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What Makes Online Banking Unique?

Everything is available online today, from the food we eat to the furniture at home to our work commute. The banking industry is no stranger to it. Online Banking allows you to enjoy bank services via smartphone or PC. You need not face the agony of the bank representatives or stand in the never-ending queues for your daily financial transactions. Also, people are increasingly using electronic mediums for payments since demonetisation.

The usage of hard cash is minimal. Online Banking lets you track your spending and is free of cost. Also, you need to pay an additional cost to use them. Some services you can avail of through this medium are:

Open account

Sitting with the bank official, signing some documents, and opening an account has become a thing of the past. Today, you can sit at home or work and reap the benefits of an online Saving Account opening. Many banks are online only. Digitally fill out the form, provide your electronic signature, and submit. The primary document needed for opening the account is just your PAN card.

Bill payments

Paying any bills, be it Credit Card or utility, can be a tedious task. You need to take a printout of the statement, add the details to the cheque, and drop it off at your local branch. Nowadays, you receive details on your phone, and through the Banking app, you can pay off the bills automatically. You can also set schedules for such payments to avoid a last-minute hassle.

Fund transfers

Want to transfer cash to your loved ones urgently? Let online bank services handle that. You need to provide the beneficiary’s name, email ID, and IFSC code. The bank takes 24 hours to activate, and you can transfer any amount to the recipient. You can also transfer cash between two accounts with ease.

Loan applications

Availing Loans includes plenty of paperwork. But you need not go through that rigorous process anymore. Applying for Loans has become simple as all provide Internet Banking. They also have the equated monthly instalment calculator to help you make an informed decision.

Cheque deposits and withdrawals

You no more need to visit the bank to fill the slip and drop the cheque in the drop box. The fastest way to deposit your cheque requires your phone and an email. Click a picture of your cheque, send it to your bank official, and the bank ensures the recipient receives the amount.  

SMS facilities

A primary concern regarding Digital Banking is safety. Fraudulent activities are always around. There is no escape. However, if you use online systems smartly, you can overcome them. So, banks today send you alerts if there are any misdealings with your account. They do so over your email and SMS. However, some banks charge a fee for SMS alerts.