In the digital era, banks allow you to automate monthly bill payment. With this facility, the monthly payment is automatically made from your account on or before the due date. Over 10 banks in the country provide automatic bill payments facility and, on average, it also leads to about 5 per cent saving in the form of cash backs and offers online. So, automatic bill payment comes as a win-win option at no additional cost. However, do check with your bank about the facility charges as there could be a hidden fee on the service too.
Automatic payments can be easily activated from your banking portal. Here are some benefits you should know:
Benefits of automatic bill payment-
1. No need to remember different dates: You won’t need to remember all the dates of different bills as the bank will automatically debit the billing amount on or before the due date of the respective bill.
2. All at one platform: You don’t need to worry about every other bill, as the bank will provide an auto facility for every bill of yours on a single platform.
3. No more penalties and charges: You can get rid of late payment penalties and charges, as the bank will automatically debit the amount required on the due date.
4. Cashback and offers: There are lots of cashback offers and discounts on various e-commerce websites for paying bills through online wallets or bank.
5. Helps in maintaining records:
How to start automatic bill payment?
1. You can start automatic bill payment services by calling customer care service of your bank, they can help you generate this service on your bank account in 24 hrs.
2. Some banks also provide the option to select and activate this service. All you need is a net banking service of your bank account. You can log in to your net banking portal and look for such activation option.
3. You can also log in to the official web site of your bank and activate your auto debit services from there.
Services you can pay via automatic bill payment option-
1. A mutual fund or SIP payment (Monthly/quarterly/annually)
2. Water, power, phone, DTH bill payments
3. Insurance or policy premiums
4. Customised monthly payment to a fixed bank account
For more information about the automatic bill payment option, you can log in to the official website of your bank or call customer care number.