Net banking allows you to see a summary and status of all your accounts with the bank, including savings, deposits and credit card accounts
There’s more to Internet banking than just money transfer. Here’s what else you can do through Internet banking.
See
Net banking allows you to see a summary and status of all your accounts with the bank, including savings, deposits and credit card accounts. For instance, for a loan you can see the balance to be paid, the number of equated monthly
instalments as well as the repayment schedule of the loan.
You also get to see monthly statements and record of past transactions, usually 10. Keep in mind that when you activate the Net banking facility, most banks allow you to see all the accounts you hold with the bank, but the finer
details vary from bank to bank.
Request
When you activate your net banking facility, you pretty much do away with the need to visit a bank branch or an automated teller machine (ATM), to request for certain services. For instance, if you need to make a stop payment request or need a new debit card or a cheque book, you can do so at a mouse-click. You can open fixed deposit and recurrent deposit accounts online as well as request for new PIN, supplementary cards and even change of address.
Transactions
The most popular use of Net banking is to make financial transactions such as transfer of funds using National Electronic Funds Transfer (Neft) and Real Time Gross Settlement (RTGS) service. When you use RTGS, funds are transferred on real-time basis, the beneficiary’s bank receives funds as soon as the remitting bank transfers them. As far as Neft goes, it may take a couple of hours for the funds to get transferred.
You could use Net banking to shop online using your savings account or debit or credit card.
Bill payments
Net banking can be used to make bill payments so that you never have to visit a physical location to pay a bill again. You can add the biller with whom the bank has a tie-up with and set to pay the bill automatically towards the account
on a regular basis. Banks also give you the option to set a one-time payment of the bill. For instance, you can pay your mobile bill, electricity bill, Internet bill, insurance premiums and the like. Net banking’s bill payment facility may
offer small discounts on selected billers.
There’s more to Internet banking than just money transfer. Here’s what else you can do through Internet banking.
See
Net banking allows you to see a summary and status of all your accounts with the bank, including savings, deposits and credit card accounts. For instance, for a loan you can see the balance to be paid, the number of equated monthly
instalments as well as the repayment schedule of the loan.
You also get to see monthly statements and record of past transactions, usually 10. Keep in mind that when you activate the Net banking facility, most banks allow you to see all the accounts you hold with the bank, but the finer
details vary from bank to bank.
Request
When you activate your net banking facility, you pretty much do away with the need to visit a bank branch or an automated teller machine (ATM), to request for certain services. For instance, if you need to make a stop payment request or need a new debit card or a cheque book, you can do so at a mouse-click. You can open fixed deposit and recurrent deposit accounts online as well as request for new PIN, supplementary cards and even change of address.
Transactions
The most popular use of Net banking is to make financial transactions such as transfer of funds using National Electronic Funds Transfer (Neft) and Real Time Gross Settlement (RTGS) service. When you use RTGS, funds are transferred on real-time basis, the beneficiary’s bank receives funds as soon as the remitting bank transfers them. As far as Neft goes, it may take a couple of hours for the funds to get transferred.
You could use Net banking to shop online using your savings account or debit or credit card.
Bill payments
Net banking can be used to make bill payments so that you never have to visit a physical location to pay a bill again. You can add the biller with whom the bank has a tie-up with and set to pay the bill automatically towards the account
on a regular basis. Banks also give you the option to set a one-time payment of the bill. For instance, you can pay your mobile bill, electricity bill, Internet bill, insurance premiums and the like. Net banking’s bill payment facility may
offer small discounts on selected billers.
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