What Is Online Banking: Everything You Need To Know

Save & Invest

If you’re too busy or bored with receiving and sending checks and going to the bank to deposit or withdraw cash, try online banking for quick pay funds.

Banking is no longer tied to conventional banking hours or even visiting the bank to complete a transaction. With the use of ‘Internet banking,’ you may perform all of these duties and many more. 

Internet banking has become very prevalent. Even the thought of going back to the days before the internet can make you cringe since you have no clue how you ever got by without it.

What is Online Banking?

Online banking, often known as “net banking,” is the electronic system run by banks that allows you to access financial and non-financial banking items online. Earlier, you used to have to visit banks even for minor services. However, with the advent of internet banking, almost all services may now be used online, from fund transfers to asking for demand drafts, internet banking services, and other banking needs.

How Does Online Banking Work?

You must first register for online banking at your bank to use it.

  • With a savings or current account at any bank, you may sign up for online banking. 
  • Net banking requires a laptop, computer, or mobile device, as well as internet access to quick pay.
  • After registration, the bank issues a unique client ID and password that may be used to access the net banking platform to quickly pay funds. 

The Benefits of Online Banking

Other benefits of banking online include the ability to quickly pay money at any time and from any location. You could also:

  • Quick Pay for Online Bills 

One of the most vital benefits of online banking is that you do not need to take time from your day to visit the bank. Simply connect your bank account and quickly pay your bills online. You may also set up automatic bill payments for efficiency. This helps control your income when you have to make monthly payments.

  • Transfer Funds

You may need to quickly pay money to a customer or seller, or you may have to move funds from one account to another. Instead of mailing a registered check and waiting for it to clear, you may safely transfer the funds online.

  • Online Cheque Deposit 

Rather than travelling to a bank location and standing in line, you can submit cheques online in minutes. And, since most financial institutions offer a mobile app, you can always bank on the move. Some banks also provide client support 24 hours a day, seven days a week.

Cons of Online Banking

While internet banking is constantly improving, there are certain drawbacks as well.

  • Disruptions Caused By Technology 

A reliable internet connection is required for online banking. If your internet connection is disrupted due to a power outage, server problems at your bank, or if you are in a remote area, you may be unable to access your accounts. You may be unable to log in to your accounts due to planned site maintenance, forcing you to look elsewhere.

  • Lack of Personal Connection 

A personal connection with your bank may provide an advantage over internet banking for quickly pay money. If you want a business loan, a new line of credit, a fee waiver, or to make alterations to your present banking demands, having that connection might be beneficial. 

In-person banking connections may also assist you in creating a business account that is suited to your unique requirements, like quickly paying funds. They can also make notes in your files about checks, cash deposits, and overseas payments so you don’t have to wait as long.

An ideal connection would be a combination of internet banking for day-to-day operations and a close bond with your bank to help with larger needs. As a result, you will have a range of options to help your firm. 

How to Sign Up for Net Banking Online

Users may register for online banking through the bank’s official website. This is in addition to offline registration, which entails submitting the application form to the bank directly. Not all banks offer online enrollment for online banking services, so keep that in mind.

Step 1: Go to your bank’s official net-banking page.

Step 2: Under the personal/retail banking option, click on the ‘login’ button.

Step 3: On the next page, click the ‘New User?’ button. The ‘Register Here’ option will appear.

Step 4: Enter and continue to log in if you already have the customer ID and password from the bank. Otherwise, click ‘Next.’

Step 5: You will now be asked to complete a ‘Self Registration Form.’ Enter information such as your account number, debit card details, enrolled mobile number, branch code, email address, CIF number, and so forth. Then, press the ‘Submit’ button.

Step 6: Verify your enrollment using a one-time password emailed to your registered cellphone number.

Step 7: Your temporary client ID & password will be presented on the following page.

Step 8: Log in with your interim details. After you log in for the first time, you must generate a new password.

Net Banking Login Procedure

After successfully registering, you may log into your online banking account by following the instructions below:

  • Navigate to your bank’s official net-banking site. Check that the website’s URL begins with ‘https://’. This indicates that the URL is safe. 
  • If you are a regular user, pick ‘Personal Log-in.’ If you are a business user, choose ‘Corporate Login.’
  • Now, on the following page, enter your user ID & password. 
  • Enter the Captcha & click ‘Login.’ 
  • The next page will show your Online Banking dashboard. 


Online banking is a service given by banks that enables clients to access financial services online instead of visiting the bank offline. However, net banking services may only be accessible over the internet. Hence, updating your security passcode regularly is a good idea. This ensures that your bank account is safe from hackers. Aside from that, it is best not to reveal your net banking details to anyone. It might result in account theft. 

To know more about online banking and quick pay, check out Piramal Finance and explore their products and services.