About Net Banking & What is Net Banking

Netbanking is an incredibly convenient online facility that enables customers of a bank to conduct a range of financial or non-financial transactions online through bank's website. It is an online facility that allows you to access your bank account 24x7. It is a fast and efficient way to manage your account and making transactions. Netbanking can be performed through a computer or similar devices such as laptop, mobile, etc.

Banks facilitate you to conduct a wide & comprehensive range of transactions across majority of their products through their Netbanking facility. You just require to log in to NetBanking facility provided by the banks on their websites and conduct slew of transactions from anywhere anytime comfortably. One can register for this facility and activate it after opening the bank account and can enjoy all the features offered by netbanking facility.

To use the netbanking facility, you need to log in to NetBanking using your Customer ID (User ID) and NetBanking Password (IPIN). You can access your account anytime, from anywherewhere through netbanking. After a successful login to your account, you are free to manage your account conveniently through the Internet in you can easily check your bank account balance, transfer funds, apply for FD, pay utility bills and other bills online, download account statement of previous years, recharge your mobile and perform such many more transactions in a secure environment sitting at home or office.

For security purpose, banks need to use the most advanced technology so that your money and all other information remain secured. You are also required to take some basic precautions like secrecy of userid, password, OTP and other details related to your account. Security features also include multi-factor authentication, use of virtual keyboard, receiving SMS and email alerts spending limits and session timeouts.

Online Services offered by Netbanking

(1) Financial Transactions

Making fund transfer using IMPS, NEFT or RTGS, paying bills, schedule automated payment of EMIs or bills, online ticket booking/ hotel booking, MF investments, opening FD or RD, etc.

(2) Non Financial Transactions

Request for cheque book, issuance of demand draft, open FD/ RD, submitting loan application, filing income tax returns, making stop cheque request, tracking of cheque status, viewing account statement, etc.

Eligibility for Netbanking Facility

Customers holding an account with the bank where he wants to use netbanking services. Only customers having an account with the said bank can apply and register for net banking
Customer's mobile number should be registered with his bank account
Customer should have an ATM cum Debit card of his account

Transactions Conducted using Netbanking

Using netbanking services, you can do the following banking transactions online:

Transfer funds between own accounts
Third party transfers to accounts maintained at any branch of SBI
Inter Bank Fund Transfers to accounts with other Banks
Online standing instructions for periodical transfer for the above
Credit PPF accounts across branches
Utility bill payments
Online Ticket Booking for travel by Road, Rail and Air
Payment of Insurance premium
Mutual funds Investments
Payments of Credit Card Bills
Tax Payment(such as Income Tax, Service Tax, State Govt Tax, etc.)
Payment of Customs Duty
Online Share Trading
Online Application for IPO
Fee Payment to select educational institutions including IITs and NITs
Request for Issue of Demand Draft
Request for opening of new accounts
Request for closure of Loan Accounts
Request for Issue of Cheque Book
TDS Enquiry
File Tax Returns
E-recurring Deposit Facility
SBI Flexi Deposit can be done
Earn reward points for transactions through Internet Banking

Modes of Money Transfer

Unified Payments Interface (UPI)	Immediate Payment Service (IMPS)	National Electronic Funds Transfer (NEFT)	Real Time Gross Settlement (RTGS)
You need to link your bank account to any UPI app and then you can start making payments Transfer money instantly and securely Access your account 24*7, even on holidays Secure fund transfers without the need to share your bank details Experience an additional layer of security with UPI PIN authentication	Fastest way to send money to meet instant requirements Fund transfer with instant credit of funds into beneficiary's account Transfer can be made using the beneficiary's bank account and IFSC Code Access your account on all days on 24x7x365 basis IMPS limit is Re.1 to Rs.5 lakh per transaction	Simple and quick money transfer option Can be done through Internet banking Available 24x7 all through the year Amount gets credited in 30 minutes Post-dated transactions can be scheduled Standing Instructions can be scheduled	Real time transfer without any waiting period High-value transactions done easily Safe and secure system for funds transfer with user authentication Access your account on all days on 24x7x365 basis Minimum amount for transfer Rs.2 lakh You can schedule your transactions

Advantages of Netbanking

Simple process of making financial and non financial transactions
You can carry out transactions instantly from anywhere, anytime being netbanking an online facility
Facility to access your bank account in seconds
Helps conduct secured transactions through multi layer security features
Keep a constant and improved watch on all your banking transactions
You can schedule automatic bill payment, EMI payment or transfer funds from your account

Disadvantages of Netbanking

Some customers who are not comfortable with usage of internet and other online facilities offered by banks, do not find it easy to use netbanking
Internet connection is must for using netbanking facility as netbanking cannot be accessed in absense of an internet connection
Even if netbanking is a secured medium of carrying out the transactions, some risks related to safety measures still cannot be ignored for example, account information of a customer may be hacked by unauthorized persons over the internet
There are limited options for internet usage in the rural areas. It is difficult to use online banking for fund transactions for people in rural areas
You will not be able to use netbanking service if your bank's server is down or internet connectivity is lost due to some reason

Pre-requisites for Netbanking Registration

Mobile Number : You should have your mobile number registered with your bank account to complete the online net banking registration process
Internet Connection: For BOI net banking Registration via online method, you should have an internet connection
ATM Card : You need to have an active ATM/ debit Card

How to Get Started for Internet Banking?

Getting started for internet banking is a 3 step process as outlined below.

(1) Open your bank account

The very first step for starting for internet banking is to open a bank account. You can open the account online as some of the major banks provide the facility for opeing account online. For this, you just have to visit the bank's online website and follow the steps for account opening.

(2) Register for net banking

The next step is to register for net banking. This can be done with your account number, date of birth or any other identification set by the bank. When you visit the bank's website, there will be a "Sign Up" option for registering for net banking facility. The login details form a part of the account opening kit for new accounts.

(3) Set the login credentials

The bank generates the first username and password. To enjoy maximum account security, you should change it and set a tough password using special characters, uppercase & lowercase letters and numbers.

Tips for Safe Netbanking

You should keep changing your password regularly in order to keep the netbanking account safe.
Install a good anti-virus software on your laptop or desktop.
You should never divulge your netbanking details such as user id and password to anyone
Avoid signing into the account through mailers or online portals.
You should not use public or common computers in office or cyber cafe while transacting through your netbanking account.
Remember your password. Do not write it down or note it down anywhere.
Remain aware and check accounts regularly.
Always disconnect the internet connection on your computer when you are not using internet to avoid hackers access your computer.
Keep notifications ON so you are alerted of any activity in the account.
You should use Virtual Keyboard which is an online application letting you input your NetBanking Passwords (IPINs) with the help of a mouse instead of using the physical keyboard for the same.

FAQs on Netbanking

Net Banking FAQs