Demystifying Six Common Banking Myths

Banking myths should be busted for people to use banking in the best way possible. This article demystifies some safety and convenience myths for smart banking.

Many users come across banking and financial myths in their day-to-day lives. Banking myths prevent us from taking maximum benefits of the services. To transform the way we bank, it is essential to bust these myths: 

Here’s a story on how Sheela could find her way to bust these myths: 

Sheela did not like to visit banks. That’s because the queues and counter numbers perturbed her.  

She always ended up waiting in a long queue at the wrong counter only to be told that her transaction needed some form to be picked from some other counter.

And, then she had to wait for her turn at the other counter. 

Earlier, her father used to perform all her banking transactions on her behalf, now it was her husband, Satish. 

When her best friend, Sushma found out about her dislike towards banks, she decided to bust all her banking and financial myths.

Six Banking Myths Busted

Banking Myth#1: Online banking is not safe

Sheela did not like to interact with banks whether it was offline at the branches or online on the Internet. 

Sushma explained to her that in most instances, online banking is comparatively safer and more efficient than offline banking. 

Of course, she would have to make sure that she takes all the necessary precautions, perform any mandatory steps, and check the balance before banking online. 

Sushma further explained that the Internet could empower banking through InstantPay neo banking services. The InstantPay mobile app is very easy and efficient to use.

Banking Myth#2: You need to visit the branch and update the passbook to get a clear financial picture of your inflows and outflows

Sushma showed Sheela how she could check all her cash inflows and outflows at a glance on the virtual financial dashboard on the InstantPay mobile app.

Banking Myth#3: You need to visit the branch for cash deposits and withdrawals

Sushma explained that Sheela could easily withdraw and deposit cash at her convenience at the nearest local Digi Kendra if she has an InstantPay neo banking account.

Banking Myth#4: You need to visit the branch for the addition of an online payee

It is not necessary. All you need to do is enter the payee details on the InstantPay mobile app or the web application to add payees for instant online transfer of funds.

Banking Myth#5: You need to visit the branch to open a fixed deposit

This one surprised Sheela. All she needed to do was enter all the relevant details on her app, and the fixed deposit would be opened in no time. Also, her fixed deposit certificate would be couriered to her home.

Banking Myth#6: You need to visit the branch for a loan or an overdraft

When Sushma said that she could get a loan or an overdraft upto pre-approved limits right from her mobile app, it was a huge eye-opener for Sheela.

Six Banking Myths Busted

Sushma had successfully bridged the gap between Sheela and the banks and busted all her banking and financial myths. 

Sheela now understood how the Internet could empower banking through InstantPay Neo banking services. She was no longer scared of banks. 

Sheela’s only regret is why didn’t Sushma introduce her to the InstantPay Neo banking services much earlier!

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