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Importance Of Having A Bank Account In The Digital World Today
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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.
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.
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