Many net banking services and mobile banking applications offer instant accounts. But what does an instant savings account mean? This article covers this topic and enlists the benefits of an instant savings account. We’ll also understand the benefits of digital savings accounts through an example.
What is an instant account?
An instant account is a savings account whose account opening procedure is online and more expeditious than a normal savings account. The major difference between a digital savings account and a standard savings account is that the former can be opened without physically visiting a bank branch.
What are the benefits of instant account opening?
The following are the benefits of instant account opening in India:
- Instant accounts are activated instantly
If you opt for an instant savings account such as IDFC FIRST Bank’s insta save account, your savings account will become functional as soon as the verification process is completed. You can instantly send and receive money through your instant savings account after it is set up.
- You can get instant personal loans
IDFC FIRST Bank’s instant savings account offers much more than the standard features offered by a savings account. You can also access personal loans instantly through IDFC FIRST Bank’s instant savings account.
- You can quickly transfer money to people
IDFC FIRST Bank offers benefits related to ATM transactions through its insta save accounts. You can benefit from unlimited free ATM transactions anywhere in India by opening an insta save account with a VISA Platinum debit card. If you download IDFC FIRST Bank’s mobile banking app, you need not visit an ATM to withdraw or deposit an amount.
- Your funds are easily accessible
It is convenient to have all-time access to one’s funds and the ability to track your expenses daily. An insta save account gives you easy access to the funds in your savings account and the ability to expend this income as per your wish.
- Bills can be paid easily
You can quickly pay your electricity and utility bills using IDFC FIRST Bank’s digital savings account or insta save account. If you are a mobile banking app user, you can use the app’s one-swipe feature to make instant payments. IDFC FIRST Bank’sdigital savings account or insta save account comes enabled with UPI (Unified Payments Interface), allowing you to transact using UPI like any other UPI-enabled app. You can also carry out RTGS (Real Time Gross Settlement), IMPS (Immediate Payment Service), and NEFT (National Electronic Funds Transfer) transactions conveniently using an instant savings account.
- You can save more with an instant savings account
IDFC FIRST Bank’s savings account features help you save more than any other savings account. To save more, you can use the IDFC FIRST Bank mobile banking app to track your expenses according to various categories. Furthermore, IDFC FIRST Bank offers monthly credit offers and an interest rate of up to 6.25% per annum.
Click here to open an instant digital savings account with IDFC FIRST Bank.
Also Read: The Complete Guide to Decentralized Finance