Introduction of Internet in the banking operations has done a world of goods to the Indian banking segment. Exactly the 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 dynamic sector which follows the Charles Darwin theory of the’Survival of Fittest ‘. Combined with arrival of Internet, it is 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 taken the best from the both sector banks, much to the delight of the client base.
After the invention of Internet, there is a radical change in the quality of banking services. Now people can withdraw cash, round the clock, as a result of the ATMs, which are observed in virtually every part of the country. That’s not totally all, services like enquiries relating to bank account such as for instance opening procedure, balance enquiry, transference of balance, discharging any kind of financial obligation can be carried out through Internet. Every query relating to any facet of the concerned banking organisation is now able to be entertained via the channel of Internet. Internet even vouchsafes the account holder to work his account from any corner of the world and transact. Internet introduction in the banking domain has done a remarkable job by the addition of the flexibleness factor to its rigid norms. This is the chief reason the private sector banks in addition to 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 is the terminal fixed deposits product which have contributed significantly to the survival of Indian banking system even in these rough times. SBI Balance Enquiry Numbers Fixed deposits which some few years back got completely outdated, have made a wonderful awesome comeback to the national banking stage, after having a few necessary alterations that were needed to produce it look more lucrative.
Fixed deposits, earlier, were a long term commitment relating to the subscribing party and the concerned banking authority. By the end of times period, ie, at the maturity of the fixed deposit policy, subscriber gets back the quantity with a high interest rate. But some few years back, they faded into oblivion owing to sudden slump in demand. This continued for a large time frame, 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 long term fixed deposit product suddenly metamorphosing into the short-term fixed deposit product but with comparatively higher rate of interest to suit to the demands of the every particular age group customer. The most effective part with this scheme was the interest rate factor, that will be 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 twelve months, it solved the short term problems of liquidity for the banks.