Our current world is rapidly evolving into a digital one. Do you recall the last time you went to the bank to open an account or stood in line to make a withdrawal at a bank branch? The influence of technological breakthroughs has radically transformed the banking industry. Let us understand Digital Banking better for this purpose.
What is Digital Banking?
Using digital platforms like the web and internet-enabled devices like mobile phones and conventional banking is possible through Digital Banking. Here, you get year-round access to practically all financial services, regardless of statutory or bank holidays. You need not make bank visits frequently.
Features
You can carry out numerous banking transactions using Digital Banking services. The most notable ones are:
Review account statements and balances
You can check your account balance anytime by logging into your Internet Banking account. You can check the recent transactions or download older statements.
Smooth fund transfers
You can transfer money between banks that are in the same or separate groups. Additionally, you can start international fund transactions.
Buy chequebooks and cards
The ability to order fresh chequebooks and bank cards is another benefit of Online Banking. Applying for primary and supplementary Debit and Credit Cards online is quick and easy.
Paying bills
You can set up instructions for automatic payments for utility bills, including electricity, telephone, gas, and property tax. Additionally, you can pay Credit Card dues, Loan repayments, and recharge phone and DTH through Savings Account online.
Open online account
You can open Term Deposits or Bank Accounts through Online Banking. You can select the term deposit type and duration that suits you and earns interest higher than those offered on Savings Accounts.
Request Loans
Through the Banking app, you can apply for numerous Loans. Before applying, you can also get all the information you need regarding the Loan.
Security
Banks take several steps to guarantee your experience securing Online Banking. The online systems include different levels of security measures including multi-factor authentication, virtual keyboards, spending caps, and session timeouts. To protect your account from fraud, you also get a Special Mention Account and email notifications the moment you log in.
Make purchases
Through Digital Banking, you can invest in Bonds, shares, Mutual Funds, and other market items. For immediate credit and debit of funds, you can also link your Bank Account to your investments.
Conclusion
The best innovation in the banking and financial sectors is Digital Banking in India. You only need a safe and reliable internet connection for it to function.
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