Unique facilities you can enjoy under an online account

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The Indian banking sector has undergone a massive transformation over the years. Today, you can complete a series of transactions without stepping out of your home. Banks provide several different online facilities to customers, thus enabling you to enjoy seamless transactions. Here are some of the best services you receive under online accounts. 

Higher withdrawal limits

While selecting a bank to open your Savings Account, you need to check the cash withdrawal limits. Most banks today provide higher limits. While a few banks offer daily withdrawal limits from ATMs of only Rs. 10,000, others enable you to withdraw up to Rs. 2 lakh, depending on the account type. 

ATM or Debit Cards

Every bank offers a Debit Card when you open an account. You can use them to withdraw money from all bank ATMs in India and abroad (in the case of international cards like MasterCard and Visa). They are also helpful for shopping online or in retail stores. Moreover, you can use your Debit Cards to pay your utility bills, Insurance premiums, recharge smartphones and DTH, and recharge digital wallets.

Banking online

This is a superior service you can access when opening an account online. You receive a default login and password, which you must change when you log in to your bank’s portal for the first time. Through this medium, you can transfer funds into different accounts via facilities like RTGS, IMPS, and NEFT. You can also link your online account to Demat and Trading Accounts and conduct trading. 

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Mobile banking

The Banking app is a part of the online medium, except that you can complete your banking transaction through the mobile application. You can download the app from the iOS or Android platforms and get unlimited access to accounts on the go. All transactions possible with Debit Cards or Internet Banking can be availed through Mobile Banking.

3-in-1 Accounts

A few banks also offer Demat and Trading Account services when you open a Bank Account. If you are keen on Share Market transactions, you can open a free Demat Account and link your Bank Account to the Demat and Trading Account. This way, all your market transactions happen in a single platform, and you need not find a Depository Participant for the same. 

Doorstep services

Many banks offer doorstep services, especially if it is a Premium and Senior Citizen Account. Banks send their representatives to collect cash or cheques you need to deposit in your account. Bank representatives even provide doorstep cash delivery. Typically, they do not charge any fees for such services.

Opening Term Deposits

While banks offer interest on the Savings Account, they offer Fixed and Recurring Deposits that enable you to earn higher interest rates. Banks also let you open an exclusive FD, in which you deposit sums for a fixed tenure, ranging from a week to 10 years. The interest rates offered are revised frequently.

Besides the mentioned services, the online Bank Account facilities include customers visiting their preferred bank’s portal and conducting other transactions like requesting a chequebook. The bank opens the account after evaluating your details.

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