Your bank account is not just a place to stash your money and pay bills. It possesses hidden features and functionalities that many people in India may not be aware of. These hidden powers can make your financial life more convenient, secure, and even help you save money.
Here are some remarkable things your bank account can do in India:
Digital Wallet
This facility helps you link popular digital wallets like Paytm, PhonePe, or Google Pay to your bank account. The integration allows you to seamlessly transfer funds between your bank account and wallet, making it easier to manage your digital payments. You can also use your bank account to recharge your wallet, simplifying the process of topping up your digital wallet for everyday expenses.
UPI Payments
Most banks provide the Unified Payments Interface (UPI) services, allowing you to send and receive money instantly using a virtual payment address (VPA). What’s lesser known is the ability to split bills with friends and family. With your bank’s UPI app, you can split restaurant bills, rent, or any shared expenses effortlessly.
Adhil Shetty, CEO, Bankbazaar.com, says, “UPI has revolutionised the electronic payment system. It helps you make multiple payments using the mobile application linked to your bank account. You can transfer money to the receiver’s bank account in less than a minute. The entire payment process through UPI is contactless and your bank account plays a key role in this facility.”
Also Read: What happens when you stop using your credit cards?
Fixed Deposit and Recurring Deposit Automation
Your bank account can help you automate your savings through Fixed Deposits (FDs) and Recurring Deposits (RDs). You can set up automated transfers from your savings or current account to create FDs or RDs. This can ensure that you consistently save a portion of your income, making it easier to reach your financial goals.
Shetty adds, “Your bank account can help you open an FD or RD account online without visiting the bank physically. Apart from this, you can avail various other facilities through your bank account. It is a must to a bank account and understand all its key features to use services when you need them.”
International Travel Benefits
Some banks provide exclusive forex credit cards, preferential exchange rates, and even complimentary airport lounge access. Additionally, certain credit and debit cards issued by Indian banks offer travel insurance and other perks when you use them for bookings or transactions during your travels.
Mobile Banking and Debit Card
Almost all banks offer comprehensive mobile banking apps that allow you to take control of your debit card. You can avail many services such as transferring your home branch, checking your account balance and do many other things. Besides, you can also temporarily block or unblock your debit or credit cards to prevent unauthorised usage. Moreover, you can set spending limits, enable international transactions, or restrict card usage to specific types of merchants.
Insurance Coverage
Some banks have tied up with insurance providers to offer health and life insurance products through their debit or credit cards. In fact, some investment products come with insurance facilities along with investment options to help you secure your family financially.
Your bank account is not just a repository for your money but a versatile tool that can simplify your financial life in various ways. By exploring these facilities, you can make the most of your bank account and enhance experience. Stay updated on your bank’s services and regularly check their online portals or mobile apps to discover new features and offerings.
