As a result of digitization, the Banking and Finance Sector has evolved massively in recent times. Unlike previous days, you can now open a savings account online from the comfort of your home. An online savings account is basically an interest-bearing deposit account held at a bank. The rules and regulations of an online savings account are similar to that of a traditional savings account. The only difference is that an online savings account is entirely managed online and can be accessed anywhere and anytime with a smartphone or computer.
Mentioned below are some important features of an online savings account that can make banking a seamless experience for you:
Online transaction facility
Online savings accounts come with a net banking facility that makes online transactions smooth and hassle-free. You can easily transfer funds, shop online, pay utility bills, etc. seamlessly. You can also make fixed and recurring deposits, invest in mutual funds, request a cheque book and much more with the help of an online savings account.
Track your transactions online
You can check your account balance and keep a track of your transactions easily with the help of your smartphone. Many leading banks in India also have personalized mobile apps to facilitate online banking.
Provides liquidity
A major benefit of an online savings account is liquidity. You can easily access your money and make deposits and withdrawals anytime. Moreover, when you open an online savings account with a bank, you also get a debit card. You can make use of this card to withdraw cash, pay for your shopping bills, recharge your mobile phone, pay electricity bills, etc.
Provides safety
Your money in the online savings account is completely safe, and the transactions carried out are secure. The Reserve Bank of India has strict regulations to ensure the safety of the money. Also, most banks provide insurance of up to Rs 1 lakh on every savings account.
You can easily open a bank account online from the comfort of your home. All you have to do is follow the below-mentioned steps
- Go to the bank’s official website.
- Fill in the online application form required to open a savings account.
- Upload the digital copy of documents such as PAN Card and Aadhar Card.
- The bank will verify the details shortly, and you will be able to use your online savings account.
Opening an online savings account is an ideal way to park your money. Competitive interest rates, less maintenance fee, and easy access to your account are some of the major benefits of an online savings account. If you wish to use your funds more flexibly, you must open a zero-balance online savings account as it wouldn’t require you to maintain a minimum monthly balance.
Before opening a savings account with a bank, make sure to check its credibility by going through its existing customer reviews online. Always settle for a bank that has efficient and reliable customer service. This will help you avoid any inconvenience at later stages.