Internet Banking: Features, Benefits, login, Registration, Fund Transfer, Bill Payment
Internet banking – In this era of digital India, net banking/internet banking is increasing rapidly in the banking sector. Digital tools are setting new benchmarks in the banking sector every day. After demonetization in 2016, almost all public and private sector banks have set up dedicated portals (web sites) to provide net banking services to consumers. Dedicated portals launched by banks provide internet banking facilities to the consumers and other services of the bank like fixed deposits, tax payments, etc.
In this article, detailed information about all the aspects related to Internet Banking has been provided. If you want to get all the information related to Internet Banking, read this post until the end.
What is Internet Banking?
Net banking is a type of electronic service through which bank account holders can access financial and non-financial services. It is a type of electronic system, also known as Internet banking.
A few years back, you must have seen that one had to go to the bank branch to get even the smallest service of the bank. After having an internet banking facility, almost all banking services and products can be availed online. Online fund transfer, request for demand draft, etc., net banking services have become essential for consumers in today’s life. Access to banking services through the internet has not only become easier but has also been a secure means of availing of banking services.
Major Services offered by Banks through Net Banking
The following universal services are provided through the net banking portal by almost all the banks in India.
- Transfer of funds from one account to another.
- Facility to check bank account balance online.
- NEFT, RTGS, and IMPS facility.
- Some banks also provide online bank account opening facilities.
- Getting services related to debit cards.
- Getting credit card-related services.
- Request for cheque book.
- Pay utility bills online.
Apart from these services, other financial and non-financial services are also provided through the net banking portal of banks.
How does Internet Banking work?
To avail of the net banking services of any bank, the account holder is required to register for internet banking services with the bank.
If you have an account with any financial institution or bank, you can register yourself for internet banking services. It would be best if you had a computer, laptop, or mobile phone with good internet connectivity to benefit from a net banking system.
When you register yourself for Net Banking with the bank, the bank provides the User ID and Password. You can log in to your account on the portal of the bank or financial institution through internet banking with the help of a user-id and password provided by the bank.
Features of Net Banking
The following are the main features of Net Banking, i.e., Internet Banking.
- Internet banking is an easy and secure banking system.
- Net banking system provides password-protected banking services.
- Bank’s financial and non-financial services and products can be easily accessed through Internet Banking.
- The bank account can be accessed through net banking 24*7 from any location.
- Through this, you can manage your bank account.
- Bank balance, last transaction, and bank statement services, etc., can be easily accessed from the comfort of your home.
- Funds can be transferred any time using NEFT, RTGS, IMPS through Internet Banking.
- Utility bills can be paid faster.
- You can track mortgage payments, loans, savings a/c, etc.
- Payment of utility bills can be done automatically and can also cancel the automatic payment.
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How to Register for Net Banking?
If a person is not aware of the basic rules of net banking, then he is first required to open an internet banking account to use net banking. That is, it is necessary to register yourself for Internet Banking. At present, the internet banking account of the consumer is also activated by most of the banks when opening a new bank account.
In case the internet banking facility is not already activated in your bank account, you are required to submit the internet banking application form at your home bank branch. You can register for Internet Banking through both online or offline modes.
Procedure to Register for Internet Banking through Offline
If you want to register for the internet banking service of any bank, then follow the steps given below.
Step 1:- First of all, go to the bank branch where your account number is in that bank province and contact the bank customer representative.
Step 2:- Receive the Internet Banking Application Form from the customer representative. Enter all the information requested in the Internet Banking Application in the designated space.
Step 3:- You can also download the Internet Banking Application Form by visiting the official website of the respective bank.
Step 4:- Submit the Internet Banking Application Form and the required documents like Bank Account Passbook and Aadhar Card to the Bank Customer Representative.
Step 5: -The information provided by you will be verified by the concerned bank. After the information is verified, the customer ID and password for the Internet Banking service will be sent to you by the bank by registered post.
Step 6:- You can also get the Customer ID and Password by visiting the bank branch.
Step 7: – After receiving the Internet Banking User ID and Password, you can log in to your account for Net Banking using these.
Step 8: – While using Internet Banking, take special care to change your password from time to time.
Note:- First-time users using Net Banking should note that after login in for the first time, they must change the password provided by the bank as this password can be compromised by the bank employee.
Procedure to Register for Net Banking through Online Mode
The customer can register for net banking offline and online by visiting the bank’s official website. But keep in mind that all the banks are not activating an internet banking account through an online medium. If your bank provides the facility to register for online internet banking, you can follow the steps given below to register for online net banking.
Step 1: First of all, visit the official net banking website of your bank. The home page of the official website will open.
Step 2: The login option given under the Personal and Retail Banking option will appear. Click on the button ‘Login.’
Step 3: A new page will open. No on-page ‘New User? The option of ‘Register Here’ will appear. Click on the link for this option.
Step 4: If you have already received the customer ID and password from the bank, enter the customer ID and password received from the bank in the space provided. Click on the Proceed button. Otherwise, click on the ‘Next button.
Step 5: Self Registration Form will open on your screen. Fill in the information sought in the registration form like account number, registered mobile number, email address, branch code, IFSC number, debit card details, etc. Click on the button ‘Submit.’
Step 6: An OTP will be received on your registered mobile number. To authenticate your registration, enter the one-time password in the specified column and verify it.
Step 7: Once the OTP is verified, your temporary customer ID and password will be displayed on the screen.
Step 8: Go back to the login section and log in to your account using the temporary login credentials. After successfully logging in for the first time, you must change your password to get a secure net banking service.
Note: To use a secure net banking account, you should change your transaction password from time to time to avoid any kind of fraud.
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How to log in to account for net banking?
Once you have successfully registered for Internet Banking through offline or online mode and received Internet Banking User ID and Password, follow the steps below to login to the Net Banking system.
Step 1: First of all, go to the official net banking website of your bank. The home page of the net banking website will open.
Step 2: The login section will appear on the home page. If you are a personal and retail user, then select Personal Login.
Step 3: If you are a corporate user, then select the option of corporate login.
Step 4: The login page will open. In the Login section, enter your User ID and Password in the specified columns.
Step 5: Fill the given captcha code in the prescribed field and click on the button “Login.”
Step 6: On clicking the “Login” button, the net banking dashboard of your account will be displayed on the new screen.
Step 7: From the Dashboard, you can get online services like Fund Transfer Utility Bill Payment Balance Check Check Book Request Debit and Credit Card Request Bank Statement, etc.
How to reset a net banking password?
You are required to have a User ID and Password to avail of Internet Banking services. But it has been seen that people forget their internet banking password after not using it for a long time. The password reset process is the same for almost all banks. Certain steps may be different for a particular bank.
If you have forgotten your internet password, follow the steps given below to recover your net banking password.
Step 1: First of all, visit the official net banking portal of the respective bank. The home page of the banking portal will open.
Step 2: Go to the personal and corporate login page as per your account.
Step 3: On the login page, an option of ‘Forgot Password’ will appear below the login button.
Step 4: Click on the link ‘Forgot Password. A new form will open. Fill in the information in the new form, like username, bank account number, date of birth, mobile number, etc., in the given space.
Step 5: Click on the button ‘Submit.’ On clicking the ‘Submit’ button, a one-time password will be received on your mobile number registered with the bank account.
Step 6: Enter the OTP received on the mobile number in the given column and verify it. After verifying, a new window will open.
Step 7: Enter your new password in the specified column and enter it again to confirm it. Submit after confirming the new password.
Step 8: On clicking the submit button, your password will be reset. The same information will also be received on your registered mobile number or email id.
Step 9: You can avail yourself of internet banking services by logging in to net banking using your user id or new password.
What are the services available to transfer funds through Internet Banking?
Almost all banks use NEFT, RTGS, and IMPS systems to transfer funds through internet banking services. Let us understand these three methods of online fund transfer separately.
The full name of NEFT is National Electronic Fund Transfer. NEFT payment methods are most commonly used in the banking system to transfer funds from one account to another through an online medium. This service is available 24*7 by banks with specific time restrictions. It takes around 30 minutes for a successful fund transfer through NEFT. Sometimes, it takes about 2 to 3 hours to transfer funds from one account to another.
RTGS stands for Real-Time Gross Settlement; RTGS system refers to the continuous settlement of funds individually based on a specific order. The RTGS system ensures that the funds are credited to the beneficiary’s account immediately after transferring the funds. RBI monitors this to make the transfer of transactions through RTGS irreversible. RTGS service is also like NIFT time district service by the bank, but still, this service is available 24*7. Fund transfer of at least ₹ 200000 is required through RTGS.
The full meaning of IMPS is the Immediate Payment System. IMPS is a kind of instant payment method that deals in real-time fund transfer.
IMPS payment method is most commonly used across India for instant fund transfer through real-time mobile internet or ATM. Using which system, any person can transfer to the beneficiary’s account only with the help of a mobile number. In the IMPS payment method, MMID is used, provided by the respective bank to each account holder while opening the account on each account.
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The process to transfer funds through net banking.
The process of transferring funds through net banking is almost the same for all banks (some steps may be different for a particular bank). If you want to transfer funds from one bank account to another using net banking, follow the step-by-step guide below.
Step 1: First of all, go to the official website of the concerned bank account. The home page of the official website of the bank will open. customer ID and password to login to your bank’s official net-banking portal
Step 2: Go to the Retail or Corporate Banking login page from the home page, depending on your account.
Step 3: Log in to the net banking portal using Internet Banking Customer ID and Password.
Step 4: On the Internet Banking Account Dashboard, navigate to the ‘Transfer Funds’ option with the help of the navigation menu.
Step 5: Under ‘Transfer Funds,’ choose one of the various modes of payment like NEFT, RTGS, or IMPS as per your convenience.
Step 6: If you have chosen NEFT as the mode of fund transfer, then make sure that the beneficiary’s Bank is NEFT enabled or not.
Step 7: Select the beneficiary from your list. If the beneficiary is not already added to your list, first add the beneficiary to your account using the type ‘Add Beneficiary.’
Step 8: To add the beneficiary fill the prescribed fields given beneficiary name, bank account number, bank IFSC code, bank branch name, etc.
Step 9: Click on the ‘Submit & Save’ button to add the beneficiary/beneficiary to your list.
Step 10: After this, fill in the amount you want to transfer in the given field and process it.
Step 11: One Time Password will be received on your registered mobile number for Fund Transfer Authentication; enter it in the given column and verify it.
Step 12: Click on the button ‘Confirm & Send.’ On clicking the ‘Confirm & Send’ button, the transfer amount will be deducted from your bank account and transferred to the beneficiary’s bank account.
Step 13: You will receive the confirmation regarding fund transfer by the concerned bank through message/mail.
Credit Card Bill Payment Process Through Net Banking
Net banking is considered to be the easiest and safest method of credit card bill payment. Generally, no additional charges are levied for any service or transaction through Internet Banking. Some additional features have been added to make transactions secure in the net banking system.
That is, encrypted data is used in financial transactions.
The process of making credit card bill payments through net banking is the same by almost all banks (some banks may have more or fewer steps in the process). Follow the steps given below to make a credit card payment through net banking.
Step 1: Visit the official website of the respective bank and log in using net banking customer id and password in the login section.
Step 2: Click on the option ‘Pay your Credit Card bill’ under the Bill Payment section with the help of the navigation menu. A new window will open.
Step 3: On the new page, enter your credit card details like credit card number, email address, payment amount in the given fields and submit.
Step 4: On clicking the submit button, you will be redirected to the payment gateway. Select the option of ‘Net Banking’ from the various modes of payment.
Step 5: After that, select the bank account you want to make the credit card payment. You will be redirected to your bank payment interface.
Step 6: Enter your transaction password in the given column. A one-time password will be received on your mobile number to verify the transaction.
Step 7: Click on the button ‘Confirm’ as the final state for payment. Your bank account will be debited from Tata.
Step 8: The bank will send a confirmation message on your registered mobile number or email id on a successful transaction.
Note – While making payment through net banking, pay special attention that the URL of the Bank on which you are making the payment must have ‘https://’ in its URL. ‘https://’ represents the secure website.
Major Banks and Institutions Offering Net Banking Services
Almost all banks and financial institutions have set up dedicated web portals to provide an online net banking facility to their customers. The following major government and non-government banks are providing online services to consumers through net banking websites.
- HDFC Net-banking
- SBI Net Banking
- Canara Bank Net Banking
- Bank of Baroda Net Banking
- Indian Bank Net Banking
- Corporation Bank Net Banking
- Axis Bank Net Banking
- Bank of India Net Banking
- Standard Chartered Bank Net Banking
- Andhra Bank Net Banking
- Citibank Net Banking
- IDBI Bank Net Banking
- UCO Bank Net Banking
- Vijaya Bank Net Banking
- United Bank of India Net Banking
- Bandhan Bank Net Banking
- Bank of Maharashtra Net Banking
- Karnataka Bank Net Banking
- Union Bank Net Banking
- Allahabad Bank Net Banking
- Tamilnad Mercantile Bank Net Banking
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Benefits of Net Banking Services
At present, the use of net banking is increasing day by day. The customer can avail of the following benefits of net banking.
Banks provide 24*7 net banking facilities to their customers through net banking, but banks’ availability of banking services is time-restricted. Through net banking, any person can benefit from banking services from any place at any time. With the advent of net banking services, the customer does not need to visit the bank branch to avail small services. Through Internet Banking, customers can access all bank-related services at their doorstep in just a few clicks.
Ease of financial transactions
Financial transactions have become easy through net banking. The customer can easily get the services like fund transfer, bill payments, recharges, etc., in a few clicks through net banking. All these banking services have been made easy on the internet.
The process of transactions through Net Banking has become so easy that you can do the same anytime from the comfort of your home in a few clicks.
Organizing bank statements and transaction history
It is very difficult to manage bank account transactions without net banking. For every small transaction information, one had to go to the bank branch with a passbook. Through net banking, the account holder can keep track of every transaction from his bank and can inform the concerned bank about the fraud taking place in time.
Now through the net, you can easily keep track of transactions and outstanding balances. Transactions and fund transfers can be accessed through the ‘Transaction History’ section of the payee’s name, bank account number, the amount paid, date & time of payment remarks, etc.
Secure Banking System
Along with financial transactions, your Net Banking account is protected with User ID and Password. Net banking portals of some banks use a two-tier security system for secure net banking. Transactions done through net banking are in cricket form.
Access to other services
Apart from fund transfer through Internet Banking, customers can also avail of other non-financial services like checking balance, requesting demand draft, requesting the issuance of the cheque book, applying for a personal loan, paying tax, etc.
You can also be availed FD/RD deposits, investments, mortgage checks, managing trading accounts, and other services through net banking.
Net Banking Related FAQs
Q. 1. How to log in for the Net Banking service?
Ans – If you have an account with any bank or financial institution, then you go to the official website of the concerned institution. First of all, register to get a customer id and password for net banking. One can also register for net banking through the respective bank branch by filling the net banking application form. After receiving the User ID and Password, you can log in using the password in the User ID by visiting the login page of the official website.
Q. 2. Can a person change his net banking password?
Ans – Yes, you can change your net banking password through online mode whenever you want. Anyway, for secure net banking, you should keep changing your password every month. If you are using Internet Banking for the first time, you must change your password immediately after logging in with your User ID and Password.
Q. 3. What are the special things to be kept in mind while using Net Banking?
Ans – Keep the following things in mind while using net banking.
Do not use public connectivity.
Always have authentic antivirus software in your system.
Keep your system or mobile phone operating system updated.
Change your password immediately when using Internet Banking for the first time.
Be sure to change your password every month to use secure Internet Banking.
Keep the password so complex that a normal person cannot guess the password.
Do not log in to the Net Banking Portal through Mailer.
Do not use any public computer to log in to the Net Banking Portal.
Q. 4. What is the importance of Net Banking User ID?
Ans- User ID is used as the identity of your account in the net banking system. Internet Banking ID and Password are provided by most of the banks at the time of applying for a bank account. You can’t even log into your account without a user ID.
If the User ID and Password have not been provided to you by the bank at the time of opening the bank account, you must obtain your User ID and Password through online or offline mode by submitting the Net Banking Application Form.
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