Things to keep in mind while opening a new bank account online

There are various types of bank accounts that you can opt for. Different banks offer varying services and benefits with their bank accounts, so you need to check which benefits are aligned with your requirements before opening a new bank account. So, before applying for a new bank account online, make sure to go consider the following factors for picking a suitable account:

  • Rate of interest

A savings bank account mainly is chosen for the financial security it is known for offering. But that does not mean that you should sign up for an account without checking the interest rate. There are some top banks that are known for offering a high rate of interest on their basic savings account. For example, IDFC FIRST Bank is well-known for offering savings accounts that come with an attractive rate of interest.

  • Round-the-clock banking facility

Thanks to the net banking facilities offered by banks nowadays, it is possible for you to both maintain and open a new bank account online. You can complete all the transactions online regardless of the time and location. All that’s required of you is to download and install the banking app on your mobile.

  • Minimum balance required

Another factor to consider before signing up to open a savings bank account is the minimum balance required. If the sum in your basic savings account were to go down beyond the minimum balance, you will be penalised. This requirement for minimum balance differs from one bank to another. If you are looking for an account that does not require a minimum balance to be maintained, consider opting for a zero-balance savings account.  

  • Debit card offers

Some banks might offer benefits like insurance coverage and purchase protection on their debit cards. Some debit cards are known for offering zero surcharges at petrol pumps, airport lounge access, EMI facilities, discounts, reward points, and cashback offers. In case your debit card is used prudently, you can reduce your transaction costs. Hence, before choosing to open a new bank account online, please make sure to compare the deals available with the debit card offered.

  •  Branch network

Even if online banking services are available, there will always be situations that will require you to  visit the bank in person. Thus, it is always better for you to choose a bank that has a wide network of branches near you.

  • Online safety

While opening a new bank account online, please make sure that you are choosing an online account that follows the necessary safety protocol. Usually, banks are known for having tight security measures for keeping your money and account information secure from hackers. Apart from that, do note that it is also considered a good practice to periodically keep changing your password.

Primarily, a savings bank account serves as a safe avenue for keeping your funds safe. Simultaneously, a basic savings account also enables you to build a nest egg slowly and steadily for your loved ones.

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