Benefits of Online Account Opening in India

In India, digital payments have reached an inflection point. Nearly two out of five transactions carried out in India are digital in nature. Over the next five years, non-cash transactions are expected to constitute nearly 65% of all transactions, with 2 out of 3 transactions conducted digitally.   

This accelerated shift towards digital payments would be impossible without a solid digital infrastructure. Thanks to disruptive innovations by financial institutions, transacting online is getting faster and easier by the day. One of these innovations is the ability to open savings accounts online. Now, customers don’t have to queue up at banks waiting to be attended to by a bank rep.

Here’s what makes online account opening truly revolutionary:

Saves time 

You no longer have to visit the branch and wait queue to open a bank account. Online account opening saves time and eliminates the need to visit a bank branch. You can open your account online whenever you want from the comfort of your home.

As the application form for account opening has been standardised, the process has become faster. Some banks can get your account up and running within 5-7 minutes of applying online, which was unthinkable until recently. Opening bank accounts online is becoming increasingly popular, thanks to pandemic-driven shifts.

Ease of verification

To open a bank account, you have to meet the basic KYC (Know Your Customer) requirement. In case of offline account opening, you have to carry your original identity and address proof, such as your driving licence and Aadhaar card, along with photocopies. Moreover, it takes time for the bank officials to manually verify the copies against the original documents. In contrast, when you open an account online, your KYC is done online with the electronic verification of your Aadhaar within a few seconds.Banks such as IDFC FIRST Bank have significantly enhanced the account opening experience in India by taking the process online. 

Faster processing time

As the online account opening process does not require any human intervention, it eliminates the need to physically process the application form. When you open an account online, you can get set it up instantly, whereas if you open a bank account at a branch, it can take hours, or even days.

With the advancement of technology, you cancreate an online bank account quickly and conveniently. Online account opening is also environmentally friendly since it is paperless.

Enhanced security

Banks insured by the RBI, such as IDFC FIRST Bank, have best-in-class security measures to protect customer data and ensure confidentiality while opening an account online. By employing technologies such as encryption and single sign-on, they help you securely access your bank account.

As per Reserve Bank of India's directives, all banks have implemented a two-factor authentication system for the execution of online transactions in order to prevent fraud.

Cost-effective

When you open an account online, you do not have to visit the branch and interact with the staff physically. This way, both you and the bank save on costs. This further helps the bank to offer their services at a lower fee.

Accessible 24/7, 365 days

With widespread internet connectivity and high data speeds, even a person living in a remote location or in an unserviceable area can have access to a bank account and carry out transactions online. Besides, with online access, people who are unable to visit the branch due to time constraints or mobility problems can continue to carry out banking transactions. This also offers the bank a wider reach beyond its branch locations. Online access to banking is, therefore, helping India achieve its goal of financial inclusion. 

Conclusion

IDFC FIRST Bank offers 28 commonly-used banking services at zero cost including cash deposits, demand drafts, third-party cash transactions, IMPS, cheque book issuance, etc., unlike other banks where you have to pay for such services. This, of course, is subject to the customer maintaining the average minimum balance in their savings account.

With IDFC FIRST Bank's digital savings account opening facility, customers can make the most of benefits such as no hidden charges, higher-than-average interest rates, monthly interest credits and more. Click here to open your banking online with IDFC FIRST Bank.

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