Best way to access your online bank account

2 Mins read

Today’s Indian customer does not prefer the traditional way of banking, thanks to the success of UPI (Unified Payments Interface) transfers. Online bank accounts have made banking services accessible and secure. As a result, customers are focusing on choosing the right mobile app along with the features offered by their savings accounts. Mobile apps, therefore, are the best placed to help customers better access their online bank accounts. This article enlists five features of online banking apps that make them the most efficient media for accessing bank accounts.

What to Know Before You Open a Bank Account Online - Cornerstone

1. Bank apps offer secure access to banking services

The RBI (Reserve Bank of India) has taken multiple steps to help facilitate secure online transfers in India; for example, implementing credit and debit card tokenisation. Using a bank app, you can securely access your account balance, download bank statements, and make instant investments. IDFC FIRST Bank’s mobile banking app, for instance, allows you to access instant personal loans worth up to ₹1 crore.

2. An online app can help you make quick and online transfers using your bank account

IDFC FIRST Bank offers two innovative features through its mobile app – Auto Pay and One-Swipe Pay. The former helps customers automate their monthly, recurring payments like utility bill payments and payments towards house rent. One-Swipe Pay, on the other hand, is an alternative to other payment methods like NEFT (National Electronic Funds Transfer) and IMPS (Immediate Payment Service). Having access to multiple modes of online transfer helps you reduce an over-dependence on one online transfer mode.

3. You can save more using an online banking app

IDFC FIRST Bank’s Zero Fee Banking feature is an example of the special features that banks offer with their savings accounts. The Zero Fee Banking feature waives the fees of 28 savings account-related services including photo attestation charges, NEFT transfer charges, IMPS transfer fees, and SMS alert charges. This feature, combined with a high-interest rate and monthly interest credits helps IDFC FIRST Bank customers save more.

4. A mobile banking app can help you directly invest your savings

IDFC FIRST Bank customers can directly invest their savings in their preferred investment scheme through the app. Furthermore, the bank sends personalised investment recommendations to clients through the app.

5. Online banking apps help you budget better

IDFC FIRST Bank’s Track Your Expense feature is an efficient feature that helps customers budget better. Customers can track their previous payments and categorise them using the app. Classifying your previous expenses in various categories can help you infer learnings and come up with strategies to save more in the future. New-age mobile banking apps like the IDFC FIRST Bank mobile banking app help customers increase their savings in multiple ways.

The defining feature of a savings account is its ability to help customers increase their savings. You must opt for a savings account that is designed to help you save more in the long run, through features like Zero Fee Banking or by disbursing interest credits monthly.

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