Net Banking - A Complete Guide

Net banking even called internet banking is nothing but a digital means to perform your banking transactions using the internet network. It is an online solution, which you as a customer of the bank account holding an account can activate and use the system for your financial proceedings. Owing to the development of net banking, now you do not require visiting your bank account as per the bank’s timing. You can conduct any of your financial transactions at your convenience and during your free time. For instance, if you hold a PNB account or a Bank of Maharashtra account, then you do not require visiting as per PNB bank timings or Bank of Maharashtra timings to conduct your financial transactions. You can simply log in to the respective bank’s net banking and conduct your financial transaction with ease. 

Net Banking - A Complete Guide

Here's what you must know before you start using internet banking – 

Top reasons why you must use net banking – 

Most Indian banks have adopted technology to meet your banking requirements. While traditional banking services even addressed as physical banking is still accessible, net banking slowly and steadily is becoming an important aspect of banking. 

Net banking makes banking activities simpler for you as a consumer. Here’s how – 

Net banking saves time – 

You as a customer of the bank can access internet banking by using any internet-enabled electronic device like a laptop, mobile or computer. You do not necessarily require visiting the bank for transferring funds from one of your bank accounts to another for checking your bank balance or transaction statement or to know your banking transactions in detail. As mentioned above, if you hold a Bank of Maharashtra account, then you do not require visiting as per Bank of Maharashtra timing to conduct your financial or non-financial transactions. For most of your banking requirements, you just need to visit your Bank of Maharashtra’s net banking or mobile banking and get your financial work done. 

Net banking assists you to open accounts as well as transact through the digital mode – 

A net banking account allows you as a customer to perform all your account opening procedures digitally. It is possible owing to the assistance of your KYC details that you submit to the financial institution during the opening time of the net banking account. 

Net banking provides security to your bank account – 

As net banking allows banking transactions to be performed quickly without any intervention from the human, this lowers the possibility of any type of slip-ups. With net banking, all your details and info stay thoroughly confidential, and you become in charge of all the banking-linked decisions depending on your knowledge. 

Net banking helps in financial empowerment – 

When you as a customer make use of the net banking system, it allows you to learn about the nitty-gritty linked with your bank account as well as its processes. It often is the scenario with physical banking that you as a customer skip learning as well as comprehending crucial info that affects your banking activities as the physical bank rep helps you. 

When you access the net banking service, all the measures incorporated in the process demand you as a customer to learn specific important things, which allows you to take an informed decision. Over a long time period, this brings in financial discipline and empowerment.

How can you open an internet banking account simply?

An internet banking account refers to a digital extension of your savings or current bank account. Opening an internet banking account, however, needs you to generate a passcode that allows you to transact using the internet connection. To open an internet banking account, you must follow the steps mentioned below – 

Reach your bank for an internet banking account – 

Your initial measure is to approach the financial institution to avail an online banking service on your prevailing bank account. Unless you request to begin with an online banking service, you cannot begin using such services. You must let the bank know about your intent to start with the net banking account. Once the financial institution gets this request, the institution offers you two codes that help you to sign into your bank account through the online mode. 

Know your user ID as well as passcode – 

To move ahead with your internet banking, you must know your user ID as well passcode. This user ID is distinct from your account number, which acts as the primary identity of your account. You must request the financial institution to generate both details. In case of a new bank account, you are handed over the documents containing your user ID as well as the passcode for opening your net banking account. 

Generate new user credentials – 

For generating your user credentials, the financial institution will initially offer you with a set of numbers in a concealed document. The document contains both your user ID and your passcode. You can use this passcode just once to log in to your bank account. After you log in, you must change your passcode. 

It is even suggested you change your user ID post verifying your initial login to make sure you hold a fresh set of user credentials. The procedure to change both is very simple – 

·       Login to your financial institution’s site. 

·       Input your user ID and passcode that is provided to you by your financial institution. 

·       Then sign out. 

·       On logging out, you will view a tab on the financial institution’s site that says, “new user ID generation”. 

·       Make use of this tab to form new credentials. 

·       When you request a new user ID, you would be asked for details like your phone number, date of birth and various other credentials that the financial institution has already in its record through your KYC. 

·       On inputting all the details, an OTP will be received on your registered phone number. The next stage of security inculcates customers’ faith in online banking. 

·       Input the OTP and form your new credentials. 

·       Next, follow the same measures to create a new passcode.

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