Digital Bank Account
For modern generation, their Smartphone is their first partner. They can live without anything, but not without the smartphones. So, for such tech savvy individuals, banks and financial institutions have decided to expand their services to the digital platforms as well and serve their customers an unmatched banking experience. These digital bank accounts can be opened within a few clicks through an app or online website. Thus, you can enjoy banking services at your fingertips and within your comfort zone.
Perks of digital bank account :
Forget about wandering from bank to bank just for the sake of opening a bank account and switch to digital banking instead. Online banking services have definitely made the life easier. From opening an account to accessing banking transactions, everything can be done at a fingertip.
Let’s check out the perks and privileges of online bank account.
- Convenient – Convenience is the biggest perk of digital account. There is no need to make physical visits to the bank, instead the account can be opened from the comfort of your home or office.
- Flexibility – From deposits to withdrawals and access to bank accounts, digital accounts offer the same flexibility as of traditional bank accounts. But, what makes online accounts a little different is the fact that the transactions are more flexible and less time consuming.
- Online access – While in an offline bank account, an accountholder is required to request mobile and internet banking services, these come complimentarily with a digital bank account.
- Zero balance account – No need to worry about the minimum balance maintenance. Simply enjoy the hassle-free banking services with a zero balance account.
- Hassle-free documentation – As aforementioned, the entire process is done online and there is no need of any physical verification. In fact, the document collection process is done on a digital platform. Just scan the KYC documents, submit, and voila! You’re good to go.
- Instant account number – The days are gone long back when an accountholder has to wait for days to get their unique account number. Today, the same is generated instantly without a minute’s delay.
- Interest rates – Having digital bank account doesn’t mean that the accountholders couldn’t reap in interest. Just like the traditional bank account, online account, too, provides interest on an average balance. Plus, the digital account interest rates are comparatively higher than the traditional bank account.
- Bill payments and more – Last, but definitely not the least, online bank account can be a convenient source of bill payments, recharges, ticket booking services, and more. In addition, an accountholder can earn exciting reward points and discount offers on every bill payment or ticket booking transactions. Isn’t that exciting?
Who provides digital bank account?
Here comes the most interesting part as who provides online bank account services. First of all, it is best to shop around (online) to get in touch with the best bank or financial institution. As you compare, make sure not to fall prey of spammer or fraudsters. Therefore, it is significant to get an understanding to the banks and financial institutions offering such services.
- Community and mainstream banks – These are mainstream banking brands and they offer the financial services across a wide network of online and offline platform.
- Credit unions – Basically, a credit union, member-owned financial cooperative, is not a new concept in India and there are many who have extended their services on a digital platform for the convenience of their customers.
- Mobile apps – This is actually a digital era thing, which entirely works on an online platform. There’s no particular brick and mortar branch for customers and the entire services are offered online. So, before you pick your digital bank account, go through the categories of banks and financial institutions offering such services at the lowest fees and charges and best interest rates.