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There is no greater fear in my mind than thinking about a cheque bouncing or overdrawing my bank account. In addition to the potential embarrassment, such instances are penalized with extra charges that are levied due to inadequate balance in an account. In certain instances, cheque bouncing may invite legal proceedings and penalties more severe than monetary fines.

Normally, I ensure that adequate funds are maintained in my bank account to prevent any unpleasant incidents or inconvenience. However, I recently had to pay several bills, over and above the usual utility payments, because I just completed my higher education and have commenced repaying my student loan. This resulted in the balance in my bank account falling dangerously low, which is something that I am extremely uncomfortable with.

To further add to my stressful situation, I have relocated, resulting in additional unplanned expenditure. After spending weeks looking for an apartment, I found the one that was most appropriate. It was right in terms of its location, price and amenities to suit my budget, while conforming to my current standard of living. After discussing with the owner, I was ready to take the apartment.

As is the practice, most rental apartments require a certain amount as a security deposit before you can move into the home. The apartment that I was planning to rent required a deposit equivalent to six months’ rent, which is a significant amount. As I was carrying my cheque book, I started writing out the cheque. I was halfway through when a thought came to my mind; “Do I have sufficient funds in my account to ensure that the cheque will clear?”

Just when I was getting nervous and panicking, I remembered that I had successfully completed the mobile banking registration process of Kotak Mahindra Bank. This meant that getting my account balance and viewing the activity was at my fingertips. I pulled out my phone and logged into my account and checked my balance in less than 30 seconds.

Fortunately, using the mobile banking app I was assured of having sufficient balance in the account to ensure that the cheque towards the security deposit would be cleared. As a working professional, it isn’t always feasible for me to visit a branch for every financial transaction. With mobile banking app, I no longer need to take time off during my working hours as every service is available at my fingertips.

What’s even more impressive is that most mobile banking apps can now be used to do a lot more than to simply view your account balance or statements. With a mobile app you can also transfer funds without adding beneficiaries, pay credit card bills, schedule automated bill payments to registered billers, and more. Some banking apps go even further, allowing you to send funds to your friends and relatives, book movie & travel tickets and make hotel bookings

Although this was not the first time that I used mobile banking, this particular experience was a defining moment that convinced me about the merits of mobile banking. If I could depend on mobile banking when I was in a state of panic, I see no reason why I should not depend on it at all other times.

Author Bio:

Tejas Kunder is an independent blogger and writing has been his passion for a long time. A journalism grad, he loves exploring the world of sports, health, lifestyle and travel. When he’s not writing, he’s out on his bike discovering new places, apart from that he loves listening to music and catching up on the latest flick.