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What is Net Banking? A Complete Guide

RBL Bank Dec 15, 2023

Welcome to the digital age of banking, where convenience is paramount, and you can now take control of your finances with ease. In this realm of Indian financial services, internet banking is a game-changer, providing reliable and fitting services.

What is Net Banking?

Internet banking, also known as Net Banking, isn’t just a service, it’s a financial friend that speaks the lingo of modern India. Net banking acts as a virtual gatekeeper to your finances, making transactions easier and bringing the bank right at your fingertips.

Net banking acts as a bridge that links you to your money anytime, anywhere!

When you embrace internet banking, you open yourself up to a world of benefits. You have 24/7 access to your accounts, the ease of managing your accounts from the convenience of your home, the convenience of quick transactions, and so much more. In a diverse and dynamic nation like India, internet banking is your personal financial assistant. It simplifies your money management journey.

The foundation of internet banking is security. With the help of advanced encryption, multifactor authentication, and real time monitoring, your financial information remains safe and secure. It’s a world where convenience and security go hand in hand. Mobile banking apps continue to revolutionize the way we manage our finances. From contactless transactions to instant transfers, net banking not only makes financial transactions easier but also faster.

How to Use Net Banking?

Internet banking is a secure and hassle-free online banking platform that enables users to carry out a variety of financial transactions and manage their accounts. Major banks offer internet banking services, allowing users to check balances, transfer funds, pay bills and more with a few clicks without visiting a branch.

1. Getting Started: To register for an internet banking account, it is necessary to have an active bank account with a bank offering online services. The registration process typically involves completing an online form and authenticating your identity. Upon completion of the registration process, you will be provided with login credentials, typically consisting of a user ID and password, to access your internet banking account. Many major banks offer Video KYC facilities to activate net banking quickly and from the comfort of home.

2. Explore Features and Ensure Security: Indian banks provide a wide range of services through their online banking platforms:

  • Account Balance Inquiry
  • Fund Transfers
  • Bill Payments
  • Mobile Recharges
  • Fixed Deposits and Recurring Deposits
  • Investment Transactions
  • Loan Payments and EMI Management
  • Credit Card & Debit Card Management
  • Request for Cheque Book and Statements or Stop Payment on Cheques
  • Update Contact Information
  • Account Alerts and Notifications
  • Customer Support

Be sure to use the official website to access your online banking account and don't share your login info. Indian banks take extra precautions to keep your financial info safe, like using encryption, secure login methods, and two-step authentication.

3. Fund Transfer: Internet banking provides facilities like NEFT, RTGS, and IMPS as fund transfer options and all you must do is pick one of these options, basis your requirements:

  • NEFT: National Electronic Funds Transfer is the most popular method of electronic money transfer across banks in the country. NEFT works on a deferred settlement basis. NEFT payments are made in hourly instalments. NEFT is the most affordable and secure method of money transfer.

  • RTGS: Real-time Gross Settlement is the preferred method of settlement for transactions that require immediate gratification. This system guarantees immediate fund transfers with no wait time. Generally used for transactions of greater value, RTGS ensures rapid and secure funds transfers within the banking system, improving efficiency for individuals and businesses.

  • IMPS: With Immediate Payment Service, you can do instant transactions 24/7. Whether you need to send a friend some money, pay your bills quickly, or make a quick purchase, IMPS makes it easy to transfer funds right away. Thanks to UPI, IMPS has become a part of the digital world, making it super convenient for people who are always on the move.

Here’s a comparison of NEFT, RTGS, and IMPS to assist you in making a quick decision:

Feature NEFT (National Electronic Funds Transfer) RTGS (Real-Time Gross Settlement) IMPS (Immediate Payment Service)
Speed Deferred settlement, processed in batches Real-time settlement Instant, operates 24/7
Transaction Limit No minimum or maximum limit Minimum limit is INR 2 lacs Varies by bank, typically lower limits for individual users
Operating Hours Available during banking hours and on working days Available during banking hours and on working days Available 24/7, including weekends and holidays
Transfer Channels Online banking, mobile banking, and at bank branches Primarily through online and mobile banking Primarily through mobile banking and UPI-enabled apps
Applicability Suited for both small and large transactions Primarily for high-value transactions Ideal for small and urgent transactions, especially for retail users
Cost of Transaction Generally lower fees, with some banks offering free NEFT transactions Higher fees compared to NEFT, with charges varying by bank Fees vary by bank, with some offering free IMPS transactions
Purpose of Transfer Suitable for regular and large-value transactions Ideal for high-value and time-sensitive transactions Suited for instant and small-value transactions
Usage Scenario Commonly used for salary credits, vendor payments, and other routine transactions Ideal for real-time settlement of large transactions like real estate deals Frequently used for immediate payments, bill settlements, and peer-to-peer transfers

 

4. Check Account Balance and Transaction History: The money you have in your bank account, including your account credit and debit details; you can check your account balance in real-time with Internet banking. It also offers you access to your transaction history for review and monitoring of every transaction (deposit, withdrawal, transfer, etc.) that is made in your bank account over a certain period.

5. Mobile Banking Apps: Most banks in India offer mobile banking apps, which take internet banking to the next level. These apps are super easy to use and let you do all your banking on your phone. All you have to do is download your bank's official app from the app store or Google Play, sign in with your internet banking details, and you are good to go.

 

6. Easy Access to Customer Support: If you run into any problems or have any questions about online banking, get in touch with your bank's customer service team. Most banks have helpline numbers, chatbot services , or FAQ page on their website to help you through the online banking process.

5 Tips for Safe Net Banking

Online banking is easy to use and can save you a ton of time and energy. Although you can do most of your banking online from the comfort of your own home, it is important to use online banking safely.

Here are some useful tips to help you get the most out of your internet banking:

1. Avoiding Shared Computers & Cyber Cafés:

These places are usually busy and there is a higher chance of your password being tracked or seen by someone else. If you need to log in from these places, make sure to delete the cache and browsing history, as well as all the temporary files on your computer. And don't let the browser remember your ID and password.

2. Use Authentic Website to Access Internet Banking:

To improve online security, it is recommended to manually enter the website address of your bank in the address bar of your browser. This will protect against phishing attacks, ensure that you are connecting to a legitimate website, and reduce the likelihood of becoming a victim of a malicious link, thus contributing to a more secure online banking experience.

3. Change your password periodically:

When logging into an internet banking account for the first time, the password provided by the bank must be used . To ensure the security of the account, it is important to regularly change the password. Additionally, it is essential to maintain the password's confidentiality at all times.

4. Never share your password with anyone:

Your bank will never request sensitive information over the telephone or via email. Therefore, regardless of whether you receive a direct phone call from your bank or an email requesting your information, do not provide your login details.

5. Use reliable antivirus software:

To strengthen your digital defenses, install reliable antivirus software and keep your PC up to date. With regular updates, your system is ready to tackle ever-changing cyber threats, providing a critical layer of defense against viruses, malware and other online threats that promote a safe computing environment.

Adopting online banking opens the door to unprecedented convenience. From safe fund transfer to 24x7 account management, internet banking is a game-changer. Follow the safety tips, discover new services, and take control of your life in the digital world for a smooth and safe banking experience.

Disclaimer: Articles published on the website are merely indicative and suggestive in nature and do not amount to solicitation. The contents do not guarantee the desired returns and/or results. Reader is advised to exercise discretion and consult independent advisors for achieving desired result. Visitors to this blog/ website w.r.t products & services offered by RBL Bank Limited herein, shall ensure that the comments / feedback posted shall be restricted to the contents published herein and shall not contain such language that may be un-parliamentary or against any religion, caste, section of society, political view etc. While our endeavor is to publish the comments that are submitted, however, all comments/feedback shall be subject to internal review by RBL Bank Limited. We do not guarantee that the comments that are submitted will be published.

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