The banking industry has played a crucial role in the development of our country. It has undertaken distinct banking techniques and methods over an extended period and diversified enormously to make all our financial lives simpler and easier. From the age-old barter system to commercial banks’ nationalization to the liberalization of the economy in the year 1991, there have been remarkable changes in this industry. Now, owing to the emergence of internet services, banking has entered the online zone in the form of internet banking. Now, with internet banking, you can do numerous things like transfer your funds online, pay your bills or dues, invest in mutual funds, fixed deposit, recurring deposit etc., request a new cheque book, passbook, credit card, and debit card, etc. You can also get details on the appropriate bank timings.
For instance, suppose you have an account in HDFC and ICICI bank, and you are looking to visit the bank to deposit cash, for this you can open your HDFC net banking and ICICI net banking to check the appropriate HDFC bank timings and ICICI bank timings, respectively. And based on that you can visit the bank to get your work done. Discussed here are all about net banking. Read on to know.
What’s net banking?
Net banking, even addressed by the term internet banking, is nothing but an electronic mode for accessing different financial as well as non-financial services provided by banks. Through this mode, you as a customer can conduct your different banking transactions through online mode using mobile devices, irrespective of the location and time. The core purpose of internet banking is to get rid of the requirement to approach the bank branch for different banking services or transactions like transferring funds, forming fixed deposits, or recurring deposits, checking account balances and others.
You as a customer with an active savings bank account should register for an internet banking facility to begin using it for instant transactions and avail of convenient banking services.
What are the crucial features of net banking, you must be aware of?
Here are a few of the important net banking features in India –
∙ Hassle-free and quick access to banking services.
∙ Easy to check account balance as well as transaction history.
∙ The ease to make fund transfers of the limit allowed by the bank.
∙ Secure accessibility to user accounts through bank ID and passcode.
∙ Ease of making bill payments, placing loan applications, checking balance, paying premiums, investing in fixed deposit, recurring deposit, or mutual funds, upgrading debit card or credit card through net banking account and others.
What are the benefits of using internet banking?
24X7 availability of the banking services
With internet banking, it’s become simpler for you as a bank account holder to get banking services 24X7 across the year. You do not require waiting to visit the premises of the bank for making fund transfers or payment of the bill. This is a major benefit because previously you had to visit the bank to get specific work done during the bank timings. However, now with internet banking, you do not require visiting the bank for minor work. For instance, suppose you have an account with ICICI bank, and you want to transfer a specific amount from your ICICI bank to another account. Previously, when there was no internet banking, then you had no option but to visit the bank during the ICICI bank timings to make the transfer. But now, with internet banking, you can do the transfer instantly through your net banking.
Standing in long queues in the bank branch to avail a specific service is something you did in the past. By turning towards the internet banking facility, you do not require leaving your necessary chores behind and visit the bank.
An important benefit of opting for net banking is that it allows you to save time. You can conduct your transactions and apply for recurring deposits, fixed deposits, or cheque books through your banking account in a few minutes.
Service request tracking
Same as getting an acknowledgement receipt on banking services offline, you check your service request online or transaction history through your banking application. All crucial transaction details or services are recorded for later use.
What are the limitations of using a net banking service?
While most of you may just see the beneficial side of opting for internet banking in India, this option has certain limitations too. These include –
∙ Holding a net connection when using net banking services is a must to access the banking services through your mobile or desktop.
∙ If you are one of those who do not use the internet daily, internet banking services may appear a tough way to make the most out of banking services.
∙ If you want to deposit cash, then net banking will not work here. To deposit the cash, you will have to visit the bank physically.
How can you register for internet banking?
In case you do not have any access to a net banking facility, here are certain steps you must follow –
∙ Visit your bank branch to hand over your application form for net banking along with your important documents like a copy of your PAN card and Aadhaar card.
∙ Once you get the internet banking ID as well as the passcode, form a user account using the bank’s official site or mobile app.
∙ Once your bank account is formed, you can begin availing different banking services from anywhere at any time.
Frequently asked questions (FAQs)
How does internet banking function?
Internet banking is nothing but a digital payment medium that you can use to complete your different banking requirements like fund transfers, bill payments, investments, etc. To access your net banking, you must activate your net banking account by filling out a registration form by visiting the bank physically. You can even activate it through the user ID and passcode provided to you by the bank. However, note that once you activate your net banking, you must change your passcode.
Is internet banking safe?
Internet banking infrastructure offered by the banks is secure and safe. However, you being a user even need to follow certain precautionary moves to avoid any unauthorized access to your net banking account.
Is the internet banking service free?
Most banks do not levy any charge for providing internet banking services. Thus, it is up to the bank to ask for the fee for specific banking facilities.