123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Investing---Finance >> View Article

Importance Of Having A Bank Account In The Digital World Today

By Author: Sushant Singh
Total Articles: 17

We are living in an economy where electronic transactions are becoming popular than cash transactions. People today prefer to transact using their debit or credit cards, as it is safe, quick, and easy. There are people who are still unaware of the e-transaction process and due to which they faced consequences during the demonetization last year. But demonetization too was not a sensible move, as many had to struggle to find the right notes (currency notes) and stand in the queues for long hours.

Nevertheless, the discussion might go on for long. But we need to understand the importance of having a savings account in a bank. A savings account will not only help you secure your funds but also help you from spending it on unnecessary things. Often, liquid cash doesn’t really stay friendly with you and they go away whenever you see something very attractive. But funds in the bank might motivate you to take a step back to think twice before buying. Some banks offer sweep-in and sweep-out facility with the saving bank accounts, which is linked to an FD. If the amount in the account is more than the threshold amount, you can choose to have a certain amount swept into your Fixed Deposit. Alternatively, if the amount is lower than the threshold amount, you can have that sum swept from the FD into your savings account.

Talking about savings account in depth, today you can open an account in minutes. It happens online too, you can submit the documents online and open your savings account without any paper work. There are agents who can visit you and help you open an account within minutes. Due to this paperless process, the need of savings account is rising and similarly the demand for cashless transactions are also rising. Online banking or we can digital bank process has now come to our smartphones too. There are banks who offer a mobile app to handle your payments, cheque book ordering, cancellation of cheques, balance inquiry, etc. to check within seconds. Of course, why would anyone go to the bank to physically transact. In case of transaction huge amount, yes there are different provisions, but for those who are handling their savings account or those who get their accounts from their company tied-up banks, it has become a lot easier. Obviously, we don’t see many people at top banks today. Except they are there to address their special grievances.

Best savings bank account like ICICI offer branch-free banking services, in which charges are on the lower side and the interest is high. Almost all banks now offer e-wallet services, either individually or in association with a third-party service provider. With so many apps today, banks are building their own E-Wallets so that users do not have to rush to ATMs every time to withdraw cash, they can easily access their smartphones to make transactions within seconds. Certain banks run their own reward programs, and some have joined hands with companies like PayBack where customers can earn reward points. These reward points can be redeemed while purchasing different products or paying bills.

Author Bio:

For the past 3 years I have been writing informative and high quality articles on Business & Finance. In the above article have covered topics such as savings account, digital bank and Best savings bank account.

Total Views: 43Word Count: 559See All articles From Author

Investing / Finance Articles

1. Is A P2p Platform Like Transferwise Cheaper Than A Broker For Foreign Transfers?
Author: John Roy

2. Cryptocurrencies In Forex
Author: Garry Singh

3. Why It Is Recommended To Trade Under The Supervision Of Experts?
Author: Anshul

4. Traders Can Save A Lot Of Time And Teach New Methods By Using Forex Signals
Author: Garry Singh

5. Being Smart With Different Business Loan Options
Author: Nidan Narkhade

6. Top 3 Investing Habits That Will Make You Succeed In Stock Market
Author: Money Classic Research

7. Stay Ensured To Earn Profit Every Month With Money Classic Research
Author: Robin

8. Best Quotes For Investment By Warren Buffett
Author: Shivam Verma

9. Make The Most Out Of The Virtual Private Server By Securing Your Trading Operations And Profits
Author: Garry Singh

10. Is Home Loan Overdraft A Better Option For You? – Logintoloans
Author: logintoloans

11. Figure Out Which Forex Trading Methodology Best Matches Your Identity.
Author: Garry Singh

12. What Is Hidden Behind In Revenu Trade Customer Support? A Real Person Or A Robot?
Author: Garry Singh

13. Know About The Sip Investment Plan Details
Author: jignesh shah

14. Mcx Free Tips For Commodity Trading In Profitable Way
Author: Sandy Allen

15. Manage Your Tax With The Best Tax Services In Usa
Author: John Brown

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: