This facility helps manage your account conveniently from anywhere and at anytime, through a secure network. Internet banking also known as e-banking, online banking or virtual banking is an electronic payment system that enables the customer to make transactions through bank apps and website. Online banking offers a comprehensive range of transactions from the comfort of home. You can check your account balance, download account statements, pay utility bills, invest in fixed and recurring deposits and recharge your mobile/DTH connection and much more, without having to stand in long queues at banks.
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Net banking is a simple, convenient and powerful tool that allows you operate the account online. It gives real time information on your account. To start using net banking, you have to log on to the bank’s website using customer ID and IPIN (net banking password).
Customer ID: The customer ID is a unique identification number given to every customer holding a savings bank account or a current account. It is mentioned in your account statement/ account welcome letter or cheque book. The customer holding a current account or HUF (Hindu undivided family) customers can obtain this from the bank branch.
IPIN: It is an internet banking password that the customer can choose to access net banking. The password generated is confidential in order to maintain the security of the customer’s account.
Net banking is a convenient option that allows a customer avoid the hassles of physically going to the bank to avail banking facilities. There are over 200+ transactions that you can do through net banking. Listed below are some transactions that can be done through net banking:
Registering for net banking is a quick and easy process. Any individual holding a savings bank account or current account, can register for net banking through the secure website of the bank. To register for net banking, open the app on your mobile and access your customer ID.
There are four ways to register for online banking. They are:
1. Online registering: To register follow these steps:
2. Phone banking: to register follow the steps below:
3. ATM: registering for net banking can also be done through ATMs.
4. From the branch: Net banking can also be availed by visiting the bank branch.
Virtual keyboard is designed specifically to keep the banking experience, simple and safe. Virtual keyboard is provided to keep the password secure and gives an option to the customer to input their IPINs with the help of a mouse. The virtual keyboard is designed to protect customers from malicious “spy ware” and “Trojan programs” so that their password and account details remain secure with the bank. However, the customer may choose to use the physical keyboard, as and when required.
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To use the virtual keyboard follow these steps:
Forgot your IPIN password?
The IPIN password is very important to continue net banking transactions. In case you forget your password, you can instantly reset the password (IPIN) by following these steps:
IPIN Regeneration request received at branches would be charged at Rs. 100 + taxes (as applicable)
Third party transfer:
What is third party transfer?
Transfer of funds within accounts belonging to the same person is called fund transfer. Third party transfer is a feature used to transfer funds to another account that belongs to someone else in the same bank or any other bank.
Types of third party transfer:
Listed below are some of the ways of third party transfer:
National electronic fund transfer (NEFT): National Electronic Fund Transfer (NEFT) is a nation-wide payment system, facilitating one-to-one fund transfer. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country, participating in the Scheme. To transfer funds, the beneficiary is added to the account and transactions are carried out by providing details like account number and IFSC code.
Real time gross settlement (RTGS): The word 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous settlement of funds, individually on an order by order basis. It is 'Real Time' which means the instructions are processed at the same time they are received, rather than at a later time. Gross Settlement means the settlement of fund transfer instructions occur individually (on an instruction by instruction basis). Considering that the fund settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable. To transfer funds, the beneficiary is added to the account and transactions are carried out using details like account number and IFSC code.
Immediate payment service (IMPS): The word IMPS stands for Immediate Payment Service which helps access your bank account and transfer funds instantly and securely. You can send money through Net banking from a laptop or PC. This service enables you transfer funds from your account to the recipients account. The beneficiary account is credited immediately when a fund transfer request is made. This service is available throughout the year including Sundays and any bank holiday.
Points to note:
There are certain limits up to which a transfer can be made. There is a default limit of Rs 2 Lakhs on all accounts. However, the customer has the freedom to modify the limit and increase it online or offline.
A Secure Access Module is based on Smart Card Integrated circuits and is used to enhance the security and cryptographic performance in devices needed to perform secure transactions, such as payment terminals. This is implemented to provide an extra layer of security to the net banking process. All third party transactions are also covered under secure access. The main aim of secure access is to monitor the net banking transactions, with the aim to block or report any deviant transactions.
Listed below are the transactions covered under secure access:
Though there are many advantages of internet banking there are some disadvantages as well. The disadvantages of online banking are as follows:
Online banking is convenient and easy to operate. Online banking saves you the hassle of physically going to the bank for depositing or withdrawing money or requesting an account statement. You can do this and much more using the online services offered by banks.
These are a few advantages of banking online:
With e-banking, financial transactions are no longer limited to bank branches. This facility has enabled real time updates that have helped minimize the follow-up procedures to check the details of transactions. You can avail banking facilities from anywhere and at anytime, through the net banking facility.
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