Until the mobile app and net banking services were offered to people, the account passbook and ATM were the two main options for people to do a balance enquiry. Until the demonetization drive initiated by the Indian Government, many people that even had registered for net banking still used ATMs to check account balance and get mini statement carrying the details of the last 10 transactions carried out by the account holder.
There are plenty of reasons why balance enquiry is carried out more frequently by people as compared to other banking transactions, such as:
- To ensure that the account has sufficient funds for money transfer, cheque payment, etc.
- To check if the money sent by the receiver has been credited to the account
- To make sure that the amount debited for a transaction that failed has been credited back
- To see if the interest (in a savings account) has been deposited by the bank on time
It is advisable to keep a check on the account balance from time to time and ensure that there are no unauthorised transactions. Also, check your monthly statement to see your unnecessary expenses and cut them to save more money. Keeping an eye on account balance and transactions can also help you make a monthly budget.
State Bank of India (SBI) understands the importance of balance enquiry service for its customers and offers plenty of options for them to choose from. SBI has catered to the generation that was not internet-savvy and is now geared to serve the millennial who love to carry out banking online. Therefore, the State Bank of India balance enquiry service is available both offline and online.