Take a break and open a Bank Account
You can initiate the bank account opening process anywhere, at any time. We discuss the merits of opening a savings account using your smartphone.
There aren’t many things in the world that are too difficult to do. The tasks that were tedious and time consuming earlier, are now easy to manage and completed in a few minutes. This is possible due to the power of the Internet, which provides real time connectivity for you to shop, order things, bank, invest money and even watch movies and talk to friends around the world.
The Internet has simplified things to such an extent that you can do virtually anything you want using your smartphone. You no longer need to set aside time to complete your To-Do list — you can complete them on the go. Take, for instance, the process of online account opening. Instead of taking time off to go the bank and fill out forms, you can simply open a bank account online.
The many things you can do with your savings account online
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Just take a coffee break and tap to open the mobile banking app on your phone. The app directs you on the simple steps involved in online account opening.
- Start by opting to open a bank account online. The app gives instructions on how to do this: simply follow them and complete the steps.
- You will have to key in your Aadhaar number. Do so, and then go to the nearest bank-authorised outlet to confirm your biometric credentials. Once the biometrics are confirmed, the bank account is deemed opened.
- Once you open a bank account online, you get a Visa debit card that is bolstered by PayWave technology. The technology allows you to pay for your purchases without swiping the card, so it offers an extra level of protection to your account.
- If you already have a savings account with your bank, you can convert it into a zero balance account in a few minutes. Again, this process is done online and you don’t need to fill out any application forms or go to the bank.
- Your mobile banking app also allows you to convert your existing savings account into a mobile wallet in just 90 seconds. That’s less time than what you require to finish your cup of coffee!
Why go through online account opening?
Because it is quick and convenient, and it bypasses the need to sign forms and go looking for the bank branch. Besides, you get a high rate of interest on your savings deposits — 7% interest from the first Rupee deposited in the account. Zero balance accounts enjoy the same rate of interest, and you can keep a track of your savings, investments, insurance and other functionalities using the secure mobile banking app.
