The hidden powers of your bank account you may not be aware of

financialexpress.com:

Your bank account is not just a place to stash your money and pay bills. It possesses hidden features and functionalities that many people in India may not be aware of. These hidden powers can make your financial life more convenient, secure, and even help you save money.

Here are some remarkable things your bank account can do in India:

This facility helps you link popular digital wallets like Paytm, PhonePe, or Google Pay to your bank account. The integration allows you to seamlessly transfer funds between your bank account and wallet, making it easier to manage your digital payments. You can also use your bank account to recharge your wallet, simplifying the process of topping up your digital wallet for everyday expenses.

Most banks provide the Unified Payments Interface (UPI) services, allowing you to send and receive money instantly using a virtual payment address (VPA). What’s lesser known is the ability to split bills with friends and family. With your bank’s UPI app, you can split restaurant bills, rent, or any shared expenses effortlessly.

Adhil Shetty, CEO, Bankbazaar.com, says, “UPI has revolutionised the electronic payment system. It helps you make multiple payments using the mobile application linked to your bank account. You can transfer money to the receiver’s bank account in less than a minute. The entire payment process through UPI is contactless and your bank account plays a key role in this facility.”

Also Read: What happens when you stop using your credit cards?

Your bank account can help you automate your savings through Fixed Deposits (FDs) and Recurring Deposits (RDs). You can set up automated transfers from your savings or current account to create FDs or RDs. This can ensure that you