Online banking or net banking is a payment system that gives provision bank customers to conduct their various financial transactions using the site of the specific financial institution with ease. The net banking facility allows you to manage your finances from anywhere, may it your home or office according to your convenience. You as an accountholder can conduct all such banking transactions securely with high privacy and security using the online banking system. So may it be Indian bank or Karnataka bank, now you do not require visiting their branches as per Indian bank timings and Karnataka bank timings, to perform your banking activities.
How can you perform your online banking?
There are certain steps you may factor in to register for your online banking. This involves, following the steps listed below –
∙ You must input your personal details like your name, account details, date of birth, etc.
∙ You must select the username and passcode for online banking purposes.
∙ Once registered for online banking, you can easily sign in using the same username and passcode, which you used for registering your net banking account.
What are the benefits of using online banking?
∙ You can use online banking for bill payments. The bill can easily be paid directly via the site of the specific bank.
∙ You as a customer can set up the facility for automatic bill payments in case you do not manually want to do this. At times, you may be charged for paying via the online mode. You must keep in mind the charges linked with online bill payments.
∙ You can view your transactions online.
∙ You as a customer can even keep tracking your pending transactions. Customers can also identify the error that requires correction.
∙ You can transfer your money to other accounts. This makes money transfer simpler, you as a customer need not require visiting the bank to transfer your fund from one of your accounts to another as this can be performed via online banking.
∙ You can check your funds before purchasing any product or service to confirm if you have adequate money. There’s a specific figure set for the number of transactions accepted in a day, which you must keep in mind before routing for this mode.
∙ Most banks have a mobile banking app, which assists you to take the benefit of online banking services using your mobile phone. You can check your account balance from anywhere at any time.
∙ You can sync your mobile banking app automatically with your online banking detail. Using an online banking app makes it easier for you to manage your money and budget for your future expenses.
∙ You can protect yourself by being extremely while using online banking. Monitoring your account for any fraudulent fees can be monitored via online banking.
∙ You must use your own mobile data, in place of using the public WIFI while accessing the account. You must follow the passcode guidelines and on a periodic basis ensure to change your passcodes.
What are the drawbacks of online banking?
∙ Online banking might take some time for new customers to understand the net banking process. You must take out your valuable time while using this application.
∙ Few of you may feel uncomfortable to input your private financial details in the required section online as you think a kind of fraud might happen.
∙ If your business is situated in a rural region, you may find it tough to use the net banking facility for the transaction of funds as internet options may be limited in such areas.
What are the safety tips on online banking, you must ensure to follow?
Online banking usually is safer than traditional banking. It is safe if the safe banking technology is fulfilled by technically sound and alert customers. You are required to play well the role of an account holder for protecting your accounts. Also, criminals work on a smaller scale via the process called direct consumer attacks. For instance, fraudsters often make use of the phishing scam technique wherein they send an email pretending to represent the bank in hopes of contacting you for details linked with your bank account. You can stay safe from such phishing if you keep your equipment updated.
∙ If the bank needs the passcode generated by you to access the online account, ensure that your passcode is strong enough for you to remember and difficult for others to guess.
∙ Use passcodes that are tough to guess and do not write the code anywhere.
∙ Never respond or revert to any emails, text messages or phone calls asking you for sensitive account-linked details.
∙ Do not answer any emails that seem very bad or very good. Certainly, it may be a scam.
∙ Note that the most vulnerable action is providing someone with sensitive details and money.
∙ You as a customer must periodically monitor your account. Connecting to the financial institution using the computer or network you know as well as trust is the best practice.
What is the difference between online banking and mobile internet banking?
Online banking and mobile banking are closely linked to one another, but few definite points distinguish them from one another. Many activities performed via mobile banking are the same as online banking. Note that mobile banking is performed through tablets or smartphones while online banking uses laptops or desktops. You require to download a specific application of a bank to use your mobile banking facilities while for online banking, you require opening the specific official bank site.
Mobile banking offers the listed services to you –
∙ You can make your mobile cheque deposits.
∙ You can transfer your funds.
∙ You can pay your bills online.
∙ You can locate the nearest ATMs.
Online banking offers the listed services to you –
∙ You can view your account balances at any time from any location through any device may it be a laptop, mobile or desktop.
∙ You can print or view statements.
∙ You can view images of your cheque online.
∙ You can place an application for a debit card, credit card or loan of your choice or preference.
So, now you know, you do not require visiting your bank physically to conduct most of your banking activities. For instance, if you have a Karnataka bank account, so you do not require visiting as per the Karnataka bank timings to get your banking work done. You can open the Karnataka bank app anytime from anywhere to get your work done in seconds.