What is Personal banking?

Wealth

We take you through the concept of ‘personal banking’ and how it helps your personal financial life.

There was a time several years ago that banking was a chore best left to those who had a lot of time to kill. In the pre-computer and Internet era, every bank had long lines of customers at every counter, with hours being taken to dispense cash, process cheques, make out DDs, etc.

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But today, Internet-based banking has enabled customers to take more control of their finances with minimal bank intervention. However, the bank must first provide a range of web-based and offline personal banking products and services.

What is personal banking?

Personal banking is a set of functions and processes which help facilitate personal savings, investments, money transfers and receipts, account monitoring, and so on. It encompasses a gamut of tasks, from accounts to deposits, and from loans to investments. Through the bank’s help you can organise and monitor your finances in a better way, and gain more access and control over your own money.

Some of the prominent benefits of personal banking are as follows:

You can open a savings and recurring/fixed deposit accounts.

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You can create new investments with the bank’s help, and also invest in insurance, market-linked options, etc.

Personal banking services include giving customers cheque books, pass books, free debit card on opening the savings account, and net banking credentials.

Leading banks have superb smartphone apps that help you bank on the go. These apps offer all the bank’s products and services, and also facilitate money transfers, collections, bill payments, online shopping, etc.

This banking also offer doorstep banking products and services for busy individuals.

Personal banking makes you financially more aware, and gives you better control over your financial destiny. Besides, the bank is always on hand to help in times of distress or emergencies.

How to maximise personal banking services from your bank

* Say ‘no’ to cash payments, and ‘yes’ to digital transactions. You must leverage the considerable power of the digital medium to link your account with your debit card. Every time you swipe your debit card at a cash point, or use the card number to shop, the money is auto-debited from your account in a secure manner.

  • * Get cash back and discounts on e-banking. Leading banks offer ECS facilities to pay utility bills on time, and they also have tie ups with online merchants so that you get discounts and cash back offers when you shop, book tickets, etc. You can do all your transactions online, whether you buy groceries or jewellery, and save a lot of time and money.