Finance

A Guide To The World Of Digital Banking

In the past, banking used to consume a lot of time. If you wanted cash, for instance, you had to visit the bank branch, give a cheque to bank staff, get a token and wait until the cashier calls you. In the first week for a month, when there was a need for cash among customers, the waiting time was longer. All that is a thing of past. This is where digital savings account comes to the rescue.

Digital savings account has changed the way things were done. Now to get the cash you need to head to the nearest ATM, use your card and get cash in immediately! Additionally, going digital lets you enjoy paperless banking experience, where you no longer need to keep a record of your transactions or banking history over papers.

What is Digital Banking?

Digital banking is where all the digital platform gets used instead of cheques, demand drafts, etc. Digital Banking allows you to freely access and perform all traditional banking activities 24*7 online, without having to visit a bank branch to get your work done. Digital banking allows you to open digital savings account instantly.

Benefits:

Transfer of funds

The ability to transfer funds is one of the most important advantages of digital banking. You do not need to go through the stress of issuing cheques or demand drafts. All you need to do is through online saving account opening you can transfer funds instantly.

Cash withdrawal:

With ATMs present around every corner, there is no need to visit the bank branch. Digital banking allows to you withdraw cash from the ATM 24*7.

Availing account statements:

You can use online banking to access bank statements for any period at any time. You are not required to visit a bank branch for printouts.

Payment of utility bills:

Digital banking has made it easy for you to pay bills, be it electricity, water, gas, phone or other bills. You have the option of auto-debit facility which eliminates the worry of penalty.

Helps in investments:

Investments have gotten easier, thanks to digital banking. Opening a Fixed Deposit with the bank barely takes minutes. Plus, you can use digital banking to make investments in other financial tools as well. For instance, you can invest in mutual funds through NetBanking, purchase insurance products, and even apply for loans.

Helps track transactions:

Digital savings account has made it made it convenient for customers to track transactions. You know if your salary has been credited to your account as banks send SMSs for every transaction on your account.

Digital banking has considerably transformed the way banks and customers interact. Digital banking as made online saving account opening easier and instantly.

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