The banking industry continues to evolve, offering the latest digital banking tools for more customer-oriented services. With mobile banking applications on smartphones, one can manage money easier than ever before. You can open a savings account online without visiting a bank. A digital bank account helps you earn attractive interest on the balance, which is credited to your account every month.
Banking apps are designed to offer high security with the most advanced features like multi-factor authentication, fingerprint or face ID authentication device, real-time text, email alerts, and end-to-end encryption. You can find some top mobile banking apps that offer you customization, easy navigation, clear design, and user-friendliness.
With the IDFC FIRST Bank mobile app, you can open an instant savings account online. All you need to do is download the app and register for online banking services by providing your personal details like your full name, PAN Card number, Aadhaar Card number, date of birth, mobile number, and email address. Once you have registered for online services, you can open a bank account, which has many advantages and of course a few disadvantages.
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Advantages Of Opening A Digital Bank Account
It’s worthy enough to spend some time thinking about the pros and cons of opening a savings bank account online.
1. Pay Bills and Transfer Money Online
With the IDFC FIRST Bank mobile app, online banking is easy and convenient to perform. You can pay your bills on time using multiple payment options like NEFT, IMPS, RTGS, and UPI. The app offers an e-mandate service to manage your recurring payments. For instance, a mobile banking user can set a standing instruction on a debit or credit card for utility services, water, gas, and electricity, and other services like insurance, OTT subscriptions, and mutual funds.
Similarly, the online banking app also allows you to transfer money through any payment method explained earlier. There are no transaction charges, and fund transfers can be done quickly and securely.
2. Check Your Account Balances
By using IDFC FIRST Bank personal net banking, you can link your various bank accounts and check the balances on the same page. Further, you can download the account statements and view them whenever and wherever you want them. With the IDFC FIRST Bank mobile app, you can manage your money by tracking expenses.
The smart filters on the app help you categorize and group your expenses under the head like the mode of payment, type of expenses, or amount. It will help you know where you overspend and regulate such spending. Thus, you can budget, save money, and invest it in securities for higher returns.
3. Attractive Interest Rates
When you open a savings account online on the IDFC FIRST Bank mobile banking app, you stand to earn monthly interest credits. The interest, which is compounded monthly, will earn interest. In a way, you get higher earnings through interest on interest on your account balances. The extra interest that you get will maximize your savings in the future.
4. Insurance
With the IDFC FIRST Bank, new savings account online, you can have personal accident insurance coverage of Rs 2 lakhs for an average monthly balance of Rs 10,000. If you maintain an average monthly balance of Rs 25,000, you have insurance coverage of Rs. 35 lakhs.
5. Free Debit Cards
You will get a Free Visa Classic or Visa Signature debit card on opening a digital savings account. It allows you to pay your bills quickly when shopping or dining at any outlet. You can earn exciting rewards and discounts when using a debit card every time.
Disadvantages Of An Online Bank Account
You will come across a few drawbacks of a digital bank account, though they are not the serious ones.
1. No Cash Deposits
You cannot find any provision to deposit cash, for which you have to visit the nearest cash deposit machine or bank branch.
2. Stable Internet Connection
You cannot perform any banking tasks online if the bank servers are down or you have a poor internet connection.
In conclusion, there are more pros than cons when opening a savings bank account on the IDFC FIRST Bank mobile banking app. Ensure you have a good internet connection for a seamless online banking experience.