The banking sector of India has undergone a massive
transformation in the last two decades. Today, you can complete a series of
transactions without ever stepping out of your home. Banks provide several
different facilities and services to customers, thus enabling them to enjoy
seamless transactions. Here are some of the best facilities and services you
get for opening bank accounts.
High cash withdrawal limits
While selecting a bank to open your account in,
you must check the cash withdrawal limits. Most banks today provide high daily
withdrawal limits. While a few banks offer daily cash withdrawal limits (from
ATMs) of only ₹10,000; several others enable you to withdraw sums of up to
₹200,000, depending upon the type of account you’ve opened.
ATM-cum-debit cards
Every bank provides an ATM-cum-debit card when you open
account. You can use the bank card to withdraw money from all bank ATMs in
India and abroad (in case of international debit cards like Master and Visa).
The card also doubles as a debit card which you can use to pay for shopping –
whether it is online or at retail stores. Moreover, you can use your
ATM-cum-debit card to pay your utility bills, insurance premiums, recharge your
mobile phone and DTH accounts, and recharge digital wallets and so on.
Online banking
Online
banking is another prominent service you get when you open your bank
account. You receive a default login and password, which you need to change
when you log in to your bank’s net banking portal, the first time. With online
banking, you can transfer funds into different accounts via facilities like
RTGS, IMPS and NEFT. You can also link your online banking account with your
Demat and trading accounts and conduct share market investments.
Mobile banking
Mobile banking
is similar to online banking, except that you can complete your banking
transaction through your bank’s mobile application. You can download the app
from the iOS or Android platforms and get unlimited access to your bank
accounts on the go. All transactions possible with debit cards and internet
banking can be availed through mobile banking as well.
Demat account services
A few banks also offer Demat account services when you open
account. If you are interested in share market transactions, you can open a
free Demat account and link your savings account to the Demat account. This
way, all your market transactions can be managed on a single platform and you
don’t need to find a separate Demat account provider.
Doorstep services
Many banks offer doorstep services, especially to their high
net-worth customers and senior citizen account holders. Banks send their
representatives to collect cash or cheques you need to deposit in your bank
account. Bank representatives even provide doorstep delivery of cash you need
from your account. Typically, they do not charge any fees for these services.
Fixed deposit services
While banks offer interest on the savings parked in your
account, they offer fixed deposit services that enable you to earn higher rates
of interest. Banks can help you open an exclusive fixed deposit account, in
which you need to deposit sums for a fixed tenure, ranging anywhere between 1
week to 10 years. The interest rates offered on deposits are revised
frequently.
