Easiest ways to open a bank account

We all want our savings accounts to have the best interest rates and offer affordable services like zero-fee banking from IDFC FIRST Bank. However, there are a few more features that you must prioritise in your bank account before selecting it. Read on to understand the necessary account features and the easiest ways to open a bank account in India today. 

What are the easiest ways to open a bank account in India? 

The best banks in India have now started offering instant online savings accounts. Taking IDFC FIRST Bank’s case, it provides a complete digital account-opening procedure via its mobile banking app. The easiest ways to open a high-interest-rate savings account in India are – net banking and mobile banking. Read further to know the difference between the two: 

  • Net banking 

The net banking method requires the customer to use a laptop or a desktop computer to open a bank account. Applicants need an internet connection to proceed with their online application. 

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  • Mobile banking 

A bank account opening via mobile banking is more convenient than net banking since it requires the customer to access their phone. Additionally, banks like IDFC FIRST Bank require fewer documents to be submitted for an instant savings account opening, making the account-opening procedure quicker and without hassles.  

Key features that you must look for in a bank account

Therefore, opening a savings account online today is very easy. However, before opening an account, you can benefit from the following checklist to ensure that your bank account helps you save more: 

Prioritise a high interest on your savings account. 

To save more, you must shortlist banks that offer the best interest rates in the industry. A high-interest rate means higher savings for you in the short and long run. However, choosing a bank offering the highest interest rate on its savings account might not guarantee higher savings always. Read the next point to know more.  

Avoid spending a lot on fees.  

IDFC FIRST Bank’s savings accounts are popular since they help customers save in two ways – a comprehensive interest rate of up to 6.75% and the “Zero Fee Banking” policy. Zero Fee Banking helps customers avoid  28  common-used service fees for savings account  such as IMPS (Immediate Payment Service), RTGS (Real-Time Gross Settlement), cash deposit and withdrawal charges at branches, and more. So, a bank that charges a minimal fee for these services is preferable.  

Select a bank that offers monthly interest credits. 

Monthly interest credits can significantly help you grow your savings through your savings account. Therefore, you must look for both – a high-interest rate and monthly interest credits. 

Choose an efficient mobile banking service. 

An efficient mobile banking app provides convenient access to your bank account and helps you make quick and secure online transfers. IDFC FIRST Bank’s mobile banking app supports two new modes of online transfer besides the popular UPI (Unified Payments Interface) – “Auto Pay” and “One-Swipe Pay”. You must choose a mobile app that reduces dependency on a single transfer mode. 

The easiest method to open a bank account today in India is undoubtedly via a mobile banking app. So, choose banks that offer an online account opening with an easy and streamlined application.

 

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