Whether it is IOB net banking, BOB net banking, SBI net banking or net banking of any other financial institution, the concept of internet banking platform has been around in India for a while and is something which technologically sounds individuals use daily. Previously, many account holders used to transfer funds by handing over a cheque, but now with the rise of UPI payment systems, mobile wallets, and internet banking, many are looking to turn towards digitalisation rather than sticking with the physical mode of transacting.
Mentioned here are some of the lesser-known activities that you as an internet banking user can perform. Let’s have a look.
Open a deposit account
Financial institutions allow you to open a deposit account using your internet banking account without the requirement for visiting the financial institution’s branch. You can simply open a recurring deposit, fixed deposit, or any tax-saving deposit account with just a few clicks on the net banking account. The process to open a deposit account is very simple. You require inputting the details like investment horizon, beginning state and how you would want to get your interest constituent on the money you are depositing and other crucial details that the institution may ask online. Also, you can check the rate of interest before you open a deposit account and opt for the tenure preferable to you offering a higher rate of interest. Moreover, the best part is you do not require submitting the KYC documents as the financial institution already has your documents stored in their system.
Apply for the loan
You can use the net banking application to place an application for distinct loans. This can be a gold loan, personal loan, 4-wheeler or two-wheeler loan, loan against FD or home loan. As you are already a customer of the financial institution, you get various facilities and benefits. A few include no need to submit your documents while applying for the loan of your requirement as the financial institution already has your documents, by using the net banking system, you can check your eligibility for the loan and accordingly decide if you should apply and others.
A few banks even offer you pre-approved loan facilities on net banking or mobile banking application. If you receive this offer on the preferred loan and you are satisfied with the levied interest rate and other charges, then you may opt for the preapproved offer. On accepting the pre-approved offer, the loan proceeds usually are disbursed to your account on the same day. So, pre-approved offers lower your need of visiting the financial institution’s branch. However, in the case of regular loan offers, a few institutions after receiving your application for the loan online, may ask you to visit the branch along with hard copies of your documents to review them again if in case they require additional documents. For instance, if you hold an account with Canara bank account, then upon placing an application for the regular loan through the online mode, the Canara bank may ask you to visit as per the Canara bank timings to submit additional documents, read the terms and conditions of the loan and sign on the stamp papers and loan documents physically.
Begin an investment
If you hold a demat or investment account with the financial institution, you can even directly invest in mutual funds, shares, stocks, etc. from your app. When investing in the market, the mobile or net banking app will automatically redirect you to the concerned demat account. Many financial institutions provide three in one demat account, which involves trading, savings and investing, all in one. So, you can invest directly using the app and the money stored in your savings account and even get the redemption instantly in your account.
But when it is about mutual fund investing through the net banking app, you must review if the application is selling your money from a specific fund house or provides you with the choice to select your mutual fund house. If the financial institution holds a tie-up with other fund houses and provides you funds only from that asset management company, it might not be an excellent idea for you to go for the mutual fund investment via the app.
Manage your cards
You can even manage your debit and credit cards using the application. If you misplace or lose your credit card or debit card, you can then use the application to instantly block the card. In the case your credit card is with the same financial institution whose net banking application you are using, then you can review your credit card dues, and credit card statement, and make the payment of the dues directly using your savings bank account online. Also, you can check out offers and deals on credit cards using the net banking platform, like card upgradation, credit limit enhancement, etc.
One of the major benefits of net banking or mobile application is accessibility. You as a user can access the net banking platform anytime from any corner of the world. It even permits you to access all banking activities and services at any time. With distinct money transfer choices like RTGS, NEFT, IMPS, etc., the platform allows you to conduct transactions easily. Also, you can avoid heading to the financial institution for distinct non-financial transactions as mentioned above. These include submitting a request for a chequebook, opening an FD or RD account, changing your mobile number or address, etc.
Simple to navigate and use
The net banking operations are very simple and easy to understand as well as follow. They are self-instructional, and interactive, allowing you as a user to conduct all your transactions properly and with ease.Mobile or net banking apps even allow you to place an application for a chequebook or stop payment through the cheque using the application. So, if smartly used then the bank app on your phone can be of great convenience and comfort for most of your banking activities and transactions.
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