Top 4 Digital Banking Apps In India

When financial transactions were carried out through SMS in 2002, the concept of mobile banking started in India. Right from checking your account statement to making a bill payment, everything is done by just a click of the mouse/button. Internet banking was already aiding those who found no time to visit the bank branches.

A banking app has made it more accessible and convenient for the users. Almost every bank and non-banking financial companies (NBFCs) have a mobile app.
Following are some of the front-runners in the digital banking app category:

• DBS Digibank: Want to join the #unbankit revolution? Then Digibank is your go-to banking app. DBS through their Digibank services offers a plethora of facilities with the most crucial one being opening an account without any paperwork, signatures or visit to the bank. All you will require is an Aadhaar or PAN card to open a digisavings Also, get all your bank queries answered through their virtual assistant that is available 24*7. It also comes with high safety standards and is available for download on all Android as well as iOS phones.
   

• HDFC Bank: This mobile app allows you to view your account summary, transfer funds, make all kinds of bill payments, etc. Users can also customise the ‘My Menu' tab where all the essential services are in the offing. The HDFC banking app is available in Hindi as well. They also have a ‘LITE’ version which makes it compatible with those using lower internet speed. However, it does not contain all the features that the regular app contains.
   

• ICICI Bank’s iMobile: ICICI bank’s app enables the users to open fixed deposits and recurring deposits. You can also manage your insurance schemes with ease. You can also locate the nearest ICICI bank ATM, move cash using UPI medium,
   

• Axis Bank: Another leading game changer in the digital banking app category is the Axis bank’s axis mobile application. Apart from the usual fund transfer and summary of account statement, you can also schedule your credit card payments. You can also convert your payments to EMIs. Also, Axis bank allows you to close your debit card and set a limit on purchases using a debit card. The axis bank app is also social-friendly as you can tweet feedback. In case of any query, you can also request for a call with the customer care.

Make your decision wisely and opt for a banking app that suits your requirements. Apart from these apps, banks are also launching smartwatch apps to assist you with finances in a secured manner.

Net Banking – 6 Valid Reasons You Should Use It

There is absolutely no doubt that the internet has made the entire banking process smooth sailing. For bank customers, internet banking is like having your bank’s branch open all the time; whether it is late in the midnight or a bank holiday. It is a service that can help save your time, money and energy. In fact there are innumerable reasons why customers should opt for this mode of banking. Here are 6 valid reasons why you should consider net banking.

It’s easy and convenient: Net banking makes it easy for you to manage your account at any time you like. All you have to do is fill a form and ask your bank to activate this facility on your bank account. As long as you have a laptop, smart phone or tablet with internet, you can get access to all your bank accounts at any time.

You can bank on the go: Mobile banking is designed to ensure that a customer has no trouble reaching his/her account at any time, even on days when there are bank strikes. You don’t have to rush to the bank to check your balance every time; whether you are waiting in line at a shopping mall or before you have to make a purchase.

Say goodbye to long lines in bank: Almost everything that could be done at the bank branch can now be done online. Depositing money from one account and transferring it to another, applying for loans, or checking your bank balance for instance. If you are not sure about a service, you can either call your bank’s toll-free number or use the on-line chatting service that answers any doubts about banking solutions.

Pay your utility bills online: You no longer have to go to the closest telephone or electricity bill payment centre. Just use the net banking facility to pay off all bills. What’s more you can even recharge your DTH and cell phones and pay those bills online as well. You can also set up automatic recurring payments for your phone, electricity bill, rent etc., to avoid any late charges, in case you are out of town.

Review your account activity at any time: The facility also comes in handy whenever you want to review any activity in your bank account. For instance, you don’t have to rush to the bank to see if cheques have cleared. You can check if there is sufficient balance to pay an EMI and transfer the amount into your account at any time to avoid any potential overdraft fees.

Get important notifications: Along with internet banking, you can sign up for e-mails and text message alerts to receive important notifications regarding your transactions and balances. You can get a notification for every transaction; whether money is debited or credit to your account, bills are paid or balance limits need to be maintained.

4 Types Of Savings Accounts For Investors

Saving accounts are some of the most common products offered by banks. Almost all banks offer several different types of accounts, from regular savings to zero balance accounts and minor to senior citizen accounts. All of these accounts come with various different features that are meant to suit the requirements of the account holder. As such, not all accounts are equal. A customer must select an account depending on his financial goals. Most customers open these accounts to enable them to save money and build their corpus. If you too are looking at saving money, you should invest in one or more of these accounts.

Basic/regular savings account: Almost every bank customer begins his savings journey with a regular savings account. This type of account is also known as a passbook account in which the customer can get a record of all the transactions done on the account. These types of accounts allow you to earn interest bi-annually on your savings. Customers can visit the bank periodically or keep a tab on this account by opting for internet banking. If you intend to keep you money in your regular account you should choose banks like Digi Bank by DBS or Kotak Mahindra Bank as they offer high interest rates.

Recurring savings accounts: Banks encourage customers to open a savings account, which is a specialized account known as recurring accounts. These accounts, also known as deposit accounts, allow you invest a specific amount that can be transferred from your regular account every month. This is one of the best ways of putting away a specific amount from your savings and is similar to your provident fund account. Unlike your PF or PPF (public provident fund) account, you can close this account anytime you please. It comes in handy in case of emergencies.

Online savings account: Customers, who prefer to conduct their banking transactions online, can also open savings account online. Digi Bank by DBS is one such online, paperless bank, which allows you to park your savings. It offers an interest rate of 7% on your savings, higher than any other bank in the country. With your online savings account, you can create fixed deposits from your savings at any time you please, while also being able to conduct several other online transactions. Also, you can earn higher interest rates as compared to traditional basic savings accounts.

Fixed deposit accounts: Customers, who have large savings and are dependent on income from those, can open a separate fixed deposit savings account, which pays you a monthly or quarterly interest depending upon your requirements. You can open this fixed deposit in any bank or financial institution of your choice. If you are not dependent on the income from your fixed deposits, you can opt to earn your interest cumulatively, at the end of the fixed deposit tenure.