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
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
Tips for Safe Netbanking
- You should keep changing your password regularly in order to keep the netbanking account safe.
- You should never divulge your netbanking details such as user id and password to anyone
- 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.
- Always disconnect the internet connection on your computer when you are not using internet to avoid hackers access your computer.
- You should use Virtual Keyboard which is an online application enabling you to input your NetBanking Passwords (IPINs) with the help of a mouse instead of using the physical keyboard for the same.