This era of technology and internet has changed the way we live, spend, and communicate. Technology and internet bring everything at your fingertips for example, banking; you can check your account details and send money to loved ones anywhere and anytime from within the comfort of your home or office. Banking sector has been evolved very rapidly just because of these things. Now it’s possible to transfer funds anywhere using internet banking service provided by your bank. Currently, all banks, who have overseas branches, offer outward remittance facility with very minimum fees (approx. USD 10 per transaction). In this tutorial, we’ll be discussing on how to transfer funds from India to abroad using SBI internet banking.Continue Reading
More than 3.2 million debit card PINs have been compromised after a serious banking security breach. Many renowned Indian banks have been affected by this breach. The incident happened in such a time when banking sector, around the globe, is evolving at a very rapid pace and banks are encouraging customers to adapt online banking solutions. It is indeed that banks do their best to protect financial and personal information of customers but such security threats put question mark on banks’ security systems.Continue Reading
ATMs are a convenient way to perform banking related activities. ATMs offer a bunch of facilities such as, money transfer, cash withdraw, and bill payments etc, but they also come with some serious financial security risks. Banks spend large amount of money to provide safety at ATMs, even though we can read an ATM fraud case on our daily newspaper. After notifying some incidents of ATM frauds, we decided to write a post on ATM safety for our readers. You can take some simple measures to safeguard yourself against any fraud.Continue Reading
Modern banks provide superior level of services for their customers. Many online banking solutions have been eliminating queuing system at bank branches. Internet banking or online banking is a core banking solution; which allows users to perform transactional and non-transactional banking activities. In the hustle and bustle of daily life, no one has sufficient time to visit a bank branch to perform a banking activity. Banks have taken this issue into account and introduced many online baking solutions to offer more freedom to customers. Internet banking is a one stop solution for all banking needs; with online banking or internet banking, customers can perform transactional and non-transactional banking anytime, anywhere.
To provide financial services in affordable manner to the weaker sections and low-income segments, in the annual statement policy 2005, Reserve Bank of India had advised banks to review their existing account related conditions to align them with the objective of financial inclusion. With a clear goal to achieve higher financial inclusion, banks were advised to offer ‘no-frills’ accounts either with nil or very low minimum balance requirements and also with no or low charges. When they didn’t see any significant growth in financial inclusion (after offering ‘no-frills’ accounts); then RBI had decided to modify the guidelines to open basic banking ‘no-frills’ accounts.
Digital baking has been advancing by leaps and bounds. Banks as well as their customers are adopting modern banking solutions delightfully. Banks are moving from traditional banking to digital banking; which is far better than traditional banking. Banks have dramatically improved their banking facilities to provide high-quality and reliable services to their clients. Digital banking brings your bank accounts at your finger tips; you can carry out almost all of your banking right from your home or office. Online banking service, helping banks to eliminate queuing system at banks branches.Continue Reading