Personal banking has been an indispensable part of everyone’s life today, from students to retired individuals, from salaried individuals to entrepreneurs. Personal banking encompasses a range of services offered by financial institutions to individuals. Typically, this refers to a suite of products offered by the bank to people to meet their basic financial needs. The bank may talk about home loans, personal loans, fixed deposit account, savings account, and credit card services when it comes to personal banking. Other newer services which that are enabled by internet and technology are:
- Online payments and deposits
- Access ATM
- Invest in various investment schemes
However, there are a few highly beneficial features which you should know in detail to make the most of its benefits. Let’s see what these features are of personal banking:
- Home Loans
A home loan is a secured loan that you can avail to buy a property or to construct. They canbe paid over a certain period via expedient EMIs. A home loan can be repaid without any stress due to its longer tenure as compared to other loans. To make repayment simpler, most banks don’t put any repayment charges. Moreover, the interest rate of home loans is around 9.5%, making it affordable for everyone.
- Savings Account
A savings account is an important tool, providing ready access to your case always. A saving account comes with excellent benefits including convenient money management, liquidity, nominal interest rate, save money, keep your money secure, pay bills, and a lot more.
- Fixed Deposit
A fixed deposit account is a great financial investment tool offered by NBFCs and banks. In an FD account, you can deposit your money and get a higher interest rate than a savings account. The key benefits of fixed deposit account include saving money, safer investment, tax benefits, flexibility, liquidity, etc. This personal banking feature is a smart financial move to reduce your tax liabilities.
- Personal Loan
A personal loan is an excellent boon when you require money without any hassles. Whether you want it for a wedding, medical expenses, educational purpose or foreign travel, you can avail this loan easily and quickly. It is a convenient loan option as you can easily repay it over a certain time in small instalments and get fast disbursal with no or little paperwork. Some other benefits of this loan, include fast disbursal, no collaterals required, easy documentation, and pocket-friendly repayments.
Hope these insights in the features of personal banking help you to avail the maximum benefits of this service.