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Coronavirus Precautions: How you can bank from home
20 July 2020
The lockdown has had a direct impact on our finances in one way or another. This creates the need for many of us to talk to our banking managers or look into all the options we have right now. As physically, going to the bank is now recommended only for availing very specific services, online banking is all you need. While online banking has been around for a while, many banks have now added new features that take care of pretty much any need you might have right now.
During a lockdown, a lot of bank relationship managers are also approaching their customers with health insurance plans from different providers, but you have to ensure that you opt for plans which cover Covid-19 related hospitalisation. A specific health insurance plan like Corona Kavach helps secure your finances against the pandemic at affordable premiums, and you can buy it in few simple steps. A completely digital process, including your policy document, which directly comes to your registered email ID and there is no physical copies or documents exchanged.
After help you secure your health with Corona Kavach health insurance plan, now let's get you started on your online banking journey-
Your first step would be to download your bank's official app. Once that is done, use your login credentials to log in. In case you don't have access to these, simply call your bank, and they can help you out with the same.
Once you register, all you need to do is log in with your username and password to access a host of features with a few clicks. Now that you're logged in, let's get into some of the features that you can access.
While we all have heard about common features like receiving bank statements, NEFT/ RTGS transfers, and online bill payments available on the app. There are many other important features and schemes available online that are especially beneficial in these times. Let's take a look at some of these-
2. Apply for Moratorium
Many banks are offering moratorium – postponement of instalments or any payment for a specific period to tide over the pandemic situation as directed by the RBI. This can be availed online. However, do check with your bank once about their specific terms and conditions.
3. KYC - Complete Contactless Banking
Some banks have also introduced zero-contact video KYC (Know Your Customer) for opening a savings account. While most processes are available online, the current pandemic situation has paved the way for banks to go completely digital.
You can now speak to a bank official on video call who will ask you for your Aadhar card details, the city you live in, date of birth etc. Then, you will be asked to show your PAN card. To receive your signature, you will be asked to sign on a blank paper and hold it up for the video. A picture of it will be captured. And believe it or not, the entire process is completed in just ten minutes!
4. Apply For Credit Cards Loans Online
You can also apply for credit card loans if you need to make purchases on credit or apply for a loan. The entire procedure is now rendered online.
5. ECLGS – A Lease of Life
Banks are also offering an Emergency Credit Line Guarantee Scheme, a Working Capital Term Loan (WCTL) stipulated by the Government of India to augment Micro, Small and Medium Enterprises (MSMEs) to meet operational liabilities or restart businesses that have been impacted by the Covid-19 crisis.
6. GECL Online!
Avail the GECL – Guarantee Emergency Credit Line Scheme under the ECLGS, completely online in various banks. A special scheme introduced during the Covid-19 crisis for MSMEs, this is a pre-approved sanction limit in the form of additional working capital term loan facility. The amount borrowed can be up to 25 Cr. , but you must contact the bank to understand the eligibility criteria for the same.
7. National Pension Scheme
The Covid-19 and its implications have cast a shadow on many futures. However, it has also helped every individual think about the future with a greater emphasis on savings. The National Pension Scheme is a voluntary defined contribution pension system in India. Its greatest benefit being that not only do you end up with financial security as you get older, but the entire corpus received by you at maturity escapes taxes and the pension withdrawal amount remains tax-free. And now, you can start one online, from the convenience of your home.
8. ChatBots & Blogs to your Aid
Many banks have also introduced virtual assistants in the form of informative chatbots, that take your query and process it to guide you through your problem. This is a new feature introduced to help customers during the pandemic. With the increased need for online assistance, chatbots provide quick help on everyday banking queries. Banks are also keeping customers apprised of changes and new schemes through the bots. Do check them to stay updated on the latest changes in the banking world and how they impact you.
In present times, digitisation of services is a great boon for us as it eliminates the physical presence of customers with bank officials and your health insurance partner, making it the safest and fastest mode to conduct work bereft of fear of infection or disease spread.