Features of an Instant Bank Account

Banks keep on renovating their products and services to offer hassle-free experiences to their customers. Earlier, opening an account used to be a time-consuming process with long waiting hours and extended application processes. However, now you can open a new account online without hassles using your phone or PC. These online bank accounts are also known as instant accounts.

An instant bank account is a new and enhanced banking instrument that lets you access your funds instantly after the bank account opening. In addition, you can access a range of online banking services conveniently. Let us find various features and benefits of an instant bank account in the article below.

What is an instant bank account?

As the name suggests, an instant bank account offers a quick application and instant access to your account. Compared to a conventional bank account, these accounts offer quick, convenient, and streamlined banking along with a range of enhanced features and benefits.

You can open an instant bank account using your phone or PC over the internet without going through a lengthy bank account opening process and minimal documentation. Moreover, several banks offer high-interest rates on their savings account. Among popularbanks , IDFC FIRST Bank offers the best bank interest rates on regular and instant a.k.a. digital savings accounts, including a host of of 28 services without any charges. You can open this account within minutes from anywhere through digital applications and a video KYC process.

Key  features of an instant bank account

Instant bank accounts are suitable for most individuals for everyday banking since they offer convenience and quick fund access anywhere, anytime. The following are the significant features of an instant bank account.

• Instant account access

The discrete feature of an instant bank account is it offers instant access to your account after you open the account. After you receive your online banking credentials, you can simply use the mobile app or the net banking portal to access funds and deposit and transfer money at your convenience.

• Security

Instant savings accounts are quick, robust, and secure. Moreover, the banks offer multiple levels of security, such as account passwords, biometric verification, OTP, and PIN verification to access your account. Moreover, the bank also registers the device that is used for account login to secure the account holder from any fraud and unauthorised transactions.

• Convenient money transfers

Instant bank accounts offer numerous fund transfer methods such as RTGS, NEFT, IMPS and UPI. You can use these services to send and receive money anytime, instantly, at your convenience. Moreover, online fund transfers are monitored by the Reserve Bank of India, so these transfers are completely secure.

• Enhanced banking services

Using an instant bank account, you can enjoy a range of banking services such as credit card and utility bill payments, online purchases, and standing instructions for regular fund transfers. Moreover, you can also transfer funds to various investments, such as deposits and mutual fund accounts.

Instant bank accounts serve the purpose of quick fund access digitally for online shopping, merchant payments, credit card and utility bill payment etc. You can search online and find the best instant bank account that aligns with your daily financial requirements.