The banking industry in India has played an important role in the country’s development. It has adopted different banking methods over time and diversified itself to make financial lives easier for customers. From the age-old barter system to the nationalisation of commercial banks to the liberalisation of the economy in 1991, remarkable changes have occurred in this industry. Now, with the emergence of Internet, banking has gone online and taken the form of net banking.
Here, we will talk about net banking in detail and how you can benefit from this evolved system of banking.
What is net banking?
Net banking, also known as Internet banking, is an electronic mode of accessing various financial and non-financial services offered by banks in India. Using this mode, customers can conduct banking transactions online using their mobile devices, regardless of their time and location. The core purpose of net banking is to eliminate the need to visit a nearby bank branch for various banking transactions, such as transferring money, creating FDs, checking account balances, etc.
A customer having an active bank account must register for the net banking facility to start using the same using secure customer ID and passwords.
What are the features of net banking?
Here are some of the primary features of net banking in India:
- Quick and hassle-free access to banking services
- Easy to check account balance and transaction history
- Ease of making fund transfers up to the limit specified by your bank
- Secure access to individual user accounts using a distinct banking ID and password
- Ease of paying bills, submitting loan applications, upgrading credit/debit cards via the net banking account, and more
What are the advantages of using net banking?
Round-the-clock availability of banking services
With net banking, it has become easier for bank account holders to avail banking services 24×7 throughout the year. You need not wait to visit the bank premises to make fund transfers or bill payments.
Added convenience
Standing in queues inside a bank branch to avail of various services is a thing of the past. By switching to the net banking facility, you need not leave your important chores behind and visit a bank.
Saves time
Another crucial benefit of internet banking is that it helps save your time. You can complete transactions and apply for FDs, RDs, or cheque books via your net banking account within a few minutes.
Recommended Read: Fixed Deposits as a Payment Source – A First by Paytm Payment Gateway
Service request tracking
Similar to receiving an acknowledgement receipt on availing banking services offline, you can check your transaction history or service request status online using your banking app. All the important details of transactions or services availed are recorded for later use.
Limitations of net banking you should know
Although most people could only see the advantageous side of net banking in India, this facility has certain limitations as well (though the benefits outweigh these demerits), including:
- Having an Internet connection is a must to access banking services online via your mobile devices.
- For people who are not used to utilising the Internet in their daily lives, net banking might seem like a difficult way to avail of banking services.
- Along with the bank’s security infrastructure, it is the responsibility of individual users to keep their banking information safe and secure to prevent unauthorised access.
How to register for net banking?
In case you do not have access to the Internet banking facility, here are a few steps you need to follow:
- Visit the nearest bank branch to submit a net banking application form along with documents like Aadhar and PAN
- Once you receive the net banking ID and password, create a user account using the bank’s mobile application or official website
- Once your account is created, you can start availing various banking services from the comfort of your home.
Switch to Paytm Payment Gateway to start accepting payments via net banking
As a merchant, you want to make it easier for your customers to pay for their purchases. While it is up to them to select the preferred payment option, you can ensure the availability of maximum payment methods including net banking by switching to Paytm Payment Gateway.
Quick and easy integration of Paytm Payment Gateway into your business website or app can make 100+ payment sources available for your customers. Besides this, you can benefit from:
- Instant PG activation
- 100% online onboarding
- Industry-best payment success rate
- 250 million+ saved payment instruments
- Payment analytics to get deeper insights into customer behaviour
- T+1 settlements, and more
Must Read: What Makes Paytm Payment Gateway the Best in India?
FAQs
How does net banking work?
Net banking is a digital payment mode that you or your customers can use to avail various banking services, including fund transfers. You need to register as a bank account holder and access your net banking account via browser or the mobile banking app.
Is net banking safe?
Net banking infrastructure provided by the banks is quite safe and secure. However, you, as a user, also need to follow precautionary measures to avoid unauthorised access to your account.
Is net banking free?
Most banks offer Internet banking service for free to all their customers. However, it is up to your bank to ask for a fee for certain banking facilities.
How can I start using my net banking account?
You can start using this facility with the help of your net banking credentials via a web browser.
What should I consider while using the Internet banking facility?
While using net banking, make sure you avoid using public wi-fi, never share your net banking account details with anyone, and keep on changing the account password after every few months.
