It has been over a decade since the launch of internet banking. Account holders now use net banking of different bank accounts like DCB netbanking, Axis net banking or CUB net banking to transfer money online. While net banking is still present, the proliferation of UPI and mobile wallet systems has given stiff competition to internet banking.
However, do you have any idea that there are several other crucial things you can do with your internet banking besides transferring money? Well, internet banking allows you to do several kinds of stuff, besides banking. Have a look –
Open a fixed or recurring deposit account
Banks permit you to open a deposit account from your internet banking without the requirement to visit your bank branch. You can easily open any deposit account of your choice – fixed deposit, tax saving deposit or recurring deposit. This procedure is very simple. To open the account, you require entering the details like beginning date, repayment tenure, how you want to get your interest and other important details. Also, you can check the rate of interest before you open any deposit account. Note that, for opening a deposit account through any net banking may it be CUB net banking or Axis Bank or HDFC Bank or SBI, you do not require submitting any KYC documents as the bank already have your documents.
Apply for any loan of your preference and choice
Through the internet banking app, you can place an application for distinct loans. Such loans may be a gold loan, personal loan, car loan, home loan, 2-wheeler loan, loan against fixed deposit or mutual funds. As you are a customer of the bank, it is natural for them to offer you several benefits. As your bank already holds your documents, using the internet banking application, you can simply check your eligibility for a loan by inputting a few crucial details.
Many banks even allow you to check if you have any pre-approved offers for loans available on the net banking application. Once you are aware of your loan eligibility, you may easily apply for the credit option via the net banking app and get in-principal approval from your bank on the same day of placing the application. Once you apply for the loan, a bank representative will approach you for processing the loan application. Certain loans such as a personal loan or loan against a credit card may be processed, approved, and disbursed within a few minutes, as the KYC is done already.
Begin with investment
In case you have a Demat or investment account with a bank, you may also directly invest in mutual funds and shares from the net banking application. When investing in the shares, the net banking app automatically redirects to your Demat account. Most of the banks provide three to one Demat account, which involves trading, investing and savings accounts.
However, when you invest in a mutual fund via the banking app, ensure to check if the application is selling you the funds from a specific fund house or endows you the choice to select your fund house. In case, the bank has any tie-up with the fund house and provides you funds from just that AMC, it might not be a great idea for you to invest in mutual funds via the app.
Manage your credit and debit cards
You can even manage your debit and credit cards using the net banking app. If you misplace or lose your credit card or debit card, you can simply use the app for blocking the card instantly. Using the net banking app, you can also check your credit card statement and make bill repayments directly from the application. Also, through the app, you can check different offers that you may be eligible for and even upgrade or request credit card limit enhancement. With net banking apps, you can also apply for current chequebooks, stop any check payments, etc.
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Checkpoints on how net banking can help you?
∙ It can help you place an application for a deposit account and even allow you to monitor the same online. Payment dues, current balances, deposits, withdrawals, and any scheduled payments usually are displayed on the net banking’s account summary page. This permits you to monitor your account for any kind of transactions or changes that you might have forgotten or need to keep a record of.
∙ Online banking accounts generally record the images of the sender’s cheques. With just a click, you simply can view the back and front of the cheque posted to you.
∙ Funds may be easily and quickly transferred from your account to another. For instance, from your savings account you may consider transferring your funds to your current account through any transfer mode may it be IMPS, RTGS or NEFT. Nowadays, banks also allow you to transfer your money to another account through the UPI address. For example, suppose you have a CUB netbanking account and now you want to transfer the funds in your CUB account to your Axis bank account, for this, you can use your UPI address to immediately make and receive the transfer amount.
∙ Most or all the monthly payments for your utilities, credit cards, insurance premium, SIP, etc. can be done online. Payments for all of them are done instantly, which not just eliminates the requirement of personally visiting different institutions for payment but also lowers the risk of incurring late payment charges.
∙ In case you prefer not to make the payment of each bill manually, then you can also set up an automatic payment mode for the deduction of the required amount automatically. On setting up this mode, the money is transferred automatically from your account for the payment of utilities, credit card bills etc.
∙ Through net banking, you can also apply for pre-approved loans online and get the proceeds on the same day of placing the application for a loan.
∙ You can also request for new debit cards, upgrade your existing credit card, or order cheque books with just a few clicks.