A savings account is a basic type of bank account and usually the entry product that most individuals across geographies economic strata in India hold in their respective banks. Thanks to the evolution of modern banking technology, it is possible to open an account instantly online nowadays. All you need to do is install the banking app on your phone. There is no need to worry about visiting a bank for opening a savings account, you can simply do so from the comfort of your home.
Why is it considered a good decision to sign up for a savings account?
Here are some of the reasons why you should signup for a savings account:
- The account is activated instantly
Before E-banking, the procedure of opening an account took time. After filling out the application and submitting the documents, the account is activated within a few hours. However, the online process for opening an instant bank account is different. After completing the account opening procedure online, the savings account you signed up for is activated instantly.
- Banking is available 24×7
One of the salient features of opening a savings account in India online is that it has made banking very mobile. In firm contrast to offline banking where you need to consider the operation time of the bank, there are no timing restrictions in online banking. All you need to do is download the smartphone app of your bank on your phone and all kinds of banking transactions can be completed in a matter of minutes at any time of the day.
- Quick and paperless process
The process for signing up for a savings account is known for being both quick and paperless. Throughout the process of opening your account online, you will be required to fill out the application form on the app and then upload the softcopy of your official documents for the KYC process. Once the documents are submitted and they are verified, your savings account will be activated instantly.
- Opening a savings account can result in numerous rewards
Signing up for an account online comes with a lot of rewards. Generally, banks are known for having tie-ups with service providers. The said providers will offer their services directly through the banks’ online platforms. With the help of the banking app, you can purchase day-to-day groceries, movie tickets, medicines, and so on.
- UPI will make payments easier
With the help of UPI apps, you can carry out transactions in a matter of minutes. The salient feature of UPI payment apps managed by banks is that the money is debited or credited into your bank account directly. Moreover, these apps come with an auto-payment feature. With the help of this feature, you could pay bills on time as money will be debited from your account automatically for paying off bills.
Apart from the five above, there are numerous other reasons for signing up for savings accounts online. Some of those reasons are ATM transactions with higher limits, credit card management services that are simple, loan offers that are pre-approved, and many more.