Netbanking has completely changed the way online bank transfers functionAn increase in the technological capacities of banks coupled with the meteoric rise of the Unified Payments Interface (UPI) across India has led to a growing popularity of online bank transfer apps among the Indian populace. Now, these apps are not just limited to transferring money online. The features of online bank transfer apps range from downloading one’s bank online statement to investing in various schemes and funds. Read on to know about these exciting new services offered by banks through their apps.
- Multiple options for online transfers
Even if online money transfers were to be considered the USP of net banking apps, the features offered by banks have developed further within this sub-category. Banks like IDFC FIRST Bank now offer more than one methodof transferring money online to the customer. These modes include NEFT (National Electronic Fund Transfer), IMPS (Immediate Payment Service), RTGS (Real-Time Gross Settlement), “Auto Pay”, “One-Swipe Pay”, and of course, UPI. Having these options at your disposal reduces your dependence on a single mode of money transfer.
- Instant access to customer service
Through an online bank transfer app, you can gain instant access to a bank’s customer service team. This helps you resolve your bank-related queries a lot faster as opposed to the traditional methods of banking.
- Bank statements
Bank online statements have become quite the norm, and we have net banking apps to thank for making this happen! You can gain access to your bank statements at any hour by downloading them directly from your bank app.
- Modes of investment
One of the most important features of an online bank transfer app – besides its ability to seamlessly transfer money online – is that it provides a lot of services through a single medium. IDFC FIRST Bank, for example, allows customers to make investments, apply for online instant personal loans, and open fixed deposit accounts through its mobile banking app.
- Ability to track your credit card
Online bank transfer apps also allow you to access your credit card and contribute towards its repayment. Since every borrower must be aware of all the details of the repayment cycle of their credit cards to avoid credit card debt, opting for a net banking app to track one’s repayment is a very efficient alternative to tracking it manually.
- Smart budgeting options
Finally, efficient online bank transfer apps double up as budgeting apps that help customers budget for the future by drawing lessons from their past expenses. IDFC FIRST Bank’s “Track my expenses” feature is considered to be a very useful way of keeping your budget in check. Such features help you infer learnings from your previous expenses and thereby help you budget better.
If you wish to streamline your monthly budgeting, repay your credit card dues promptly, instantly open a fixed deposit account, or avail an instant online loan, you can make use of an online bank transfer app for all these tasks.