You might not remember the last time you entered a bank. But if you do, and the day before yesterday was the last time you visited the bank for NEFT transactions to pay your college fees, or to send your distant relative, then you may not be utilizing all the conveniences e banking has to offer.
In a time when we are racing against time and are a part of a competition with each other, even saving a little time can be very beneficial for us. Ebanking has made our visits to the bank a rare occurrence and has made life so much easier. All you need is a computer, tablet or a smartphone with an internet connection, and you’re ready to go. Here is a list of the few benefits online banking offers us.
- You can track your account activity anytime, from anywhere. Be it your payments, withdrawals, deposits or any other account details, find out about it all at your fingertips. It can be your lunchtime or midnight and get access to your account in seconds.
- You receive real-time alerts so you can closely monitor your purchases or estimate your monthly savings and expenses. You can also be aware if there’s any fraudulent activity.
- Online banking makes it easier to pay bills online. You don’t need to write cheques, stand in long queues or pay your college fees late. You only have to give standing instructions to your bank to pay your monthly utility bills such as electricity, telephone, mobile, credit card and insurance. And you don’t need to remember any due dates, the bank will ensure that your payment is done regularly on the specified date without fail.
- The IMPS facility allows you to move money between accounts on your smartphone in a matter of seconds. Or you can use NEFT or RTGS facilities to transfer any amount of money from one account to another, from the same or any other bank, anywhere in the country.
- Budgeting and managing your wealth online is simpler. You can trade in stock markets and invest in mutual funds through an interlinked investment or Demat account. When you invest in stocks or mutual funds, the transaction amount will automatically be credited or debited from your bank account.
- Online banking includes a wide variety of services, for example- applying for a personal loan or credit card or recharging your phone through a recharge app for mobile or paying your credit card bills online.
- It is highly secure. Banks generally use encryption devices to ensure that all client information is protected and there’s no security breach. It provides you with security from online frauds and account hacking. Shopping, booking tickets for a movie or holiday plan online is safe with a secure PIN system.
- There are no hidden fees charged despite making online transactions. You will be charged with a Transaction convenience fee, but your bank handles the rest.
Online banking has made our life easier in more ways than one and has changed the banking industry drastically and will continue to do so.