Internet banking has become the new revolution in banking worldwide. You do not need to visit a bank anymore or stand in long queues to get your finances in order. You can access your bank account from anywhere and conduct your banking activities with ease.
Yet a large number of people seem to be wary about internet banking. They fear they might click the wrong button or fall prey to the wrong information. The main reason behind this is the lack of expertise in internet banking. Therefore, here are five simple points which cover all there is to know about internet banking.
Types of Internet Banking
According to the Reserve Bank of India, there are three types of internet banking.
The information only system gives you general information, branch location, products, loan and deposit calculations etc.
The electronic information transfer system provides you specifics of your account like balance and statements that are protected using a password.
The electronic transactional system gives you full access to transfer and receive funds under sophisticated security and control systems.
The Services
Depending on the type of internet banking services your bank offers, you can do the following-
• Financial transactions- You can move funds to or from any account in any bank if you have the correct authorization. To move money to someone else’s account you need their account number, bank, and branch.
• Bill Payments- You can pay electricity bills, credit card bills, phone bills and a large number of other bills through internet banking. For regular bills with a fixed amount, you can set up standing instructions with the amount after registering the biller. The bank will automatically take care of your bill payment on the due date.
• Shopping- You can conveniently pay for online shopping and travel tickets through internet banking.
• Phone Recharge- You can recharge your phone’s balance by providing information such as the name of the operator, amount, and mobile number.
• Investments- You can invest in short and long-term deposit schemes of your bank through internet banking. You can also invest in the stocks with the help of your bank account.
Setting Up Your Account
The simple steps of setting up your internet banking account include-
• You must open an account with the bank of your choice if you do not already have one.
• The next step is enabling internet-banking facility on your account. There will be an option to do this on your bank’s website. You can also do this at the bank itself.
• Choose a username and a very secure password.
• Your phone and your e-mail id is the bank’s primary mode of contacting you. Therefore, recheck your contact information for errors.
• The bank may send you a confirmation e-mail, after which your internet banking account is good to go.
Using Internet Banking
Using internet banking is as simple as following instructions provided to you in a user-friendly manner. Every time you use your account, you have to log in with your username and password. Be sure to log out after use if you are using a public device.
Account Security
Keeping your account secure online is the biggest fear most people face. Here are a few tips that can help you keep your online transactions safe.
• Always check if the URL of the webpage you are using begins with ‘https’. Without the ‘s’, the webpage is not secure.
• Never share your pin with anyone.
• Never provide login information when your account login page opens from a redirect of a promotional mail.
• Regularly change the password.
• Use an authentic anti-virus on your device.
• Activate mobile updates and notifications that alert you of suspicious transactions or unsuccessful attempts of logging into your account.
With these basics of internet banking in mind, you too can use your bank account at your own leisure from the comforts of your home or office.
Yet a large number of people seem to be wary about internet banking. They fear they might click the wrong button or fall prey to the wrong information. The main reason behind this is the lack of expertise in internet banking. Therefore, here are five simple points which cover all there is to know about internet banking.
Types of Internet Banking
According to the Reserve Bank of India, there are three types of internet banking.
The information only system gives you general information, branch location, products, loan and deposit calculations etc.
The electronic information transfer system provides you specifics of your account like balance and statements that are protected using a password.
The electronic transactional system gives you full access to transfer and receive funds under sophisticated security and control systems.
The Services
Depending on the type of internet banking services your bank offers, you can do the following-
• Financial transactions- You can move funds to or from any account in any bank if you have the correct authorization. To move money to someone else’s account you need their account number, bank, and branch.
• Bill Payments- You can pay electricity bills, credit card bills, phone bills and a large number of other bills through internet banking. For regular bills with a fixed amount, you can set up standing instructions with the amount after registering the biller. The bank will automatically take care of your bill payment on the due date.
• Shopping- You can conveniently pay for online shopping and travel tickets through internet banking.
• Phone Recharge- You can recharge your phone’s balance by providing information such as the name of the operator, amount, and mobile number.
• Investments- You can invest in short and long-term deposit schemes of your bank through internet banking. You can also invest in the stocks with the help of your bank account.
Setting Up Your Account
The simple steps of setting up your internet banking account include-
• You must open an account with the bank of your choice if you do not already have one.
• The next step is enabling internet-banking facility on your account. There will be an option to do this on your bank’s website. You can also do this at the bank itself.
• Choose a username and a very secure password.
• Your phone and your e-mail id is the bank’s primary mode of contacting you. Therefore, recheck your contact information for errors.
• The bank may send you a confirmation e-mail, after which your internet banking account is good to go.
Using Internet Banking
Using internet banking is as simple as following instructions provided to you in a user-friendly manner. Every time you use your account, you have to log in with your username and password. Be sure to log out after use if you are using a public device.
Account Security
Keeping your account secure online is the biggest fear most people face. Here are a few tips that can help you keep your online transactions safe.
• Always check if the URL of the webpage you are using begins with ‘https’. Without the ‘s’, the webpage is not secure.
• Never share your pin with anyone.
• Never provide login information when your account login page opens from a redirect of a promotional mail.
• Regularly change the password.
• Use an authentic anti-virus on your device.
• Activate mobile updates and notifications that alert you of suspicious transactions or unsuccessful attempts of logging into your account.
With these basics of internet banking in mind, you too can use your bank account at your own leisure from the comforts of your home or office.
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