A savings account is the most basic form of banking, and almost every earning individual is affiliated to one or more savings accounts. Opening such an account is vital if you want to use debit cards and apply for credit cards. It also encourages saving more of your income, instead of spending heavily.
A while back, people had to visit the branch of a bank in order to open a savings account. However, this process has become much more streamlined after the introduction of the online banking system. Here is a look at some of the benefits of online saving account opening.
1. Saves time and money
Money is spent if you choose to travel to the bank branch in order to open a savings account. However, apart from money, you also need to spend a considerable amount of time in order to visit the bank. Time is a precious commodity, and the online procedure helps you cut down on both the money and time spent for opening a savings account. You can sit down at home on a computer or on your smartphone and create an account in almost no time.
2. Compare the interests
Each bank may offer a slightly different rate of interest for the amount saved in the account.
When you apply for the account online, you can check the interest offered by the different banks and then apply for the one that suits your needs the most. When the account is opened offline, very few people compare the interest rates.
3. Faster activation
When you choose online saving account opening, your KYC registration is completed immediately, and your account gets activated as well. This means that you can open such an account in an emergency when you need to keep the savings in a place. However, you still have to wait in order to get the chequebook and the debit card for such an account. These will be mailed to your address in a week or two.
However, you need to keep in mind a few facts before opening an online savings account. These include some safety measures so that you do not become a target for some scams. Ensure that you open the official page of the bank where you elect to have your account. Do not trust proxy pages, which may take your personal information and then use them for criminal activities.
It is also recommended that you go through the terms and conditions before opening such an account online. If necessary, call up the bank representative and confirm what these conditions mean.
A while back, people had to visit the branch of a bank in order to open a savings account. However, this process has become much more streamlined after the introduction of the online banking system. Here is a look at some of the benefits of online saving account opening.
1. Saves time and money
Money is spent if you choose to travel to the bank branch in order to open a savings account. However, apart from money, you also need to spend a considerable amount of time in order to visit the bank. Time is a precious commodity, and the online procedure helps you cut down on both the money and time spent for opening a savings account. You can sit down at home on a computer or on your smartphone and create an account in almost no time.
2. Compare the interests
Each bank may offer a slightly different rate of interest for the amount saved in the account.
When you apply for the account online, you can check the interest offered by the different banks and then apply for the one that suits your needs the most. When the account is opened offline, very few people compare the interest rates.
3. Faster activation
When you choose online saving account opening, your KYC registration is completed immediately, and your account gets activated as well. This means that you can open such an account in an emergency when you need to keep the savings in a place. However, you still have to wait in order to get the chequebook and the debit card for such an account. These will be mailed to your address in a week or two.
However, you need to keep in mind a few facts before opening an online savings account. These include some safety measures so that you do not become a target for some scams. Ensure that you open the official page of the bank where you elect to have your account. Do not trust proxy pages, which may take your personal information and then use them for criminal activities.
It is also recommended that you go through the terms and conditions before opening such an account online. If necessary, call up the bank representative and confirm what these conditions mean.
No comments:
Post a Comment