Introduction of Internet in the banking operations has done a world of goods to the Indian banking segment. The exact same segment which earlier was known for being a lucrative job proposition (owing to its convenient timings and countless holidays) has suddenly transmuted into a powerful sector which follows the Charles Darwin theory of the’Survival of Fittest ‘. Combined with the arrival of Internet, it’s the inception of private sources backed banking entities that has pushed the already established banking names (primarily, public sector banks) to limits. This atmospheric exertion and repulsion, has had the most effective out from the both sector banks, much to the delight of the client base.
Following the invention of Internet, there is a huge radical change in the grade of banking services. Now people can withdraw cash, across the clock, because of the ATMs, which are found in nearly every part of the country. Gramin Banks Balance Enquiry Numbers That’s not absolutely all, services like enquiries associated with bank account such as for instance opening procedure, balance enquiry, transference of balance, discharging any kind of financial obligation can be done through Internet. Every query associated with any part of the concerned banking organisation are now able to be entertained via the channel of Internet. Internet even vouchsafes the account holder to use his account from any corner of the planet and transact. Internet introduction in the banking domain has done an extraordinary job by adding the flexibleness factor to its rigid norms. This is the chief reason both private sector banks, as well as public sector banks, have set an unbelievable standard of services.
If Internet has done a world of goods to the banking sector then in these liquidity-draught times, it’s the terminal fixed deposits product that have contributed significantly to the survival of Indian banking system even yet in these rough times. Fixed deposits which some couple of years back got completely outdated, have made a stunning awesome comeback to the national banking stage, after a few necessary alterations which were needed to produce it look more lucrative.
Fixed deposits, earlier, were a long haul commitment involving the subscribing party and the concerned banking authority. At the end of times period, ie, at the maturity of the fixed deposit policy, subscriber gets back the total amount with a higher interest rate. However, many couple of years back, they faded into oblivion owing to sudden slump in demand. This continued for a substantial period of time, before economy came vis-a-vis to the economic crisis which needed sudden subtle adjustments on the behalf of the banking segment. Thereafter, a revolution followed which saw longterm fixed deposit product suddenly metamorphosing to the short-term fixed deposit product but with comparatively higher rate of interest to match to the demands of the every particular generation customer. The most effective part of this scheme was the interest rate factor, which is quite high for senior citizen, thus rendering it quite an appealing banking product. Since, the newer version was reintroduced on the market with a tenure of 12 months, it solved the short term problems of liquidity for the banks.