Imagine a day without your smartphone; no way to reach friends or family, no access to social media or updates on current happenings, no calculator to help you budget when you are shopping, or access to your favourite music. In fact, even starting your day might be difficult if you usually set your phone alarm to wake you up! So, it's no debatable topic that smartphones have become an important part of our lives.
Smartphones have made life easier in numerous ways. But one of the recent developments that everyone, from the vegetable vendor to your company's CEO is grateful for is mobile banking. With smartphones, banking operations are no longer complicated or time-consuming. Instead, they are easy, quick and make managing finances convenient in several ways.
1) Viewing bank statements
Up until a few years ago, updating your bank passbook was essential to track all your financial transactions. But like most banking tasks, it required standing in yet another line. And you could be sure of earning a few annoyed stares if you were updating your book after several months. Bank mobile apps have eliminated all this, allowing you to check the balance and transaction details of all your accounts, from Savings to Salary, Fixed Deposits to PPF, and more. You can track cheque status, bill payments, and even the latest interest rates. You can even receive alerts regarding salary credits or routine debits and get notified when your account balance falls below the minimum requirement right on your smartphone.
2) Transferring funds
Gone are the days when you had to visit a bank, get a token and wait in a serpentine queue to deposit a cheque or fill in a challan to transfer funds. Today, with just a few clicks, you can send money instantly to anyone and at any time. UPI enabled mobile apps allow you to securely transfer up to Rs one lakh in just a few seconds from your phone, depending on the limit prescribed by your bank. All you need is the Virtual Payment Address (VPA) of the receiver.
3) Paying bills and recharges
Remember how cumbersome it used to be to pay utility bills or recharge your phone? You would have to physically go to a store and stand in line to make any kind of payment. Fortunately, these are things of the past. Through mobile banking apps, you can now pay a variety of bills - from utility services to loan EMIs, phone recharges and even insurance premiums instantly, even while you are on the go!
4) Card-less ATM withdrawals
Mobile banking has grown by leaps and bounds with many banks, like HDFC Bank, offering a card-less cash withdrawal facility. This means that you can withdraw cash from ATMs without a debit or credit card. To do this, you need to raise a request with your bank via the app. Next, specify the account that is to be used and the amount you need. Once you authenticate the transaction through a unique code number generated by the bank, you can withdraw cash from an ATM that you select. However, remember that the amount must be withdrawn in a single transaction.
5) Blocking cards
Losing your wallet with your bank cards in it can be quite devastating. And then to find the Customer Care number, connect to the right department and go through the entire process on a call can be both time-consuming and distressing. However, with mobile banking apps, you can immediately block a missing card, you don’t have to stress.
6) Opening a bank account
With HDFC Bank, you can even open a Savings or Salary account from your home. This process is paperless and takes just a few minutes. And most importantly, it saves you the trouble of visiting a bank, making copies of multiple documents and waiting in a queue to submit them. By visiting HDFC Bank website, you can opt for instant bank account opening online with just a few simple steps; complete KYC procedure, submit personal details and select any desired option. Know more about zero balance account open online now with just a few clicks!
These are a few ways in which your smartphone can make banking easy and convenient for you. But to make the most of digital banking, it is essential to have an account with a bank that is digitally forward and up to date, such as HDFC Bank. To open a Savings Account instantly, click here.
*The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
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