In modern times, we require technology at every step. It has affected every aspect of our lives. The banking sector has significantly transformed, making various banking services more accessible. Whether you are a teenager, youth, or senior citizen, you cannot ignore the recent advancements. 

The latest development redefining traditional banking is the Online Bank Account, which you can open online. There is no need to go through various lengthy processes or travel to the nearest bank branch to open an account. Log on to the app, complete a quick verification process, and operate your online account instantly. Consider these benefits: 

Instant account 

Opening online Bank Accounts is instant. You can operate them without physically visiting the branch. Fill out the relevant information, upload the necessary KYC documents, and you are ready. You can open and manage your new Bank Account with a few taps. However, this facility is only available for adults above 18 years. 

No minimum balance 

Most banks offering an online Savings Account have no minimum balance requirements, saving you from excessive minimum balance maintenance charges. You can use the balance for emergencies, buying assets, or investments. You can also opt for a Zero-Balance Account opening online or at the branch. 

Minimum documentation 

Online Bank Accounts eliminate the need to fill out lengthy forms. You need to upload pictures of your KYC documents and fill out the necessary details, and you are good to go. You skip the hassle of presenting documents and losing or damaging them in the bargain.  

Debit Cards 

After paying a nominal fee, once you open an online account, you are entitled to all banking facilities, such as Debit Cards, Internet Banking, etc. Some banks also offer virtual Debit Cards free of cost. You can utilise them for online shopping and payments. 

Cashless operations 

You can conveniently make payments and transfer funds, deposit cash at the branch or cash deposit machine, and withdraw some money from the branch or ATM. These facilities save you from the hassle of carrying note bundles for shopping and reduce the risk of loss. These accounts maintain fund safety and offer maximum liquidity. 

No transaction limits 

You deposit funds in the Bank Account and earn interest on them. However, there are no charges for online and mobile transactions. ATM and cash transactions are chargeable according to the prevailing bank rates. Online fund transfers using NEFT, IMPS, and RTGS are free. 

Conclusion 

Digital accounts are the best way to introduce the youth to banking. It instils financial discipline and literacy and makes them responsible for all transactions. You can use other facilities, like Debit Cards, Online Banking, and UPI, to pay vendors and utility bills and conduct transactions on online shopping websites. The bank also offers Loan and Insurance facilities to all Savings Account holders.