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Make Your Banking Relationship “Internet Official”

Make Your Banking Relationship “Internet Official”

Do you remember the last time you checked the newspapers for movie timings or the last time you went to the store to pay your cell phone bill? Yeah, we don’t either. Because we’ve adjusted to using the internet to complete these routine tasks, saving us a ton of time.

So why not extend this to personal banking too? 

Disclaimer

The following guidelines are general, facilities and procedures may vary from bank to bank.

The Set Up

To start using net banking just follow the instructions on the envelope labelled ‘NET BANKING KIT’ given by your bank when you first opened your account. This kit has the login information and will guide you to create a password for accessing net banking services. But in case, like many of us, you lost that envelope, don’t worry. You can still sign up for net banking by making a quick visit to your branch or calling customer care to help you out with the procedure. 

The Relationship

There’s a bunch of banking stuff you can do from the comfort of your home or office via net banking.

1. Apply to open a new bank account

2. Manage fixed and recurring deposits with your bank

3. Transfer money using NEFT, RTGS and IMPS services

To do this, you need to have the bank account number and IFS code of the person you’re transferring the money to.

An IFS Code relates to an individual bank branch – if you know the branch in which the transferee has an account, the IFS Code can be found through a simple Google search.

If the person you are transferring to has an account with a bank different from yours (a.k.a. a third-party transfer), you need to ‘Add a Beneficiary’ on the NetBanking app/website, and verify the transaction via an OTP. The activation of the beneficiary will take from 30 minutes to 24 hours (depending on the bank), after which you can transfer funds.

4. Some banks also offer facilities for Income Tax Return Filings and you might also be able to see your Tax Credit Statements through net banking.

5. Additionally, net banking gives you access to miscellaneous services like changing your ATM Pin, nominating a secondary account holder, obtaining your bank statements, applying for IPOs and Mutual Funds, as well as full-fledged demat facilities.

6. One of the best features about net banking is that it gives you regular updates about all the activity that is going on with your accounts like debits, credits, transfer confirmations and current balance.

Terms to remember while transferring money

NEFT-National Electronic Fund Transfer

Great for transferring small and large amounts since there aren’t any limits. But transfers via NEFT might take from a few hours to a few days, so avoid these for immediate transactions. Depending on the amount you’re transferring banks may charge you anywhere between Rs.2.50- Rs.50 for this service.

RTGS- Real Time Gross Settlement

This is great for immediate transfers but can be used only for transfers over Rs.2, 00, 00 and not many banks offer this facility. Depending on the amount you’re transferring banks may charge you Rs.25 or above for this service.

IMPS-Immediate Payment System

This is the only immediate transfer service available outside banking hours. But you can transfer amounts only up to Rs.2, 00,000 via this method. Depending on the amount you’re transferring banks may charge you Rs.5 or Rs.15 for this service.

Pro Tip

Transferring money via net banking is faster and easier than writing a cheque. It saves the effort of sending the cheque to a payee, the payee having to deposit the cheque and also eliminates the risk of the cheque being dishonoured.

The Happily Ever After

Before demonetization, many women preferred to keep their savings (that had been painstakingly accumulated over the years) at home in cash because so many women find banking to be confusing.  Once demonetisation was announced, all these savings became useless, a situation which could have been avoided if these women had been encouraged to use banking services. 

Understanding and using net banking could help women develop confidence and become familiar with essential banking operations. net banking is simple, efficient, and takes away some of the bewilderment and intimidation associated with face – to – face banking. What’s more, you can do it in your pyjamas!

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If you have any further questions about net banking, comment below and we’ll help you out.

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When she isn't auditing or studying for one of her chartered accountancy exams Eesha enjoys music, literature, and writing. You can find some of her writing at-www.emsliterarypursuits.wordpress.com

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