Smart
ways to bank
As
technology brings the bank to your doorstep, find out how you can make the most
of these facilities.
The banking
sector may be growing by leaps and bounds, but your bank has become smaller. In
fact, it’s tiny enough to fit into your pocket. You can use your mobile phone
to transfer funds, pay utility bills, recharge cell phone, even book movie
tickets. For many of us, it is months before we need to visit a bank branch,
even though our usage of banking services has increased. Mobile and Internet
banking have indeed made life easier for millions.
Web of comfort
The convenience of anywhere banking is the biggest draw for customers. It’s a win-win situation because Net and phone banking reduce the operating costs for banks as well. This is why they encourage account holders to use these new channels by offering discounts on services. Let’s see what all you can do with these new channels.
Pay your bills
Still stuck at the ATM to pay your utility bill? Well, it is time to graduate to Net banking. This will erase long queues and the last-minute rush. Just log on to the utility website and punch in the details as well as the amount you have to pay. It will direct you to the bank website. You can either pay via Net banking or with your debit or credit card.
Invest in FDs and RDs
You can start and break a fixed deposit as well as a recurring deposit on the Internet now. The services, products and interest rates are the same as in the case of the facilities at the bank branch.
Money transfer
Planning to send money home to your parents? Instead of the usual cheque or demand draft, try third-party transfer. For this, you just need to know the recipient’s bank account details. While some banks will allow you to transfer funds directly once you have signed up for Net banking, others may insist on additional registration procedures.
Stop payment of cheque
You don’t have to rush to your bank branch to stop a cheque payment. Just log on to the bank Website and place the stop payment request. Can’t access the Net from where you are? Don’t fret. Avail of the phone banking service. What’s more, the stop payment request made through phone and Net banking are free. If you go to the branch, you will pay close to 50-100 for the facility. Similarly, you can place requests for demand drafts and new cheque books on the Net.
IPO, stocks and mutual funds
Online investing in shares and mutual funds online is nothing new. While Netsavvy investors have been doing it for over a decade, now you can also buy and sell stocks and funds through your cell phone. This allows you to be in touch with the markets, and buy and sell whenever you want. You need a GPRS-enabled phone for downloading the application.
Loans
The Internet facilities are not confined to investment and payment services. You can also apply for loans online. A few banks even allow chat facility so that you can ask a customer care executive about the loan details. You also have the option of registering your number online and have a bank executive call you with the details.
Tax payment
What would you do if you just realised that you had underpaid your tax? How do you squeeze in a visit to the bank branch into your tight schedule? Your Net banking account can come to your rescue here. Log on to your bank’s website, key in the details and pay the amount online, along with the interest for the delayed payment. Banks also facilitate online filing of tax returns.
Special services
If you are bad at managing money, Check out the online personal finance tools. This facility allows you to link all your bank accounts, even the ones with other banks. Apart from bank accounts, you can keep a tab on your credit cards, demat accounts as well as loans via this tool.
Shopping from home
With various online shopping options available now, you can browse through the Web catalogues and pay via card or Internet banking. Most of these online models also offer discounts on goods and services, so you can land better deals too. Apart from this, several banks list out on their websites the brands and outlets where you can flash your card and avail of a discount.
How safe is it?
There is little reason to worry about the safety of online banking. If you take simple precautions, there is little chance that you will fall prey to phishing, identity theft or any other online scam. The RBI has also directed the banks to send alerts to customers about their transactions.
Web of comfort
The convenience of anywhere banking is the biggest draw for customers. It’s a win-win situation because Net and phone banking reduce the operating costs for banks as well. This is why they encourage account holders to use these new channels by offering discounts on services. Let’s see what all you can do with these new channels.
Pay your bills
Still stuck at the ATM to pay your utility bill? Well, it is time to graduate to Net banking. This will erase long queues and the last-minute rush. Just log on to the utility website and punch in the details as well as the amount you have to pay. It will direct you to the bank website. You can either pay via Net banking or with your debit or credit card.
Invest in FDs and RDs
You can start and break a fixed deposit as well as a recurring deposit on the Internet now. The services, products and interest rates are the same as in the case of the facilities at the bank branch.
Money transfer
Planning to send money home to your parents? Instead of the usual cheque or demand draft, try third-party transfer. For this, you just need to know the recipient’s bank account details. While some banks will allow you to transfer funds directly once you have signed up for Net banking, others may insist on additional registration procedures.
Stop payment of cheque
You don’t have to rush to your bank branch to stop a cheque payment. Just log on to the bank Website and place the stop payment request. Can’t access the Net from where you are? Don’t fret. Avail of the phone banking service. What’s more, the stop payment request made through phone and Net banking are free. If you go to the branch, you will pay close to 50-100 for the facility. Similarly, you can place requests for demand drafts and new cheque books on the Net.
IPO, stocks and mutual funds
Online investing in shares and mutual funds online is nothing new. While Netsavvy investors have been doing it for over a decade, now you can also buy and sell stocks and funds through your cell phone. This allows you to be in touch with the markets, and buy and sell whenever you want. You need a GPRS-enabled phone for downloading the application.
Loans
The Internet facilities are not confined to investment and payment services. You can also apply for loans online. A few banks even allow chat facility so that you can ask a customer care executive about the loan details. You also have the option of registering your number online and have a bank executive call you with the details.
Tax payment
What would you do if you just realised that you had underpaid your tax? How do you squeeze in a visit to the bank branch into your tight schedule? Your Net banking account can come to your rescue here. Log on to your bank’s website, key in the details and pay the amount online, along with the interest for the delayed payment. Banks also facilitate online filing of tax returns.
Special services
If you are bad at managing money, Check out the online personal finance tools. This facility allows you to link all your bank accounts, even the ones with other banks. Apart from bank accounts, you can keep a tab on your credit cards, demat accounts as well as loans via this tool.
Shopping from home
With various online shopping options available now, you can browse through the Web catalogues and pay via card or Internet banking. Most of these online models also offer discounts on goods and services, so you can land better deals too. Apart from this, several banks list out on their websites the brands and outlets where you can flash your card and avail of a discount.
How safe is it?
There is little reason to worry about the safety of online banking. If you take simple precautions, there is little chance that you will fall prey to phishing, identity theft or any other online scam. The RBI has also directed the banks to send alerts to customers about their transactions.
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