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Online Banking Solution India
Ever since the internet took over the major business, the banking sector was not left behind. Before the introduction of the internet, customers had to visit the branches of the bank physically for conducting the financial transactions. But now a customer can conduct all of their financial transactions through the mobile banking apps.
Mobile banking apps provide a lot of useful services for their customers, a customer can easily request for a new credit card, debit card, cheque book etc. from the comfort of their home, this is just one of the services provided by the mobile banking apps, some of the services are given below. Some of the services available through mobile banking are listed below:
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A saving account is a bank account feature which is provided by different financial institutions and it is a type of account that can be opened at a bank or any other financial institution which earns a moderate interest on the balance maintained. A saving account is essentially opened for putting aside the money which is not required immediately. Financial institutions also place a lot of restrictions on the number of withdrawals which can be made from an account every month. Interest rates which are earned on a saving account are generally determined based on the minimum average balance that is maintained in an account. Interest rate offered on a saving account will differ from bank to bank.
When an individual maintains some kind of balance in a saving account, they can earn interest through them. While the interest rate may not be as high as other bank deposits, the funds are not withdrawn on a regular basis and it continues to increase the funds in the account. All saving accounts provide their account holders with some level of liquidity. A financial institution generally provides the account holders with debit/ATM cards which can be used for making a certain number of withdrawals from a saving account. When an individual has decided to open a saving account online, there are some steps they will need to follow to open the account online. There are some steps that an individual will have to follow for an online saving account opening. Some of the steps are listed below. 5 steps to open a saving account online:
A payment done digitally over the internet is known as digital banking. A digital payment method is often easy to make convenient and provide the customers with the flexibility for making payments from anywhere at any time. There are a lot of good alternatives to the traditional methods of payment and make the process of transaction cycles quick. After the introduction of digital banking, it was perceived as an amazing alternative to the traditional methods of payment and speeding up the transaction cycles. A digital payment occurs when goods or services are purchased through the use of various electronic mediums. There is no use of cash or cheques in this type of payment method. The convenience and simplicity offered by digital banks are one of the main reasons why they are preferred by individuals.
There are a lot of benefits of choosing digital banking, as it makes the lives of the individuals much easier and provides a convenient method of payment. Digital payment methods are faster, easier and convenient methods of payment. These transactions are economical and have a low transaction fee. A lot of digital payment systems are bringing down the costs. A digital record of all the transactions is also held by the banks so a customer can check at any time. Customers can also use the method of digital banking apps for paying bills online. Conducting financial transactions through digital banking methods can provide the customers with different online shopping offers that are beneficial for the customers. Different online shopping offers available through digital banking are: 1. Discounts on cab rides:A lot of digital banks understand that their customers need to travel comfortably from one place to another through different cabs and thus these banks offer some discounts to the digital bank customers. 2. Discounts on grocery shops:Any Indian household cannot survive without the basic groceries and the digital banks understand these needs and offer their customers some discounts on different grocery shops making the lives of their customers easy and convenient. A lot of digital banks are known for offering shopping deals to their customers. 3. Different food outlets offering discounts:A lot of restaurants have tie ups with certain digital banks helping their customers. A tie up with a digital banks results in the customers in getting a good discount on the food whenever they visit the particular restaurant making the customers experience worthwhile and pleasant by offering them great benefits of being a customer of the digital bank. 4. Discounts on different clothing websites:Fashion and lifestyle are integral parts of an individual’s lifestyle. Keeping up with the latest fashion will not be a problem for customers as they will get different discounts on certain clothing outlets making it convenient for customers to purchase new clothes. Digital banks generally have a lot of online shopping offers as well. In the earlier days, everyone had to visit the bank for their financial errands, including opening a savings account. However, times have changed, and people are embracing digitization. You can set up your online savings account as well now with the help of a PAN card and Aadhaar.
With almost every financial institution going the digital way, here are some online savings account that you can consider:
Net Banking has simplified our lives beyond imagination, several financial transactions which took a long time and tons of paperwork, can now be done any time and from anywhere. If you haven’t entered the online banking bandwagon, here’s why you should:
Convenient: You don’t need to wait for proper banking hours or the branch to open. Simply log-in and tap away on your keyboard to conduct all your banking transactions. Quicker Access: Net Banking is faster and easier, you don’t have to wait to e-mail alerts about your account balance or getting an account statement. All you need are log-in credentials (which are provided at the time of opening an account) and with a few clicks you get the information you need. Control Your Payments: Banking via the internet has taken things one step further. Instead of waiting for your utility bill dates to come around, you can simply time your payments. All that is needed is for you to set payment dates for each utility like mobile, electricity, gas or DTH services. You can also set payment reminders just so you don’t miss important payments. Transfer Money: You don’t need to rush to an ATM to withdraw cash for paying someone. If the receiver has a bank account, you can simply add the bank details and transfer funds online. Investment Planning: Worried about whom to approach for investment products? Use net banking to invest because most banks now offer investment-related products and services through your bank account. There is a range of investment products which each bank offers and all you need to do is, choose the product, fill an online form, set your investment amount and start date and you’re all set. Your bank will send you regular notifications and alerts (at your request) about your investment portfolio. Add-On Services: Applying for loans or credit cards was once considered a separate function, now these services can be linked directly to your bank account. If your bank offers these products, you can simply apply for them online and the process follows. Another popular add-on service is ‘zero balance savings account’. Most bank accounts have a minimum monthly balance requirement, at times during the year there are offers for opening savings accounts where there is no monthly minimum balance needed to be maintained. Pre-Approved Services: Taking the process of add-on services one step further are ‘pre-approved’ services. These services have become more popular in the last few years where, you don’t need to wait for an approval in case of credit-related products like loans and credit-cards. How it works is, your bank offers you a loan or credit card based on your credit rating. Since it is pre-approved the initial verification is minimal, you simply log-in to net banking and follow the process instructions. Banking online is now a given for everyone, whether you’re young or old, you don’t have the time to waste doing things you’d rather do faster and in an easier way. The digital banking concept started way back in 2002. Banks sent alerts, and financial transactions were done via SMS. Today, one can carry out their errands through a PC or smartphone instantly. Also, net banking, as well as a smartphone banking app, enables the customers to view their account, receive e-statements, open an account, and apply for a loan, request for cheque/passbook, and more by just a click of a button.
Just when users were accustomed to the net banking concept, banks kept up with the rising trends and launched their respective apps. It was just what the consumers wanted, a bank on the go. Convenience, accessibility is some of the benefits that the users can derive from a digital banking app. Almost every bank and other financial institution have their app. Some of the top ones in the market are: 1. HDFC Bank: One of the largest banks in India, allows customers to monitor their account, transfer funds, pay credit card and utility bills seamlessly. The users can also customise their ‘My Menu’ tab, where all the frequently used services can be availed of. The app also caters to the Hindi speaking audience and has a LITE version that is compatible with lower data speed. However, one would not find all the facilities in the LITE version as that to a regular one. 2. Axis Bank’s Axis mobile app: The reason Axis Bank makes it to the list is that of its stability. The digital banking app offers a host of benefits and functions. Apart from the movement of funds to other accounts and account statement summary, Axis mobile app allows users to schedule their credit card payments on a predetermined date, covert the payments into EMIs, block/replace the cards, temporarily deactivate the card, and set limits on the purchase. The Axis users can also create a ‘favourite’ list based on the 10 of the most frequent transactions carried out. What’s more? Considering it is the age of social media, users can email or tweet from the app directly. They can also request customer care support. 3. ICICI Bank’s iMobile: It is the highest rated mobile banking app in India. The iMobile allows customers to pay credit card and utility bills, open fixed deposits and recurring deposits and lots more. Consumers can also transfer money to a mobile number or email ID, make payments using the UPI mode and locate the nearest ICICI ATMs. One can also check their loan eligibility, avail of instant personal loans and upgrade debit cards. Moreover, ICICI bank is the only Indian bank to launch their smartwatch app for the sharp digital users. 4. DigiBank by DBS: The online-only bank in India, DigiBank enables the consumers to open instant digisavings account that requires no minimum balance requirement, apply for instant personal loans, manage mutual funds investment, make 24*7 payments via UPI, scan and pay using Bharat QR, and more. It is the ideal digital banking app that allows you to live more, bank less. 5. IDFC Bank: It is a unified and an effective bank in India presently. IDFC banking app allows 40 transactions and is entirely secure, convenient and hassle-free. Some of its features include tracking accounts, opening fixed and recurring deposits, make bill payments, transfer funds using IMPS, NEFT, and RTGS, schedule fund transfers and much more. The introduction of internet banking has led to a decrease in the long queues outside bank branches. Few people opt for traditional banking, as the mobile banking apps allow you to conduct the same transactions, but from the confines of your home. However, have you ever asked yourself why and how net banking apps are a better option than traditional banking?
Here is a detailed look at the benefits of internet banking over the offline procedure. 1. Saves money Many aspects of traditional banking are more expensive as compared to their counterparts in mobile banking. For instance, if you visit a branch and demand a duplicate account statement, you would be charged Rs.100. However, the same service will cost you Rs.50 when performed through online banking apps. Similarly, request for stop payments at a bank will incur additional charges for the account holder. The same thing is free of cost when done through a mobile banking app. Lastly, demand draft charges are also much lower in case of online banking. Apart from direct savings, the customers are likely to save money indirectly as well. For instance, in the case of bill payments through banking app, you do not have to pay the late payment fees even if you miss the due date for the bills. Additionally, some banks may offer bonus points for transacting online. These points can be redeemed later in the form of money. 2. Safety While most people fear that online banking apps are not as safe as traditional banking, the opposite is true. Net banking apps offer greater security owing to the data encryption and two-step authentication procedure. In order to sign in to your net bank account and transfer funds, you first need to log in and type in a password. Once you initiate the transfer, a unique one-time password is sent to your registered mobile number. The fund transfer is processed only when you enter the code sent to you. However, in traditional banking, you do not have any such security measures securing your funds, once you walk out of the branch. 3. Convenience Online banking is much faster and simpler than traditional banking. You can initiate the transfer of funds from anywhere and at any time if you use the net banking apps. However, for traditional banking, you need to follow the hours of the bank. Furthermore, you cannot transact funds using banks on Sundays and other bank holidays. Therefore, across all aspects, online banking is much more beneficial for the customer than traditional banking. Keeping these differences between mobile banking and offline banking in mind, choose the preferred mode of payment and enjoy the benefits that come along. Transferring money nowadays has become convenient. Banks have their banking app to provide their customers the comfort of banking from home or work. You can carry out hassle-free online transactions, do shopping, move money from one account to the other, track your account and other such things anywhere, anytime. People trust these apps as they are developed by the best in-house teams of the banks or mobile application companies.
With the constant growth of the net banking app, you do not have to stand in never-ending queues or go through the bitter experience of bank representatives’ ranting. History of digital banking app: In the beginning, a digital banking app was all about SMS alerts, automated call centre, etc. Later in 2002, mobile banking was initiated in the form of SMS banking. In the same year, full-fledged banking apps entered the market. It comprised of all services that we once conducted by visiting the local bank branch. Banking apps have been a revolution in India, since. What are the benefits of mobile apps in the banking system in India?
With technology touching upon every aspect of our lives, the banking sector is not behind in this race. Internet banking is a boon for millions and millions of people across the globe. In India, it has come as a blessing since people do not have to wait in long queues anymore. With the help of online banking, you can access your accounts, handle transactions, get bank statements on e-mail, pay all sorts of bills, shop and much more.
Before you reap the benefits of these services, you need to understand how the online banking system works. Following steps will assist you in how to use net banking and make your life simpler:
Since the demonetisation, the Indian government have taken several steps to promote digital payment. In fact, they launched the ‘Digital India’ campaign to ensure everyone goes ‘Paperless and Cashless.’ You must be already using some of the digital banking modes such as debit/credit cards, internet banking, mobile banking, digital wallets, unified payment interface (UPI) services, prepaid bank cards, etc.
Digital payments have reduced our visits to the bank branch. They are convenient, easy and flexible to use. They are the perfect alternative to speed up the transaction cycle. But what are some of the digital banking services that are offered via these mediums?
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October 2020
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