To satisfy the wide range of demands of its clientele, Indian banks provide a wide variety of account options. It’s critical to first determine your needs in order to choose the appropriate kind of account when creating a new bank account. A savings account, which lets you earn savings account interest on the amount you keep in the account, is one of the most popular kinds of bank accounts. Let’s examine what a savings account is in more depth, along with how to create one online.
What is a Savings Account?
So, what is saving account? Any retail bank will allow you to create a savings account, which refers to a deposit account. You can earn interest on the sum kept in this account by depositing your idle cash and using it as needed. A savings account is an excellent choice for controlling your spending and putting money aside for emergencies.
In order to satisfy their clients’ demands for savings, banks today provide a wide variety of Savings Accounts with a multitude of benefits. Accounts with features like unlimited ATM withdrawals, a higher savings account interest rate, and a discount on locker fees are now available for women, children, seniors, and other demographics.
The good news is you can now open a savings account online from banks like IDFC FIRST Bank. It helps you open an account using just a few steps online. You can transfer and deposit funds to your savings account using their online mobile banking application. It is considered a safe and hassle-free option as you no longer have to visit bank branches in person for your banking needs.
What are the Key Features of an Online Savings Account?
As per the online savings account meaning, it offers the following features:
- Open your account instantly
- Get your account number immediately
- Access your account instantly through the online banking app like the IDFC FIRST Bank Mobile Banking app
- Complete Video KYC without the need for physical documents
- Enjoy attractive interest rates
- Benefit from free multiple fund transfers
- Receive a complimentary Visa Debit card
- Stay updated with quick SMS alerts and e-statements to monitor your transactions
How to Open an Online Savings Account?
To open a savings account online with IDFC FIRST Bank, simply follow these steps:
- Visit the application link provided
- Input your Name, Mobile number, and Email address
- Provide your Aadhaar number or VID number along with your PAN number
- Complete the form with your personal and occupational information
- Deposit funds into your account
- Optionally, complete Video KYC for verification
Once you’ve provided this information, your account will be instantly activated.
You’ll receive your Customer ID, Account Number, and IFSC code upon successful setup via email and SMS.
At IDFC FIRST Bank, they additionally offer a comprehensive welcome kit containing all the necessary details for managing your bank account.
Login via Net Banking or Mobile Banking to Start Transacting
You can utilise your account and initiate transfers upon receipt of your customer ID and account number. Begin by accessing Net Banking and Mobile Banking to create a password.
Banks endeavor to enrich customer experience by providing secure and convenient digital services. Their online savings account stands as another testament to fulfilling this commitment. With IDFC FIRST Bank, open a Savings Account instantly through a few straightforward steps. It comes equipped with pre-enabled Net Banking and Mobile Banking, allowing you to benefit from Cardless Cash withdrawals.
Conclusion
Savings accounts offered online are valuable assets for individuals aiming to allocate funds for specific goals or create an emergency fund. It’s important to explore various options, including local banks and online institutions, and seek out accounts that provide optimal interest rates with minimal fees. Investing time in comparing different options can maximise the benefits of your savings.
Smriti Jain is the owner and senior content publisher at Financesmarti. Financesmarti is a website where she shares a lot of useful stuff for the people and business of India. This includes small business ideas and other banking information, as well. Smriti completed her education in science & technology from Delhi University. Smriti usually has interests in digital marketing now, and she has chosen this career for the full-time opportunity. The primary purpose of starting this blog to provide quality information on the banking industry to the people.
Leave a Reply