8 Tips to Smart Banking- Know Your Bank

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8 Tips to Smart banking - Know Your Bank (KYB)
8 Tips to Smart banking - Know Your Bank (KYB)

With the emerging trend of digitization, banking system is becoming fast & smart with time. Transferring funds from one account to another is just on a touch of a button. And it is important for every banking customer to Know their Bank (KYB) just like banks did Know Your Customer (KYC) formality checks.

Here are 8 smart banking tips to make banking smarter 

1. Transfer Funds for Free (UPI) 

Transferring funds within a second or less is easy and free with Unified Payment Interface aka BHIM Facility offered by Government of India to Banks/Intermediaries/Customers.

Just create your UPI ID and send payment with your phone number to anyone’s account number or to their UPI ID.  Max. Limit is up to ₹1.00 lakh/day.

2. Get E-Passbook/Account Statement (Save Paper) 

Standing in the long queue to get passbook updated is like the activity of old generations. Getting a latest passbook online for free, saves lots of time and paper waste.  Time to Save & Plant More Trees.

3. Chat with your Bank/Make full use of Relationship Manager

Having any doubt in any kind of banking transaction or the Investment transaction, then just give a Call to your bank Relationship Manager (If you are a Privileged Banking Customer).  And if you didn’t know who is your RM, then give a call to Customer care number or chat directly with banking associate aka Virtual RM.

4. Activate Email/SMS Alert

Get yourself acquainted with each flow of your hard-earned money.  Activating the SMS Alert saves both time and banking transaction. With the changing technology the need to know the money in/out flow from personal account is a must for every banking user so, get yourself acknowledge with the advanced facility. It will only cost ₹10-30 for yearly services.

5. Facility of Internet Banking

Making big payments to anyone needs internet banking facility. In addition, to the online Investment Product/Service Subscriptions like Online FDs, RD, Mutual Fund, and ABSA Facility.

Thus, helps in saving time and efforts of contacting the banks for renewing the deposits, interest rate checks and for requesting any account statement, or cheque book, Credit/Debit Card Request and other easy to opt facilities which can be done in just a click.

6. Monthly Budget Planner

That’s something different but, banking system has entered into the world of family budget planning.  So, the need for Third Party Apps for maintaining personal & family budget is no longer required.  Just have your Mobile Banking app and use the advantage of budgeting. Banks like SBI, ICICI Bank, Axis Bank and other banks provide such value-added services to their customer at no extra cost.

Read Article: Importance & Tips for Budgeting

7. Know your ECS Payments

Remembering & maintaining the bank balance for monthly payment, SIPs, and other Online Monthly Subscription wouldn’t be a difficult task when it comes to ECS (Electronic Clearance Service) which Mutual Fund & other private companies offers to investors at the time of subscription.

But here’s the trick to make banking smarter and cost-effective i.e. by asking your Bank about the Number of subscribed ECS payments facilities. Thus, saves you from penalties of ECS rejections which costs from ₹300 – ₹1000 on multiple number of rejections.

8. Other Banking Services, Not just Investments

Today, smart Banking is not limited to investments or depositing money in the Bank. Banking has extended to Ticketing services, Electricity Bill Payment, Water Bill Payment, Flight Booking and many other Add-on services with reward points benefits.

Value-added services in the banking system save customers from online fraud and misuse of their personal information.

Using multiple apps to reduce work, will only increases the task, effort and time.

Also Read: List of Quality Stocks with up to 85% return on investments in FY 2018-19

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