Over the years, the digital banking experience in India has drastically improved for customers across the board.

Right from individual customers wanting to open a savings bank account from the comfort of their home to businesses and corporate looking to seamlessly transact funds between vendors and customers, a lot has changed for the better.

However, in the midst of all these improvements, the humble net banking has taken a back seat and, over the last couple of years, has transitioned into an afterthought from its previous glory of a preferred transaction method.

Thus, in today’s blog post, I will share with you a detailed breakdown of the top 5 reasons as to why net banking should be your first choice in fund transfer. Without further ado, let’s get started.

1.      Leveraging Digital Banking

One of the first and biggest advantages of using digital banking is its inherent ability to leverage the prowess of modern digital banking.

By transacting online and securely transferring funds from your bank account to that of your benefactors, you can not only take advantage of a secure banking experience but also a hassle-free method of paying for commodities from the comfort of your smartphone.

For instance, instead of going through the hassle of carrying multiple debit and credit cards on you at all times, you can simply ask the shopkeeper to provide their banking details and, upon receiving the same, instantly transfer the required amount directly to their bank account at no extra cost.

Along with this, if you are a business owner, the GST council has recently introduced a feature wherein you can connect your current account to your GST profile and once your filing is complete, proceed to pay the required amount directly from your bank account.

This will not only save you time but is also very convenient, thanks to the fact that this entire process happens within a single window.

2.      Complete Control Over Every Transaction

Unlike other transaction methodologies where you do not have access to your transaction history, net banking allows you the feature of acquiring a holistic view of all your transactions. By leveraging this, not only can you acquire a snapshot of your most significant transactions but also participate in new ones right from the comfort of your mobile screen.

One of the most significant benefits of this feature lies in the fact that you can check both debits as well as credits to your account, such that you are always aware of your cash flow and can seamlessly stay on top of your finances.

3.      Paying Bills on Time

No matter how diligent each of us are in terms of our finances, one aspect where even the best of us tend to fall behind is, paying our bills on time. While at first glance, it might seem that we are missing bills due to lack of funds, but in reality, it is due to the lack of discipline and convenience. In this regard as well, leveraging the power of net banking can prove to be a lifesaver.

These days almost all leading banking institutions offer a full-fledged net banking solution that, among other noteworthy features, hosts a bill payment gateway. Unlike other payment aggregation platforms, here, you can automate all your payments at regular intervals.

All you need to do is provide your customer identification number, and once your bill is generated, it will automatically be paid from your account based on preexisting automation.

This feature will not only save you a lot of time, but it will also guarantee that you are never behind on your bill payment schedule.

4.      Invest for a Better Future

These days, one of the most trending finance topics among households across the country is how we should invest our money regularly to ensure that we have a bright and financially stable future. However, even though we might spend countless hours discussing the best investment vehicles for our needs, one inherent disadvantage of this entire process is how it requires additional effort from our end. However, by leveraging the prowess of net banking, even this challenge can be effortlessly overcome.

Nowadays, the net banking portal of leading banks across the nation have an option wherein you can set up auto-debit from your bank account. All you need to do is choose an investment vehicle of your choice and define a standing instruction on how much funds need to be invested in this vehicle and at what intervals.

For instance, if you want to create a corpus for your retirement, on of the best investment vehicles available to you is the NPS or National Pension Scheme.

However, rather than logging in to your account every month, all you need to do is set up a standing instruction from your net banking portal, and a predetermined amount will be deposited into your NPS account at regular intervals for the tenure you decide. This way, not only will you save an additional amount of time every month in getting your finances in order but also ensure that you simultaneously build a healthy retirement corpus for a brighter future.

5.      Repaying Your Debts

Last but not the least, one of the most significant benefits of leveraging net banking is how you can effortlessly repay your debts every month without any hassle.

For instance, if you have previously taken out a loan from a personal loan app such as ZinCash, you would have encountered an option where you needed to set up an e mandate.

This essentially means that you have set up an auto-debit instruction, and your EMI amount will get debited automatically every month. This not only ensures that you pay back your EMI obligations on time every month without taking on too much financial burden but you also build a healthy credit profile in the process.

In Conclusion

Today as new payment methodologies enter the market, several people are steadily forgetting the advantages of using net banking. But as we displayed in today’s blog post, net banking still offers a number of benefits which are generally missing from its competitors. So what are you waiting for? Go ahead and start using net banking today.

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