Carol Jones
Opening a bank account can sometimes be a tedious process, especially when it involves waiting in long queues and navigating from counter to counter, which can be quite an ordeal. However, there is a way to skip these steps and quickly open a bank account online. Several banks nowadays offer this facility. This is partly the reason why more Indians have started banking than ever before.
In fact, by 2021, 78% of Indians above the age of 15 years held bank accounts. When it comes to current accounts, it is always better to open them online for several reasons.
Advantages of Opening a Current Account Online
Most banks nowadays offer the facility to open accounts online. By doing so, you can save time by avoiding the need to visit the bank in person. Apart from this, there are several other advantages of opening a current account online.
Faster Processing
Since the COVID-19 pandemic lockdowns, most banks have enhanced their backend processes to support online account creation. When you open your current account online, it can be set up more quickly with the efficient processing of all necessary information. This means all your documents get processed digitally, including the Know Your Customer (KYC) process. Compared to opening a current account by visiting a bank in person, this process can be quite time-consuming.
Minimal Paperwork
Opening bank accounts online is also considered eco-friendly because the entire process is usually paperless. The entire process, from uploading your identity proof to completing your KYC, takes place digitally. Not only does this reduce paperwork, but it also saves you the trouble of physically queuing up at the bank.
24/7 Accessibility
Another benefit you can take advantage of when opening a current account online is 24/7 accessibility. A bank account opened online does not require frequent visits to the bank for maintenance. This means you no longer need to keep your passbook up to date. You can simply view all your past transactions through the bank’s mobile application or web portal at any time of the day.
Limitations of Opening a Current Account Online
Despite the numerous benefits of opening an account online, there are some potential drawbacks to be aware of. Some things simply require in-person interaction rather than digital communication.
Limited Assistance
One of the biggest pitfalls of an online current account is that if you are not tech-savvy enough. For the more conventional banking user, visiting the branch physically and having human interaction may be easier. This can not only provide you with personalised guidance but also help you keep all your documentation organised.
Digital Literacy and Internet Access
In areas with limited internet availability, you may find it challenging to open current account online. The entire online account opening process, as the name suggests, is dependent on internet connectivity. So, in remote areas, the better option is to physically visit the bank and open a your account.
Verification Delays in Certain Cases
Some banks may not have sufficient technological infrastructure to support online bank account opening. In such cases, delays may occur in identity verification and online transactions. If you have opened a current account with such a bank, it may be better to visit the bank in person.
Why Visit a Bank to Open a Current Account?
With today’s modern internet connectivity, such as 5G, opening a current account online has become significantly more manageable. However, some things may be done better in person. This can be especially true if you:
- Need customised enterprise banking solutions with the perks of a business current account.
- Decide to make large transactions which require certain levels of approval to ensure that your hard-earned money is safe with the bank.
- End up with discrepancies in your documents that require resubmission of the account opening form.
Conclusion
In conclusion, when you open current account online, you get access to several practical benefits. However, some things may be done better in person. So, ultimately, you should visit the bank only when digital methods fail.
