We at GoodReturns.in have a very detailed and elaborate banking section that comprises of bank interest rates, emi calculators, rd interest rates etc. This section would be very useful for those taking loans as well as opening deposits.
Banking has evolved a great deal in the last few years. Internet banking and transfer of money online, has almost eliminated the traditional brick and mortar banking that we have seen. Today, traditional banking has paved the way for adoption of newer technologies. Easy access of information on bank interest rates and facilities like bank calculators online and FD interest rates have also benefited readers. Please do also use the valuable information on banking provided on the Goodreturns.in website.
Importance of Interest Rates in Banking
If you have either taken a loan or have invested in FDs, in both cases it becomes imperative to check the interest rates. You can use loan calculators and FD interest rate calculators. However, some of these calculators do not offer you returns with tax. You have to remember, that you have to factor in tax, as interest on deposits is completely taxable in the hands of the investor. A quick comparison would also help you to earn more money on FD, especially if there is a huge interest rate differential.
If you are a regular salaries individual, it would be good, if you opt for recurring deposits. This would enable you save money in a systematic way for the longer term. Investors are advised to open these recurring deposits for a longer time frame, as interest rates tend to be higher over a longer tenure.
As we have mentioned earlier, do not invest, unless you have a longer term time frame in mind.
Advantages of Internet Banking
- Opening a bank account is simple and easy to operate via online mode.
- It is very convenient as one can easily pay their credit card dues, transfer money from one account to another, pay utility bills, get mobile recharge done and so on at the nick of the time with the help of internet banking.
- Internet Banking is available round the clock 24X7 on any day and one can access the same from any part of the world.
- It is fast and efficient. One can also manage several accounts smoothly via internet banking.
- One can also keep a vigil on transactions and account balance all the time as one gets to know real-time data in case of withdrawal or deposit of money into the account.
- Internet Banking is one of the vast medium for banks to endorse their products and services to users.
Disadvantages of Internet Banking
- It is impossible to access online banking without an internet connection.
- Security of online transactions is the most important concern, as hacking of confidential account information by unauthorized people over the internet is possible.
- One should carefully guard the password security, otherwise, the account may be misused by someone who has knowledge about the user details.
- Knowing how to transact with internet banking is the most important thing as beginners may face some problem during the initial days.
- If the bank’s server is down then it is difficult to transact until the issue is resolved.
- Possibilities are there that the bank transactions may or may not be successful due to several factors which includes slow connection or loss of network connectivity during the process of the transaction or if the bank’s server is down and so on.