A bank account online is not all it seems in India.
While there are some advantages and disadvantages to the process, the benefits outweigh the negatives, according to a new survey conducted by the online bank lender ADB Bank.
The survey found that over 90% of respondents in the survey chose online banking to take advantage of the bank’s convenience and savings features, as compared to 30% who said they chose a traditional banking option.
The survey found the biggest benefits for the respondents: they had more time to save and more time for online banking.
For those who did not have time to use the internet, they were most likely to say online banking is the best option for them.
“The biggest benefit to using online banking was that they had a time-savings advantage, as well as savings of Rs 15,000 and Rs 1,500 per month,” said Anjana Kumar, managing director of ADB’s online banking division.
“With that, they can avail the savings of a year, saving up to Rs 25,000,” she added.
The ADB survey also found that while over 90 percent of respondents said they used their credit cards at least once for online payments, nearly 70% did not.
“They use credit cards to pay bills and make purchases, but only for small amounts, and it is not necessary to spend on large purchases,” said Kumar.
For some, that’s a good thing as it gives them a cushion for smaller purchases and also gives them time to think about what they want to buy.
However, it can be challenging for those who do not have an online banking account to make payments online, as it can take up to five business days for an account to be established.
The online banking service offered by bank, ICICI Bank, was the second most popular option among those who used their bank account for online bank payments.
This is not surprising as it is a faster and more convenient way to make online payments.
“There are no fees, and the bank charges you no fees,” she explained.”
When you have an account, the process is quick, and you can take payments within minutes,” she said.
“There are no fees, and the bank charges you no fees,” she explained.
The biggest disadvantage for the average consumer was that it took a long time for them to make a payment.
“I have made a payment of Rs 25 lakh, and I haven’t done it in a week.
It takes two weeks for a payment to be processed, and even then, it is taking a little while,” said a 38-year-old woman, who did to pay her husband a few months ago.
She said the only time she was able to make money online was for her mobile phone payments.
The woman said she was unable to pay with a traditional bank, as the credit card payments she made were not verified by the bank, which meant the payments were lost to her bank account.
The same woman was also unable to take her husband’s cheque, as her credit card was not accepted by her bank.
“I had to spend Rs 4 lakh to pay my husband, and there were not any payment options offered to me,” she lamented.
“In a way, I would have been better off if I had not used my credit card, as I would not have lost money on it,” she admitted.
The best way to avoid this issue is to use an alternative bank to pay your bills.
“People who are in financial hardship can make online bank transfers as well, if they do not want to use traditional banks,” said Jitender Gupta, founder and managing director, Axis Bank.
“As the payment option is a bit faster and there is no fee, it’s worth it,” he said.