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Why open an online Bank Account

The Indian banking sector is going through an immense transition. The Reserve Bank of India has developed new systems and policies to make the banking process easy and convenient. Most of your banking requirements get done without visiting a bank branch. Nowadays, the online account opening is also possible. You can manage different types of accounts online.

Here are the reasons to consider an online Bank Account:

1. Convenience

Opening an account online is incredibly convenient. Several leading banks in India, in both the public and private sector, lets you open different accounts online. The entire process is possible from the comfort of your home without needing to step inside the bank. There is no need whatsoever to visit the bank and sign any documents.

2. Seamless process

The Reserve Bank of India and several participating banks have started digitizing the account opening process completely. You only need to fill out the account opening form online on the chosen bank website and upload scanned copies of the necessary documents mentioned on the bank website. The bank reviews your documents and accepts your request to open a Bank Account.

3. Instant opening

The best part about considering online accounts is that they are verified and opened instantly. You only need to visit your chosen’s bank’s website, fill out the form, and attach documents. The bank processes your opening request almost instantly than offline accounts, which means you can start your transactions quickly.

4. Financial discipline

The best part about the online medium is that banks can save a lot of money on operational costs. They need not fill cabinets or store your paperwork physically. This benefit gets passed on to the customers as zero maintenance fees. Your information gets stored on secure servers, and you can access it anytime, anywhere. Also, it is far easier to maintain your account with a Banking app.

5. Accessible 24*7

The other benefit of opening an account online is that you can carry your bank in your pocket. You can access your digital account on your smartphone from any part of the world. You can use the account to transfer funds from one account to another instantly and complete other necessary transactions, including investments.

6. Safe

When you do an online Saving Account opening, you need not worry about the safety of your account. Banks use secure servers and firewalls, and you can receive instant updates as SMSs on your mobile phone and e-mail address for every transaction. Plus, your account is password-protected, and you only need to enter your password each time you want to access the account.

7. Pay bills

Online accounts make it easier for you to pay different bills. You can set up auto-debit facilities and need not bother about manual payments. This facility is possible for paying monthly rent, Systematic Investment Plans, utility bills, etc.

Whether it is cash transactions, Loan applications, everything is possible through Online Banking. These attributes make them a good choice for every customer.

Ajeet Sharma, the founder of Financegab and a well-known name in the field of financial blogging. Blogging since 2017, he has the expertise and excellent knowledge about personal finance. Financegab is all about personal finance which aims to create awareness among people about personal finance and help them to make smart, well-informed financial decisions.


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