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Digital Banking

What is a Digital Banking | Benefits of Digital Banking in India

What is a Digital Banking

Traditional banking was a time-consuming process. When you were in urgent need of money, you had to go to the bank. You had to write down the amount and account number on the slip to withdraw money. You had to stand in line for several hours to get cash.

All these things were happening in old days. But now, the banking process has been changed. If you need cash, you can withdraw from any ATM. Digital Banking is a paperless process, and now you need not keep physical documents of accounts. 

Digital banking has changed the old banking system. Through digital banking, you can get financial service within minutes.

What is digital banking?

Digital banking is paperless banking that is done digitally; you do not need a payslip, chequebook, passbook, DD, and so on. Digital banking is online banking that is available 24×7.

Digital banking does with your mobile, laptop, pc, and tablets. It is easy to use, and access and Digital banking are entirely safe and secure. 

What are Digital banking in India and its advantages are below

Fund Transfer: With digital banking, you can send money to anyone anytime because digital banking is available 24×7. You can fund transfers through RTGS, IMPS, and NEFT. With one click, you can send money to anyone within minutes, and it is simple and easy on mobile banking applications.

Pay Bills: Digital banking allows you to pay your bills online quickly. You can pay any bills relating to electricity, phone, water board, dth recharge, mobile recharge, and many other services. Digital banking makes life easier for people.

Investment: Investing was time-consuming and challenging before, thanks to digital banking making it easy now. Now you can invest in FD or RD through Digital Banking with a few steps, and you also can invest in mutual funds via digital banking.

Account Statements: Now, you need not go to the bank for your transaction statements printout, and you can download it through digital banking anytime.

Cash Withdraw: You can use any ATM to withdraw money anytime and anywhere.

Mobile Banking: Digital banking’s first revolution was net banking, and the second one was mobile banking. Mobile banking is simple and secure with double authentication. You can make payments with a single click and buy financial services or products through mobile banking within seconds. 

Track of Transactions: With digital banking, you can track your account. If someone sends you money, you will receive an SMS from the bank about debited amounts. Even if you are using auto-payment, you also get a notification about deduction amounts for particular services.

Safe and Secure: Digital banking is safe and secure. You will get double authentication, which means after inserting the password, you will get an OTP on your registered mobile number to confirm your account. Even If someone tries to open your account with the wrong passwords, then after three attempts, your account will be locked for 24 hours.

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