Internet Banking: Everything You Need To Know!

Posted by Shashank Bhaskar on September 17th, 2019

Technology has touched all aspects of our life, right from the moment we wake up to the time we head back to bed at night. Technology offers a solution for almost everything we could imagine, be it grocery shopping, paying utility bills, learning to play new musical instrument, finding a plumber, food delivery, and so forth.

Banking is no stranger to technology. Net banking has made life simpler for millions of people across the globe. In India, heading to a bank implies waiting in the queue for endless hours. In such scenarios, net banking is a blessing. You can do the simplest of banking tasks in a jiffy such as accessing savings account, tracking account balance, getting e-statements, paying bills online, shopping online, transferring funds, and more. Now, people even consider online banking apps for such operations.

How to use one?

The first part includes registering for internet banking. They are –

• Opening an account: If you have an account, you can skip this step. If you want to use online banking, you need a bank account. Head to a local branch of the desired bank and open a checking or savings account. Some banks do not have their physical offices and are completely online-only.

• Online account set-up: Once you have decided the bank, you want to open an account; you can go to the website and enable online. You will require some ID associated with your account like social security number, federal ID number, driving license, birth date, and account number. The steps to open account online are –
• Keep your account number handy. If you do not have it, the bank representative will help you provide the same.
• As soon as you open the webpage, look for ‘enrol’ or ‘sign up’ or ‘open an online account’ option.
• In case you face trouble setting up the account, contact the bank representative. Most of the banks have a toll-free number.

• Secure username and password: Some banks offer a password with the welcome kit. The username is your customer ID. It is on you to change the password frequently. Make sure to use a unique password that does not involve your birth date and other identifiable information.

• Contact information: The final step in online banking is where you need to provide your contact details. It should match with the details you have already provided to the bank branch. The information you add online is useful for bill purpose. Make sure the email ID you input is the one in use, and you check it frequently.

Important features:

• The way around the portal: Understand the website thoroughly and check where things are. In case of multiple accounts, click on each and see how they look. Look out for the logout option and do so each time you get done with the session.

• No paper statements: Whether it is internet banking via apps or computer, you get rid of paper statements. This way, it is not only environment-friendly, but it also helps to organise your account. Some banks also have the option of viewing statements in electronic form such as PDF.

• Payment of online bills: A few banks also have online bill payment services such as utilities, rents, and other monthly expenses. You also have the option to schedule these payments and can do away with default payments.

• Loan and credit card applications: Once you have access to your net banking, you can use it for setting up another account or for applying new credit lines such as loans, FDs, credit, or debit cards.