In modern times, we require technology each time. There is hardly any aspect of our lives that has been left untouched. The banking sector has significantly transformed, making various banking services more accessible. Whether you are a teenager, youth, or senior citizen, you cannot ignore the recent advancements.

The latest development redefining traditional banking is an online Bank Account, which you can open through Online Banking mediums. No need to go through various lengthy processes to open a Bank Account. Log in to the bank website, complete a quick verification process, and operate your online account instantly. Consider these benefits:

Instant Account

Opening online Bank Accounts is instant. You can operate them without physically visiting the branch. Fill out the relevant information, upload the necessary KYC documents, and you are ready. You can open and operate your new account with a few taps. However, this facility is only available for adults above 18 years.

No minimum balance

Most banks offering an online Bank Account have no minimum balance requirements compared to traditional ones. Thus, they save you from excessive minimum balance maintenance charges and enjoy all the features of a conventional Bank Account. These are called Zero-Balance Accounts.

Minimum documentation required

Online Bank Accounts eliminate the need for filling out lengthy forms. You need to upload pictures of your KYC documents, fill out the necessary details, and you are good to go. You can skip the hassle of presenting documents and losing or damaging them in the bargain.

Debit Cards

Once you open an online account, you can access banking facilities, such as Debit Cards, Online Banking, etc. Some banks also offer virtual Debit Cards free of cost. You can utilise them for online shopping and payments.

Cashless transactions

You can conveniently make payments and transfer funds, deposit cash at the branch or cash deposit machine, and withdraw some money from the branch or ATM. These facilities save you from the hassle of carrying cash for shopping and reduce the risk of loss.

Higher interest rates

Opening and operating the account online offers a higher interest rate on the balance maintained than traditional Bank Accounts. The only restriction is that at any time, the maximum balance allowed in the account is Rs. 1 lakh, and the total allowable deposit is Rs. 2 lakh.

No transaction limits

You can deposit funds and earn interest rates on Bank Accounts. However, there are no charges for online transactions. ATM and cash transactions are chargeable as per the prevailing bank rates. Online fund transfers using NEFT, IMPS, and RTGS are free.

Conclusion

Digital Accounts are the best way to introduce the youth to banking. They hold a one-year validity, during which you can make any transaction.