Digital Banking – Meaning, Features, Benefits

Brief Guide on Digital Banking in India

Key Takeaways

Digital Banking has essentially automated the banking processes in India.
Digital Banking allows you to conduct transactions on devices like computers, laptops, tablets, and mobile phones.
You can open a digital bank account without visiting the bank branch.
You can also make utility bill payments and set up billers.
With Digital Banking, you can access your bank account 24x7.

The world we live in is speedily transitioning into a digital one. Can you remember the last time you visited your bank after opening your account or waited in a queue to withdraw money at your bank branch? Such is the impact of technological advancements that the banking sector has been completely revolutionised. Let us find out what is Digital Banking and why is it more sought after than your brick-and-mortar bank branches.

Digital Banking – Meaning

Digital Banking means automating conventional banking through digital platforms like the web and internet-enabled systems like mobile devices. With Digital Banking, you can access almost all financial services at the tip of your fingers, all year round, irrespective of national or bank holidays. It entirely eliminates the need for you to visit the bank.

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Digital Banking – Features and Benefits

Compared to traditional banking, which requires you to visit the bank for every big and small transaction, you can conduct digital banking services from any corner of the world. Here are some of its best features and benefits.

You may access your bank account digitally via internet banking or eponymous mobile apps that you download on your smartphone from the application store.
You can now complete the account opening and the subsequent KYC process digitally via a video call. The Reserve Bank of India has permitted banks to conduct a Video KYC to open a bank account on par with a full KYC bank account.
Digital Banking comes with a host of online fund transfer provisions. You can transfer any sum of money to any bank account in India via NEFT, IMPS, RTGS or UPI or make overseas wire transfers.
You can also consolidate all your utility bills and set up billers instead of bothering with physical bill payments by logging in on the internet or mobile banking platforms of your bank to complete the payments.
You can recharge your mobile and DTH subscriptions online and enable auto-payment facilities so you do not miss any payment.
You can easily open fixed and recurring deposits, buy insurance, make investments or apply for loans on digital banking platforms.
You can check your account balances, get mini statements and pay off outstanding credit card dues without having to send a cheque to the creditor.
You can pay for expenses on online shopping websites via net banking or by entering your debit card details like card number, expiration date, and CVV and authenticating payments via OTP.
You get access to banking services 24x7, closely monitor your transactions and sign up for SMS alerts and notifications after every transaction by registering your mobile number with the bank.

Final note

Digital banking is one of the most significant breakthroughs of the banking institutions and financial sectors in India. Like all online banking transactions, digital banking works only if you have a secure and stable internet connection. While digital banking is primarily secure, it is not risk-averse. As such, you must not share your account login and password details with anyone.

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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.