What is a virtual bank account

A virtual bank account is an online-only account that provides traditional banking services without physical branches. It allows users to manage funds, make transfers, and receive payments digitally. Key features include:

• Accessibility: Manage your finances 24/7 through a mobile app or website.
• Efficiency: Faster account opening process compared to traditional banks.
• Lower Costs: Often features reduced transaction fees and no maintenance charges.
• Security: Utilizes advanced encryption and multi-factor authentication for safe digital transactions.

In India, these are typically offered by licensed entities or digital banking platforms to simplify financial management.