With India and its citizens slowly moving towards a digital economy, a great way to start on that road is to start using NetBanking. Every bank offers its customers Internet Banking, where a customer can conduct a vast range of financial transactions through the bank’s website.
Some of the operations that can be performed are:
Accounts Summary
- Track your savings account transactions and balance
- Start and manage a Fixed Deposit, a Recurring Deposit or even an FCNR (Foreign Currency Non Repatriable) deposit
- Get an overdraft against a fixed deposit
Fund Transfer
- Transfer funds within the same bank (between Re.1 to Rs.10 Lakhs per day)
- Instant fund transfer using IMPS
- Transfer funds to any other bank’s account via NEFT
- Perform RTGS between amount Rs.2 Lakhs to Rs. 10Lakhs
- Access to UPI
- Transfer funds to someone outside of the country
Enquiry
- Download a transaction statement
- Track the status of Fixed or Recurring deposits if any
- Track any cheque transactions
- Enquire about TDS (Tax Deducted at Source)
Request
- Request the bank for a CIBIL score report
- Update KYC information
- Request for a new Cheque book
- Request the issuing of Demand Draft which is couriered to the applicants updated address
- Update Permanent Account Number
- Submission of Form 15H (No Tax deduction at TDS for Senior Citizens) & 15G (for others)
- File your Income Tax Returns
Miscellaneous
- ePayments for bills like telephone, gas etc
- Send in a request for a new Credit Card, Debit card pin generation, Forex Card or Gift card
- Invest in Mutual Funds
- Purchase Insurance for protection, savings, health etc.
- Apply for loans, car insurance, personal loan
- Offers on interest rates by banks
The list keep growing as banks compete with each other and with fintech startups to offer the latest in technology to ensure a superior e-banking experience
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