Net Banking For Newbies: Everything You Need To Know About It

By | November 30, 2018

Tired of unending queues and tedious procedures at the bank? Say hello to net banking! Now you can enjoy banking just at the tap of a button! Curious much? Let’s take a look at how.

Net Banking For Newbies: Everything You Need To Know About It

Gone are the days when banking meant long hours at the bank and queues that never seemed to end. Thanks to technology, even banking has been revolutionised.

Earlier you would have to give yourself enough self-talk about procrastination to finally visit the bank, fill out lengthy forms and submit them, wait forever for the net-banking kit to arrive, and finally, activate it before you using the facility.

Presently, internet banking has made banking simple for millions of people across the world. Online banking has made it possible for countless customers to carry out simple tasks in under a few clicks and within a matter of minutes.

Additional Reading: Why Online Banking Is Your ‘Friend With Benefits’

Most banks have apps that can be downloaded on your phone and can be used on the go. With online banking, you can access your Savings Account anytime, review your account activity, receive e-statements, keep track of your account balance, pay bills and shop online, and transfer funds anytime and anywhere.

Additional Reading: Credit Card Payment Through Net Banking

Let’s take a look at some of the benefits of net banking:

  1. Ease of operation: A smartphone with a steady internet connection is all you need for online banking. In many ways, maintaining an online account is free of hassle unlike traditional banking. In addition, you no longer need to schedule a visit to the bank. With e-banking apps, you can take care of your banking needs even on weekends and public holidays.
  1. Paying Credit Card bills through net banking: When you pay your Credit Card bills through internet banking, you eliminate additional fees such as service or transaction charges.
  1. Element of security: As net banking gains traction, tighter security measures are put in place. With banks taking steps to curb internet fraud, net banking is emerging as a safe and secure mode of payment.
  1. Convenient: How convenient can it be to access banking facilities anywhere and anytime? And what’s even better is that there’s no need to drag yourself to the bank anymore. It’s like carrying your personal bank wherever you go!
  1. Tracking account activity: Simple and essential tasks such as reviewing your account activity, checking your account balance, and transferring money can be completed with just a few clicks.
  1. Time saving and efficient: E-banking is fast, efficient, and saves a lot of your time. Now that you can access your banking requirements remotely, you can finally take up the language class you have been meaning to, cook yourself a great meal, or even cultivate the hobby that you have been planning for years.
  1. Go cashless: Net banking allows you to carry your bank (figuratively!) wherever you go. So say goodbye to carrying wads of cash. Just carry Credit Cards or Debit Cards linked to your bank accounts. Simple, isn’t it?

However, there are certain pitfalls to watch out for. Let’s take a look at them:

  1. Acquired habit: With some of us still believers in conventional banking, it will take time for many to acknowledge the perks of e-banking. While you can find demos on net banking on websites of most banks, certain banks do not offer this facility. This might pose a challenge to those who are new to the world of banking.
  1. Internet access is a must-have: You can’t use net-banking facilities without a stable internet connection. Similarly, net banking will be of no use when the bank’s server is down.
  1. Security of online transactions: This is undoubtedly one of the key factors that deter people from accessing e-banking facilities. Despite tough encryption processes in place, security breaches have occurred. Though such instances are rare, they are not unheard of.
  1. Securing your password: Passwords are crucial for online accounts. Make sure to never share your passwords, and keep changing the same to eliminate any chances of account hacking and password theft.
  1. Customer service with online banking: Years of going to the bank will probably familiarise you with the banking staff. With online banking, you will have to rely on customer support executives for addressing your queries. However, this should not be too much of a concern with most banks having trained customer service executives in place.

Additional Reading: Mobile Banking Safety 101

Here’s good news for State Bank of India (SBI) customers who are yet to register for net banking! Earlier, registering for Net banking was a tedious process. Times have changed, and now you can register for internet banking without going to the bank at all. All you need to do is register online.

However, certain conditions are involved. To register for net banking online, you have to make sure that you haven’t already availed the service through the branch. Your contact number must be registered with the bank, and you must have an operational ATM card.

Joint bank-account holders cannot register online. They have to visit the bank branch to avail net-banking services.

Additional Reading: Mobile Banking: Banks make a ‘smart’ move

Net banking is a gateway to complete control over your personal finances! With money management now made easier than ever before, don’t miss out on the perks of online banking. It’s time to take the plunge and let net banking make your life easy!

And while we are on the subject of online banking, check out BankBazaar for instant and paperless approvals on Personal Loans, Credit Cards, and more!

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