Ravi and Priya were good friends. They understood the importance of managing their finances wisely and had recently opened savings accounts with two reputable banks – Canara Bank and State Bank of India. Little did they know that the modern digital era would offer them an array of convenient services, including the ability to check their account balances at their fingertips.
Importance of opening a savings account and digital services today
A savings account is like a sturdy vessel that collects drops of your hard-earned money, ready to be transformed into a reservoir of possibilities. Ravi and Priya were aware of this. By opening their savings accounts, they were treading the path of financial security and growth. The digital revolution made the journey even more exciting. Today, with a tap on the button, they could get hold of various digital services. Long gone are those days when one had to stand in long queues for passbook updates. The benefits of checking account balances are numerous and encompass both financial well-being and peace of mind.
Benefits of checking account balances
It aids in effective budgeting and prevents overspending. A watched account balance is a lifeline for effective budgeting. It serves as the foundation upon which you can build a detailed budget plan. When you know exactly how much you have, you can allocate funds to essential categories like bills, groceries, and savings. Moreover, tracking your balance prevents overspending, as you can see the available funds and ensure you stay within your financial limits.
Unusual or unauthorised transactions can be spotted early, curbing potential fraud. Your account balance is a shield against fraudulent activities. Regularly checking it enables you to detect any unusual or unauthorised transactions promptly. If you notice something suspicious, you can take immediate action to prevent further damage. This vigilance is your first line of defence against potential financial fraud.
Knowing your balance helps in planning for unforeseen expenses. Life is unpredictable, and emergencies can strike at any time. Having a clear understanding of your account balance allows you to prepare for these unexpected expenses. Whether it’s a medical emergency, car repair, or home maintenance, you can confidently navigate these situations without derailing your financial stability.
You can monitor the growth of your savings and interest earned. For those who diligently save, watching your balance isn’t just about the principal amount. It’s also about witnessing your money grow. By tracking your balance, you can observe the impact of interest earned over time. This motivates you to save more and take advantage of compounding growth.
Maintaining a sufficient balance positively impacts your credit score. Your credit score reflects your financial responsibility. A sufficient account balance is a testament to your ability to manage your finances, which in turn positively influences your credit score. A good credit score opens doors to favourable loan terms and interest rates.
The account balance affects your eligibility for loans and credit. Your account balance has a role in shaping your creditworthiness. Lenders often consider your financial stability, including your account balance, when evaluating loan applications. A healthy balance can enhance your chances of getting approved for loans and credit lines.
Tracking your balance helps achieve financial goals like vacations or buying a home. Everyone has dreams they want to turn into reality. Your account balance is a barometer of your progress towards these financial goals. By regularly checking it, you can ensure you’re on track and adjust your savings and spending strategies accordingly.
A healthy balance opens doors to investment ventures. Investments require capital, and a healthy account balance provides you with the capital to explore various investment opportunities. Whether it’s stocks, mutual funds, or real estate, having funds readily available empowers you to grow your wealth.
Prevent overdrafts and associated penalties by staying informed. Overdrafts can be a costly mistake, leading to hefty penalties. By staying informed about your account balance, you can prevent overdraft situations and save yourself from unnecessary financial setbacks.
Balances contribute to long-term retirement planning. Your account balance is a cornerstone of your retirement plan. Monitoring it helps you gauge whether you’re on track to achieving the retirement lifestyle you envision. Adjustments can be made in terms of savings and investments to align with your retirement goals.
Avoiding low balance fees
Steers clear of low balance charges by keeping a watchful eye. Some banks impose low balance fees if your account balance falls below a certain threshold. By checking your balance regularly, you can avoid these unnecessary fees and keep more of your hard-earned money.
Plan for education-related outlays well in advance. If you are planning for education expenses, whether for yourself or your loved ones, your account balance is your financial toolkit. By tracking it, you can make sure you’re adequately prepared to cover tuition fees, books, and other education-related costs.
Entrepreneurs can gauge funds available for business endeavours. For aspiring entrepreneurs, your account balance is your seed fund. By monitoring it, you can assess your financial capacity to invest in your business ideas, whether it’s launching a startup or expanding an existing venture.
Be prepared for medical expenses by knowing your balance. Medical expenses can be significant and unexpected. Regularly checking your account balance enables you to set aside funds for potential healthcare needs, ensuring that you’re financially equipped to handle medical emergencies.
Keeping track fosters a sense of control and independence. Self-reliance and independence in financial matters are empowering. Monitoring your account balance cultivates a sense of control over your money and financial decisions, contributing to your overall financial independence.
Ensure sufficient funds for special occasions and celebrations. Life’s milestones and celebrations are worth cherishing. Your account balance lets you plan and budget for these special moments, ensuring you have the funds to make them memorable without causing financial strain.
Steps to check your account balance –
Choose a channel
Select the channel whether net banking or mobile banking.
Enter your PIN
Provide your secure banking credentials and PIN.
Navigate the menu
Select the option to check your account balance.
View the balance
On the selected account balance option, you will find the balance.
Never share your PIN or respond to unsolicited messages.
Ravi and Priya adopted the digital evolution of banking with open arms. With the Canara Bank Balance Check Number and SBI Balance Check Number, they seamlessly navigated their financial path. They realised that regularly checking their account balances was not just about numbers; it was about security and the promise of a brighter financial future.