Account Management in Indian Banking System

BAM (Bank Account Management) refers to the rules and steps followed when a business wants to start, stop, or make changes to their accounts with a bank. Bank account management means controlling and making the most of your your bank account. This includes things like adding money in and taking money out, moving funds to other accounts, setting up regular payments, and requesting for loans or credit. Furthermore, people who have accounts can regularly check what is happening in their account, compare their account statements, and protect themselves from any dishonest actions in order to make sure their money is safe.

It is important to take care of your account to avoid scams, theft, and fees. By taking care of your accounts, you can make your money work better for you and get the most out of the perks available.

There are only 3 ways to access your bank 

Physical Banking: 

A bank is a special type of business that can take people’s money and give it back to them when they need it. They can also collect funds from deposits and lend money to people if they need it on a decided rate of interest. Banks also offer helpful services like retirement accounts, fixed-term savings accounts, currency exchange, and secure boxes to keep valuable items.

The banking sector plays a crucial role in the economy of our country. The banking sector is very important for a country’s financial system. It helps the country’s economy by giving out loans, facilitating infrastructural development, and putting money into businesses.

A Physical branch of bank is a place where customers can have a direct conversation with someone in person about something very important – money. It is hard to emphasize enough how important that is, because you only realize its significance when things go south.

Mobile Banking

Mobile banking is when you use your phone or tablet to look at and manage your bank account and do things with your money. Most banks have a mobile app that is safe and easy to use. You can access it from anywhere, even if you are not at a bank or ATM. 

Mobile Banking entitles many technologies under its wing. Mobile banking is when you can do your banking stuff on your phone or tablet. This also includes doing your banking things on the internet.

  • Missed Call Banking means that all customers of the Bank of India can just call the BOI Balance Check number to find out how much money is in their account. Mobile banking is when you can do your banking stuff on your phone or tablet. This also includes doing your banking things on the internet.
  • Internet banking means using the internet on your phone, tablet, or computer to get information about your bank account. It is quick, typically free, and allows you to pay bills and transfer money without going to or calling your bank.
  • SMS banking allows customers to get information about their accounts and do simple transactions by sending text messages.
  • Interactive Voice Response (IVR) is a telephonic system that lets callers access information by listening to prerecorded messages. They can do this without talking to a real person, and they can also use the number pad or their voice to select options from a menu.

ATM Banking

An Automated Teller Machine (ATM) is an electronic machine at a bank or set up independently, that lets customers do basic banking functions without needing help from a bank employee. ATMs are very convenient and easy to use with a simple interface.

It makes it easy and fast to get money. You do not need any paperwork to get an ATM card. Every bank will give you an ATM card when you open an account. You can find out how much money is in your account using an ATM.

One is a small device that lets you take out money, see how much money you have, change your secret code, see a summary of your recent transactions, and get updates about your account. The more advanced machines let you put in cash or a cheque and they also allow you to get a loan and pay bills.

Benefits of Account Management:

  • Your money is secure. 
  • Your money is safe from mistakes and dishonest actions or cyber threats. 
  • You receive your money quicker without needing to cash a check.
  • You can easily and without worries buy things online.
  • You can use other products and offers from the bank. For instance, Credit Cards usually come with offers and discounts that are useful to the customer.
  • You can send money to your loved ones using this service.
  • You have evidence that you paid for something in form of receipts/statements.
  • You can watch and know how much money you have, and you can make expenses accordingly.
  • You can create helpful reminders for regular payments.
  • You can pay your bills no matter where you are.

The banking industry in India has responded positively and supportively to the reforms in the financial sector. The entry of new private banks has caused competition for public sector banks. The changes in the financial sector have made India’s financial system more like the rest of the world. Technical advancement like Mobile Banking allows customers to get account information over the phone by dialling PNB balance check number or your respective bank’s enquiry contact. With the benefits of account management in mind, the convenience offered by technology has further pushed the public to micro manage their bank accounts, remotely.

Banks are a trustworthy choice for saving, investing, or borrowing money. They have different rules and agreements. That is why we can confidently say that money and banking are crucial parts of the economy. A bank account is not just for putting money away, it is also for taking care of your money. Opting to open an account is beneficial as it enables you to utilize a service that assists in the organization of your monetary resources. Moreover, it can be useful when seeking financial assistance in the future.

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