Many people are getting accustomed to using net banking for their banking needs. With the increasing use of technology in daily life, banks have started providing banking services on their official websites and this is called net banking. It can be used on different devices such as a laptop, tablet or smartphone.
Internet banking, or net banking, is a service that eliminates the need to go to the bank in person, stand in queues, fill out handwritten forms and wait in line for transactions to be done in the bank. With net banking, services like fund transfers, updating details and even bill payments are not only possible but are quick and easy. This article explores net banking and its important uses and features.
What Is Net Banking?
Net banking is an electronic banking service provided by nearly all banks, enabling the customer to access all the financial and non-financial banking services without visiting the bank branch in person. Net banking is also known as internet banking or e-banking. To use net banking, you should have a stable internet connection and a computer, tablet or smartphone. Net banking can help with services like fast and easy transactions, checking your account balance or transaction history and even ordering a new chequebook or card all from the comfort of your home.
How To Register For Net Banking?
Net banking can be accessed by any customer having an active account in a bank. The user has to go to the bank’s official website, register for net banking and generate a user ID and password. This is required to login into the customer’s net banking account. The user can register for net banking either through the bank branch or online.
These are the steps to register for net banking via a bank branch:
- Visit the nearest branch of the bank where you have an account and fill out and submit the net banking form along with the required documents such as bank account passbook, Aadhaar card and other required documents.
- Once the form and documents have been verified by the bank, the bank will provide a user ID or a customer ID along with a password required to log in to your net banking account.
Here are the steps to register for net banking online:
- Open the official website of the bank and go to the specified ‘Net Banking‘ section.
- Click on the ‘New User Registration / Activation Here’ button.
- You will be redirected to a registration screen.
- Enter all the required details, such as account number, CIF number, registered mobile number, country and other required details and click ‘Submit’.
- Enter the OTP sent to your registered mobile number.
- You will be asked to create a username and password.
- Once the registration is complete, log in with the login ID and password you created.
It should be noted that the registration steps might be a little different for each bank depending on their website and requirements. But in general, most banks will follow a similar registration process.
What Are The Features Of Net Banking?
Here are some of the most important features of net banking services:
- The bank does not allow the same username for more than one account. Hence, you get a unique username and password which cannot be known by anyone, which makes net banking extra secure.
- You can access your net banking account even when you are at home, at your workplace or on vacation.
- You can transfer funds from one account to another via NEFT, RTGS and IMPS at any time using net banking. The transactions are completed within a few seconds and the balance is even updated immediately.
- You can check your account balance instantly and can generate a detailed and long transaction history even for up to a year, without any charges. Transactions are even sent to your registered email ID every month.
- You can access services like applying for a loan or insurance.
- You can manage your trading accounts or apply for an IPO (Initial Public Offering).
- You can create or manage FDs or other accounts and make investments. Moreover, you can also pay taxes via net banking.
- Bill payments and mobile phone recharges can be done instantly. Hence you do not need to wait in a queue to pay the bills. Furthermore, you do not need to worry about remembering the due dates of bills since net banking sets up reminders.
- Your loan instalments or monthly or periodic recharges or payments can be set up for automatic payment so you will not pay extra penalties or late fees in case you miss a payment.
What Are The Advantages Of Net Banking?
Here are some of the advantages of net banking:
- Net banking is considered convenient since you can save time, effort and money by not having to go to the bank in person.
- Net banking is accessible 24 hours a day so you can even make an urgent transaction at any time of the day.
- It is a safe banking method since all the user information and personal details are stored on the bank’s secure servers.
- In addition to financial transactions, you can also pay your bills such as your credit card bill, electricity bill, phone bill and much more using net banking.
- Net banking gives you access to several non-financial facilities such as FDs / RDs, personal loans, tax payments, investments, checking mortgages, Demat services and more in one single place.
Net banking is a revolutionary and useful service that saves the time and effort of customers and bank staff members. This, in turn, ends up making banking operations quicker and more efficient. Banks go to great lengths to ensure that all of your information is secure and will have tips and suggestions on how to ensure your privacy while using net banking services, such as not sharing your password with anyone and not using net banking on shared devices. To read more articles about the benefits of using net banking, visit the Piramal Finance website and learn more about the future of banking!