The primary utility of current accounts is well known – they cater to business owners by helping them transact regularly and offer a few other complementary benefits. What, then, do digital current accounts bring to the table? Read on to know the features and benefits of digital current accounts.
What is a digital current account, and what are its features?
Put very simply, a digital current account can be managed more conveniently, and it helps you save time. You can also access digital current accounts from the comfort of your home. Here are the primary features of digital current accounts –
- You can open a digital current account without visiting a bank branch: To open and manage a digital current account, you do not have to visit a bank branch in person. You can also address any issues with your bank account directly through the mobile banking app.
- These accounts are generally zero-balance current accounts: Banks offering digital current accounts do not require you to maintain any balance to keep the account active. This zero-balance feature is specific to digital current accounts.
- Banks offer a free cash deposit limit through their digital current accounts: Banks help you deposit cash within a limit for free in their digital current accounts. Different banks define this limit in different ways.
- You can withdraw cash at all ATMs for free: Banks also allow you to withdraw cash from their digital current accounts at all times for free.
Benefits of digital current accounts
Here are the key benefits of digital current accounts –
- Banks offer increased accessibility to banking services: You can access current account-specific services such as retail and corporate internet banking, salary management services, and view statements at any time using your mobile banking app.
- They charge lower fees: When compared to regular current accounts, digital current accounts charge lower fees from their customers. These charges include ATM charges, maintenance fees, and international transaction fees (if applicable).
- Banks offer increased security through their digital current accounts: Digital current accounts take several measures to secure your online transactions. They offer services such as biometric authentication to secure your personal information.
- Financial institutes and banks collaborate with FinTech firms to offer cutting-edge technology to customers: FinTech firms provide technology to banks that helps their customers access high-quality banking services 24/7.
- You can benefit from real-time notifications: You can sign up for the real-time alerts option on any banking app to receive notifications regarding all banking activities. This way, you will be able to flag and report any suspicious or unauthorised transaction using your digital current account.
- The account-opening procedure is efficient and convenient: You can quickly and conveniently open a digital current account using a mobile banking app. Accessing these accounts, too, is very easy using these apps.
In conclusion, digital current accounts help you access current account services conveniently and securely, thereby improving your overall banking experience. You must read about the mobile banking services and customer services of a bank before signing up for its digital current account.