From minor to major transactions to all types of loans, get all the banking services at your fingertips with net banking. All you need is an internet connection and a simple card login into your official banking website/app. Yes, it is as easy and fast as enjoying your favourite shows/movies on your smartphone. Here are some more reasons why using net banking can save time and effort, and make your life convenient.
1. Two-Factor Authentication
Every time you complete a transaction through net banking, you will be asked for a two-step verification.
- In the first step, you will receive a One-Time Password (OTP) on your registered mobile number, in the form of an SMS. This will give your bank a confirmation that it is you who is making the transaction.
- After completing the transaction, the bank will send you another SMS, informing you that the transaction is complete. The SMS will usually include a phone number that you can contact, in case it is not you who made the transaction.
This process is very helpful in securing the identity of the account holder and assures the safety of online transactions.
2. High-End Encryption
Banks invest a lot of money to make their websites and online banking applications safe and secure. By using advanced technology, they encrypt every transaction to ensure no data has been compromised. Hence, while using net banking or card login, you can rest assured that your data will not be accessed by any criminals or hackers.
3. Device Authentication
Another method banks use to secure digital transactions is known as ‘Device Authentication’. Whenever you log in to your account through a new device, you will get a message on your authenticated device to verify if it is you. You will then need to enter a Personal Identification Number (PIN) to establish your identity. Once the bank has verified the device, you can access your account through net banking or card login.
4. Better Control Over Your Transactions
Net banking makes it easy to access your account online and control transactions. Once you log in with your username or card details on the bank’s website, you can:
- Check your account balance
- Transfer funds
- Pay bills
- View your previous transactions
- Download a historical statement
- Check your TDS deduction details
- Add or manage your beneficiaries
You can even request a new chequebook or make a demand draft (DD) through net banking. Moreover, due to restricted access, net banking allows you to detect any unauthorized or suspicious activity at once.
5. Quick and Efficient Money Transfers
The best part about net banking is that you can transfer money quickly anywhere anytime. You can do this without leaving the comfort of your home. There are various options to choose from, such as NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment Service), depending on your convenience.
6. Pay Bills Automatically
Most banks offer the option of setting up automatic bill payments using net banking. You can see this option under the ‘Bill Pay’ section of the portal. All you need to do is enter the payee’s details, and the bank will automatically debit the amount from your bank account on the date specified by you.
7. Make your Investments Online
Net banking also allows you to open fixed deposits online and even make premature withdrawals without having to visit your bank branch. You can even register for a Systematic Investment Plan (SIP) and set up your mutual fund house as a biller, to automate your SIP payments. This way, you can make your savings regular and consistent.
8. Apply for a Personal Loan
Most banks and fintech startups make it mandatory to register for net banking if you wish to apply for a personal loan. This gives you access to credit whenever required. Also, you can make your loan repayments automatic by setting up standing instructions.
9. Pay Income Tax Online
Apart from the above, you can also pay your income tax through net banking. You will have to log into your e-filing account and then verify your Income Tax Return (ITR) online. You no longer need to send the signed copy of your ITR to the Income Tax Department.
Safety Tips to Enjoy Net Banking
Banks have made it as safe and convenient as possible for you to manage your accounts. However, there are a few things you need to keep in mind, to ensure the safety of online transactions:
- Always make sure that you type the website URL while visiting your bank’s website. Don’t use any external links to access net banking. You can bookmark the URL in your browser for future use.
- Look for the internet browser security lock next to the address bar, before logging into your account. This lock might also appear in the bottom right corner of the browser window. This ensures that the data you enter is encrypted.
- Never provide your username or password by email. Banks will never ask you to email your personal and sensitive information such as credit card number, net banking or card login details, password, or PIN. Any hacker can gain access to your account by hacking into your email account.
- Change your password regularly. Use combinations of capital and lowercase alphabets, numbers, and special characters to make your password difficult to guess.
- Choose to receive email or SMS alerts from your bank. This will keep you aware of any suspicious transactions and alert you whenever your balance falls below a certain threshold.
The Bottom Line
Net Banking has made it convenient to access your bank account and send or receive payments, anywhere anytime. As account holders, online banking benefits us in many ways. However, the onus is on you to make your experience, a safe one. Visit the Piramal Finance website for more details on this.