Are you someone who believes in keeping one bank account for all your transactions? You may think it offers convenience, but in reality, it could leave you vulnerable to security issues as well as difficulty in tracking your payments. Here, we explain the ways in which the decision can prove to be risky.
Ensuring account security
Traditional banking has its own merits but it can be prone to hacking when conducting transactions online, such as being prone to hacking. If you have all your savings in one account, it leaves your entire investment vulnerable. However, if you maintain separate accounts for your daily transactions and another for perhaps your savings or paying EMIs, then obviously, your risk is less. If security is a priority, you must consider opening an account with Airtel Payments Bank, India’s first truly digital bank, which offers a bouquet of services in a completely transparent and seamless manner. It is possible to open an Airtel Payments Bank Savings Account in a matter of minutes and be rest assured that your account data is protected.
Difficult to track transactions
With one account being home to all your transactions, it can get difficult to track your balance. You may, for instance, believe your account is flush with funds, but once your EMIs, bill payments and shopping or other transactions are debited, you may not be able to track how much is actually left. On the other hand, if you maintain separate accounts for separate reasons, such as one that is meant exclusively for receiving payments and another with Airtel Payments Bank for expenses and daily transactions, it can be extremely easy to stay on top of your savings. Moreover, an Airtel Payments Bank Savings Account makes it easy to invest in mutual funds and deposit your SIPs regularly.
Over-dependence on one bank
It’s not a good idea to be overdependent on one bank, and that is bound to happen if you restrict your savings to one account. Moving to another bank gives you the opportunity to take advantage of various deals and benefits, such as with Airtel Payments Bank, a completely digital platform. You are also able to compare interest rates, get discounts on loans, etc., and opt for one that suits you best.
Therefore, it is clear that different accounts serve different needs and offer more security and benefits, especially when it’s with Airtel Payments Bank. From offering banking solutions to taking care of investment needs, your Airtel Payments Bank account is a 360-degree digital gateway to securing your financial future. Whether it’s making a deposit, speedy withdrawals or transfers of funds, the Airtel Payments Bank, backed by the power of safety and security, makes investing as simple as clicking a button. Go ahead and open an account now if you haven’t already, and enjoy the convenience of tracking your transactions more efficiently.