With everything going digital, running to a brick-and-mortar step of a bank is not a very feasible option. In this article, we give you five reasons why you should switch to internet banking. Read on!
Unlike the brick-and-mortar setting, online banking has lesser rules which means you need to pay lesser penalties. With digital banking, you can check your bank account at any time. Activities such as transactions, transfers, payments, etc. can be done without having to pay extra fees. Some online banks have even waivered the minimum balance clause.
Better interest rates:
Do you tend to park your money in your savings account? Or plan on parking? In such a case, a local bank may ask you to maintain a high checking account balance. Hence, it is only natural that you should receive more interest. With online banking, you will get more interest on your savings account. Another perk of option for an online bank is that you get better interest rates on a savings account.
Convenience of banking:
When you opt for digital banking, you can carry out all your banking activities from the comfort of your home. Even if you have to upload documents to complete your KYC, you can do that from practically anywhere. All you need is a stable internet connection. Additionally, with digital banking, your bank is available at your service 27*4.
Online banking can be done via smartphone too. Many banks have their apps available for both – Android and iOS users. So, by opting for online banking, you also opt for mobile banking. This makes your bank just a tap away. This means you can usually expect better, more full-featured apps.
The best part about opting for online banking is that you can bank even when you are on-the-go. This works best for those who have a hectic schedule. You can also link your account to various payments. Additionally, you can manage your TDRs and STDRs online, too. You don’t have to visit your local branch at all times for small banking activities. Loan repayments can also be made online.
Many people are opting for digital banking. Many banks are promoting digital operations too, which means, online banking is soon going to be the future of banking. Choosing for it will only help you keep up with the changing trends and new ways of doing things. Plus, online banking is much simple as compared to traditional banking.