You can step out of your home without your wallet or even your cards in tow – just have a smartphone to make the money transfers.