Introduction:
Two most important factors in life are time and money. They are so critical that they are often considered to complement each other in times of needs. The world has become dynamic and it has directly impacted on the lifestyle of people. Most of them have to carry out daily activities like commuting to and from office, purchase groceries, drop the children to school and much more. All these activities take most of the time in a day and combined with the work hours, there will be hardly any time left for people to personally visit branches to perform any financial transaction. And when it comes to performing a financial transaction, the most important and basic step is to have a Savings Bank Account. This savings bank account can be utilized by the individuals to get their salary credited, spend the money whenever there is an expense and then plan savings for the amount remaining after all their expenditures.
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Until recently, Opening savings bank account was done through physical visits to the branch and by submitting the necessary documents. But since the advancement of technology and busy lifestyle, Opening of savings bank account has taken a paradigm shift towards online opening of savings account.
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Below are some of the advantages that Online Savings Bank account opening offers:
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Saves time:
Since the account opening process is entirely digital, the travel time and documentation time is reduced. This solves one of the most critical problem of today’s generation- Time constraint. This allows them to open Savings Bank Account whenever they want and utilize the time saved to carry out other activities.
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No Physical Documents required:
Most people have a misconception that whenever there is banking activity involved, it takes lot of efforts to arrange documentation and as a result, people just tend to postpone the activity. But with the advent of technology, the details needed to Open Savings Account Online are auto populated digitally. This eliminates the efforts required to arrange the documents to be presented in the bank.
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Ease of Opening:
The online mode of Opening Savings Account has enabled the users to do so from the comfort of wherever they are. Earlier, the geo and time restrictions existed to open a Savings account. This meant that the users had to wait for sometime or go to the respective location if they wanted to open Savings Account with a particular branch of the bank. But with Online Savings account opening, they can simply open an account from wherever they are and at anytime that is convenient to them. This has made the Savings Account Opening easy for most of the people.
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Reduced Associated Costs:
Earlier before the advent of Online Savings Account Opening, people had to visit the branches with documents to open a savings account. This involved cost of visiting the branch, cost of arranging the physical documents and other miscellaneous costs. But with online savings account opening, all these activities are eliminated and hence the cost associated with them too are eliminated.
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Easy Access to Fund Management
When you open a savings account, you can save and manage your funds timely and easily. Savings Bank account also brings with it the facilities like Debit Cards, Online Funds transfer and access to Mobile Banking applications. Many Banks like Karnataka Bank offers an array of services to save and manage their funds through their Mobile Banking App that includes Funds transfer, deposit opening, Applying for loans, investing in Mutual Funds etc.
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Conclusion:
Whether it is the beginning of the career or retirement stage, one needs to save the funds to have a secure financial future. The earlier you start saving, the better it gets for your financial future. But the youngsters might be having a busy and hectic lifestyle to afford a branch visit and elder people may not find it easy to travel to the branch location due to health issues. But that should not limit their wish to save and manage their money and Online Savings Account opening makes it easier so that everybody can save and manage their hard-earned money to secure their financial future. You can also check Karnataka Bank’s “KBL Instant SB Account Online” that comes with easy online account opening facility from the comfort of your home. You can always do an online research and choose the financial partner that best suits your needs.