If you are in business or you wish to manage your personal life more efficiently, there is no option but to opt for banking online. Everything from inter- account transfers to paying rent or your electricity, telecom and other utility bills is far easier online. In fact, you can even set up your account to automatically pay your utility bills every month.
Lenders are also increasingly opting for auto-debit standing instructions to your bank for debiting EMIs on the due date directly from your bank account. Once you authorize this, there is no need for issuing large bunches of post- dated cheques.
More importantly, most of the regulatory payments have moved online. Payment of property tax has gone online. Payment of service tax if you are in business or a professional has moved on- line. Tax deducted at source needs to be paid online and challans generated.
And most importantly now, as many tax payers would have realised, if you wish to validate your income tax return for the department to start processing it, and you don’t have an Aadhaar ID, the one way to do this is by verification through your bank account. The only way you can do this is if you bank online.
It is almost as if the government has decided that if you wish to avail of citizen services and benefits you must have a bank account and if you are a taxpaying citizen, you should start banking online.
Online banking is cost-effective and allows you to access a lot of information—all your account details and trans- action history—at a click. You can also easily transfer funds from your savings account to investment products like mutual funds, fixed deposits and equities.
Demat accounts linked with your bank account also allow you to get an any- time view of all your investments. Several banks have also integrated online trading accounts with bank accounts to provide for seamless purchase and sale of securities and direct credit and debit of the purchase or sales amounts from your linked bank account.
The above services, though avail- able for many years, are likely to find a far higher number of takers in the coming days. And for the more tech-savvy, there is another revolution waiting to happen with mobile apps of banks offering much more than just banking services.
The future of banking is digital. Embrace it to avoid being left behind.