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What are WhatsApp Banking Services?

IndianMoney.com Research Team | Updated On Thursday, October 03,2019, 05:48 PM

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What are WhatsApp Banking Services?

 

 

You can chat with friends and relatives on WhatsApp in an instant. Now, you can even use WhatsApp to reach out to your bank for any queries. These basic queries are addressed real-time. Kotak Mahindra Bank, Saraswat Bank, HDFC Bank, AU Small Finance Bank and some others, offer WhatsApp banking services. You and other bank customers receive updates and avail services through WhatsApp banking services.

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What are WhatsApp Banking Services?

How to use WhatsApp banking?

  • You must give a missed call on the relevant number provided by the bank on its website, to get started with WhatsApp banking services. This is different from the phone banking number of the bank. It is compulsory to give a missed call from your registered mobile number with the bank to use WhatsApp banking services.
  • The missed call gives your consent to the bank for availing WhatsApp banking services. You receive a welcome text message from your bank’s WhatsApp number. Save the bank’s WhatsApp number in your contact list.
  • If you want to initiate a chat through WhatsApp for any banking service, all you must do is send a message typing ‘Hi’. As per the on-screen instruction, you type ‘1’ or ‘2’ and so on as per requirements.

See Also: How To WhatsApp Money?

Type a query on WhatsApp:

You can get started by typing your query like show me my credit card reward points or choose the option for the desired service.

  • Mini statement
  • Account Balance
  • Interest Rates and eligibility
  • Apply for our products
  • Debit card EMI eligibility
  • Cheque book request
  • Pre-approved offers
  • More services.

Services availed through WhatsApp:

After signing up for WhatsApp banking services, you get alert messages/notifications from your bank through WhatsApp instead of SMS. Chat with your bank and get card details, fixed deposits, and forward requests for mini statements, pre-approved loans and so on.

Get credit card reward points info through WhatsApp

To get outstanding credit card balance or credit card reward points, you simply type the phrase ‘credit card outstanding’ or ‘credit card reward points’ followed by the last 4 digits of your credit card.

Get FD details through WhatsApp

Let’s say you have an FD and want to know details of your investment. You simply send a message, “Show my FD summary”. The message you get shows FD details with the bank like principal, interest rate, maturity date and so on. However, you can’t carry out funds transfer and bill payments using WhatsApp.

Charges for WhatsApp banking services:

WhatsApp banking services are free. Banks offer this service to resolve customer queries. (These may or may not be bank clients). This reduces the load on phone banking division.

See Also: Soon You Can Pay Using WhatsApp

Are WhatsApp banking services safe?

WhatsApp banking has end-to-end encryption and all your messages are safe. Account information is never shared with anyone. There are no transactional facilities offered through WhatsApp banking services, so there’s no need of a PIN or password.

What happens if you lose your mobile?

If you lose the mobile, immediately deactivate the WhatsApp account by sending an email which has the phrase, “Lost/Stolen”. Please deactivate my account.” This should be present in the body or subject of the email sent to [email protected]. Do include the phone number in the body. If the registered mobile number is 9876543219, enter the mobile number as +919876543219 in the email. The WhatsApp account is immediately deactivated and no one can misuse WhatsApp banking services.

If your mobile is lost, you could become a victim to identity theft. You must notify the bank immediately on detecting any suspicious activity in your account.

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IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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