Your Bank Account is more than just a place to stash your money and pay bills. It possesses hidden features and functionalities that many people in India may need to be made aware of. These hidden powers can make your life more convenient and secure and even help you save money. Here are remarkable things you can do with your Bank Account in India:
- Digital wallet
This facility helps you link popular digital wallets to your Savings Account. The integration allows you to transfer funds between your wallet and Bank Account seamlessly. You can easily manage your digital payments and use your Bank Account to recharge your wallet, simplifying the process of topping it up for daily expenses.
- UPI payments
Most banks provide Unified Payments Interface services, allowing you to send and receive funds immediately using a Virtual Payment Address. What is lesser known is the ability to split bills with friends and family. With your bank’s UPI app, you can effortlessly split your restaurant bills, rent, or any shared expenses.
- Fixed and Recurring Deposit automation
Your Bank Account can help you automate your savings through FDs and RDs. You can set up automated transfers from your Savings or Current Account to create them. It ensures that you consistently save a portion of your income, making it easier to reach your financial goals. Your Bank Account also helps open Term Deposits online without visiting the bank physically. Besides this, you can avail various other facilities and services essential for banking.
- Online Banking
Almost all banks offer comprehensive Mobile Banking apps that allow you to control your Debit Card. You can avail of many services, such as transferring to your home branch, checking your account balance, etc. Besides, you can also temporarily block or unblock your Debit or Credit Cards to prevent unauthorised usage. Moreover, you can set spending limits, enable international transactions, or restrict card usage to specific types of merchants.
- Saving for the future
The most basic use of Savings Accounts is their ability to let you save funds for a financially secure future. If you open them with a bank offering a high Savings Account interest rate, you will earn more interest over time. You will also find sufficient funds to mitigate emergencies and other circumstances.
A Savings Account is a necessity in this digitally advanced world. You can now open it online without visiting the branch or submitting physical documents.
Conclusion
Your Bank Account is not just a repository for your money but a versatile tool that can simplify your financial life in various ways. By exploring these facilities, you can make the most of it and enhance the experience. Stay updated on your bank’s services and regularly check their online portals and apps to discover new offerings.
