Internet Banking

Banking for customers online has gotten much easier due to the internet facility. Customers
can track and operate their bank accounts themselves without visiting the bank by accessing the
net banking portal of the specific bank.

Customers need to regsiter for the net banking services of the particular bank and then login each
time using their username and password to access various banking services. Here are some more
details regarding net banking.

What is Net Banking?

Net Banking or Internet Banking is a service offered by the banks to their customers, where
the customers can avail themselves of various banking services and perform financial transactions
online without visiting the bank. Net Banking enables customers to perform a range of banking
services, such as opening fixed deposit accounts, recurring deposits, fund transfer, tracking
transactions, and many more. Net banking can be availed by any individual with an active bank
account. They need to register for the net banking services offered by the bank, only after which
they can perform online banking activities.

Features of Online Banking

The following are the features of online banking:

• You can check the account statement online

• Open a fixed deposit account at your net banking portal.
• Pay electricity bill, water bill and other utility bills online.
• Transfer money from your account to another bank account.

• Do the merchant payments.

• Purchase general insurance.
• Order a cheque book in a few clicks.
• Recharge your mobile or DTH bills.

Advantages of Net Banking

In an era when all of us are heavily dependent on technology, internet banking is nothing short of a
savior. There are several advantages which e-banking has over conventional banking, which
requires one to visit the bank and stand in queues. Listed below are just some of the benefits of
internet banking which make our life easier each day.

• Easy To Operate - Online banking is very simple and easy to understand, maybe easier than
conventional banking in many cases. The operation of an online account is rather simple and
easy to use.
• Convenience Of Making Payments - Internet banking makes it quite convenient to carry out
transactional activities like transfer of funds, payment of bills, etc. this means, no longer
having to wait in queues for bill payments or having to safely keep receipts of bill payments,
which are also perishable. All records of payments and bills is stored online on your account.
• Round The Clock Availability - Another indisputable advantage about online banking is that
it is available round the clock, throughout the year. You don't have to schedule a time when
you can carry out banking activities, regardless of it being a weekend, time of the day or
even holidays.
• Time Saving and Efficient - E-banking is not only fast but also highly efficient in letting you
carry out transactions within a few minutes. Transfer of funds, account opening, bill
payments take no more than a few minutes to process, which helps save a lot of time.
• Account Activity Tracking - Another very important benefit provided by net banking is that
it allows you to track your account activity at all times. You can keep an eye on your account
transactions and balance at all times. Any unauthorized transaction or discrepancy can be
immediately tracked and reported to the bank immediately, allowing you to keep your
money safe at all times.

*Following are the pre-requisites for opening of the account through online mode.
• Aadhaar card
• Mobile linked to Aadhaar for OTP
• PAN card
• Recent scanned image of photograph-Size Up to 1 Mb
• Scanned image of address proof of address (POA) -Size up to 1 Mb
• Scanned image of Proof of Identity - Size up to 1 Mb
• Signature scanned Size up to 1 Mb
• Mobile to be carried in person to branch for OTP verification while account opening.”

*Know it's importance of User ID in net banking

In simple terms, a User ID is a unique identifier that links your banking profile to you. It
is what tells the bank's system that it's indeed you who's trying to access your account. But it
does more than just identify you:

• It personalises your net banking experience: Your User ID is not just a string of characters.
It represents your banking profile, backed by your transaction history, personal settings,
and preferred services.
• It plays a significant role in the security framework: While not the only security measure,
your User ID is the first step in verifying your identity during net banking.

*How to Create a Strong Online Banking Password

Make a Password Longer Than Six Characters
• Use Uppercase and Lowercase Letters, Numbers, and Symbols

• Don’t Use Children’s Names or Common Words

• Use Separate Passwords for Each Account

• Final Advice: Storing and Generating Secure Passwords

Secrecy of maintaining One Time Password

Why is a one-time password safe?

The OTP feature prevents some forms of identity theft by making sure that a
captured username/password pair cannot be used a second time.
Typically the user's login name stays the same, and the one-time password
changes with each login.
One-time passwords (aka One-time passcodes) are a form of strong
authentication, providing much better protection to eBanking, corporate
networks, and other systems containing sensitive data.

OTP and TOTP vs static password

Although this authentication method is convenient, it is not secure because

online identity theft – using phishing, keyboard logging, man-in-the-middle
attacks, and other practices – is increasing worldwide.
Robust authentication systems address the limitations of static passwords
by incorporating an additional security credential, such as a temporary one-time
password (OTP), to protect network access and end-users' digital identities.
This feature adds extra protection and makes it more challenging to access
unauthorized information, networks, or online accounts.
Time-based One-Time Password (TOTP) changes after a set period, such as 60
seconds.
Net Banking Services:

Mobile Banking:
Mobile banking (otherwise called M-banking) is a name utilised for performing
account exchanges or transactions, bill payments, credit applications, balance checks,
and other financial exchanges through a mobile phone like a Personal Digital Assistant
(PDA) or cell phone.

Electronic Clearing System (ECS):

The Electronic Clearing System is a creative provision for occupied individuals. With this
provision, an individual’s credit card bill is consequently charged from the same
individual’s savings bank account, so one doesn’t have to stress over missed or late
payments.

Smart Cards:
A smart card is a card that stores data on a microchip or memory chip or a
microprocessor in lieu of the magnetic stripe found on debit cards and credit cards.
Smart cards are not utilised for transferring or moving monetary data alone, but also
they can be utilised for an assortment of identification grounds. Exchanges made with
smart cards are scrambled or encrypted to shield the exchange of data from one
party to another. Each encoded exchange can’t be hacked and doesn’t transmit any
extra data past what’s required for finishing the single exchange or transaction.

Electronic Fund Transfers (ETFs):

Electronic fund transfer (EFT) is the electronic exchange of cash starting with an
individual account in the bank to another individual account of the same bank, or
within or with other financial institutions or with multiple institutions, by means of
personal computers based frameworks, without the immediate intercession of bank
staff.

Telephone Banking:
Telephone banking is an assistance given by a bank or other monetary foundation or
other financial institutions, that empower clients to perform via telephone a scope of
monetary exchanges which don’t include cash or financial instruments, without the
need to visit an ATM or a bank branch.

Internet banking:
Web-based banking is an assistance presented by banks that permits account
holders to get their record information by means of the web or the internet. Web-
based banking or Internet banking is otherwise called “Web banking” or “Online
banking.”

Internet banking through customary banks empowers clients to play out every
standard exchange, for example, bill payments, balance requests, stop-payment
requests, and balance inquiries. Some banks even proposition online credit card and
loan applications.

Account data can be acquired day or night, and should be possible from any place.

Home banking:
Home banking is the most common way of concluding the monetary exchange from
one’s own home as opposed to using a bank’s branch. It incorporates making account
requests, moving cash, covering bills, applying for credits, and directing deposits.
*FUND Transfer :
Fund Transfers available on Net Banking
Net banking allows the users to transfer money from one account to another in three different
methods such as National Electronic Fund Transfer (NEFT), Immediate Payment Service (IMPS, and
Real Time Gross Settlement (RTGS). Now let us have look at all the methods one by one:

NEFT

Here are some details about NEFT (National Electronic Fund Transfer) transactions:

NEFT enables people and businesses to transfer money from one bank account to another,
irrespective of the bank with which they are associated. Making interbank transactions in this
manner is safe and practical. NEFT transactions can be performed any time your bank is open for
business. The processing time can vary, because NEFT runs in hourly batches. The transfer often
takes a few hours, although it occasionally takes longer, depending on the bank's procedures and
the precise moment the transaction takes place.

IMPS

Here are some details about IMPS (Immediate Payment Services) transactions:

• IMPS enables people to conduct interbank transactions in real-time through a variety of

channels, such as internet banking, ATMs, and bank branches
• IMPS enables instant fund transfer between bank accounts
• Payment is received immediately as IMPS is processed in real-time
• IMPS is accessible 24/7, including on weekends and holidays
• Encryption and authentication techniques in IMPS transactions ensures safetu of your
financial transactions

RTGS

Here are some details about RTGS (Real-time Gross Settlement) transactions:

• RTGS system is utilised for large-value transactions in the country

• Useful for processing financial transactions between banks that needs to be settled instantly
and on an individual basis

• RTGS is used in high-value interbank transactions, such as sizable business payments,

investments, and other sizable financial transfers
• RTGS transactions are settled in real-time and hence are processed instantly and securely to
the recipient's bank account
• authentication and encryption techniques are utilised to safeguard the authenticity and
confidentiality of financial information
• Some banks levies charges based on transfer amount for initiating RTGS transactions
*Make Payment :