About Net Banking & What is Net Banking

Net banking is very convenient online facility which facilitates 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.

Features of Internet Banking

• 24x7 availability of Internet Banking facility
• No need to issue cheque or visit bank branch to perform online fund transfers
• Access your bank account in seconds. Separate dashboard is available to view your accounts, deposits, loans and your credit cards
• Safety of transactions through multi layer security features
• You can recharge your mobile, DTH and mobile data card
• Shop on various websites and make payments using Axis bank net Banking
• Conduct a range of non-financial transactions such as email of account statements, cheque book request, change of address, demand draft, stop cheque payment, etc.

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 Net Banking 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 Net Banking

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 using Internet Banking

Advantages of Net Banking

• 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. Many banks offer extra security precautions for online and mobile banking
• 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
• Multiple banking activities available at a click of your finger as single dashboard is offered to view all your relationships at one place
• All transactions you make through net banking are recorded so you can use them in future as proof, if needed
• You can get the benefit of a lot of offers on shopping and purchases and a range of other services
• Many options like IMPS, RTGS and NEFT available for carrying out fund transfer operation
• You can manage and control your account as well as loan very easily
• Schedule any transaction in advance
• Create new Fixed or Recurring Deposit
• Manage beneficiaries
• You can stay updated about your bank's products like loans, investment options, etc.
• It is free of cost facility which means that you are not required to pay any charges to use bank's internet banking facility

Disadvantages of Net Banking

• 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. It may also be difficult for beginners.
• You may face customer service challenges.
• 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.
• Internet banking is susceptible to internet fraud.
• 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 Net Banking

• 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

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