Overview
This facility is provided by commercial banks in India etc. to their customers. It allows users, i.e. bank-account holders (individuals or institutions) to access the bank account details on the Internet and perform certain financial and nonfinancial transactions.
The following frequently asked questions would make the matter clearer.
Q. What are the benefits of using Internet banking facility? What all can I do with it?
A. You can check your account details,e.g. account statements, TDS certificate, Form 26AS, interest certificate; ATM card-, online transaction-, and fund transfer limits, etc. You can do a few financial transactions,e.g. fund transfer between your own accounts,e.g. into public provident fund (PPF), recurring deposit, Sukanya Samridhi Yojana account, etc., and to third parties using their account number and IFSC. You may also create recurring deposit, fixed deposits, etc.; pay insurance premiums and other utility bills like electricity bill, telephone or mobile bill, etc. ; and also prepaid mobile recharge. You can also make online payments of taxes and for online shopping, fees of educational institutions, Government recruitment agencies, etc. Non-financial transactions include chequebook request, change of mailing or email addresses, change of transaction limits, change of passwords, request for a demand draft( to be personally collected from a bank-branch ). You can also avail the auto-bill pay facilities for paying recurring bills.
Q. Who are eligible?
A. A bank-account holder is eligible for availing the net banking facility.
Q. What do I need to have to avail this facility?
A. You need to have a computer etc. or a smartphone or a tab with Internet connection.
Q. How do I avail this facility?
A. You need to apply for it. You may either fill up a suitable form and submit it with your banker. Or if you have a debit/ATM card, you can register for it online.
In case of paper application, you would get the user ID and the passwords, viz. login password and transaction password from your banker in due course.
In case of online registration, you need to generate the username and passwords yourself.
Q. What is the process of online registration or application
A. You need to browse the official website of the bank. You would get it in your account activation kit, passbook, checkbook, etc.
You may need to enter your name, customer ID, account number, debit/ ATM card number, its expiry date,CVV number, date of birth, mobile number, email address, etc. You would get an OTP (one time password) on your mobile phone. You would need to enter it to authenticate your registration. You need to either use your bank customer ID as your username or create one of your choice as per the available options. You need to create two passwords,viz. login password and transaction password.
Q. Why do I need two passwords? Can they be same?
A. The login password is used for accessing your bank account online. It would allow you to check your account details. The transaction password is used for financial transactions,e.g. fund transfer or bill payment, online shopping, prepaid mobile recharge, etc. Or for changing your profile information,e.g. change of mailing address, e-mail address, transaction limits, etc.
They should not be the same. To different passwords would minimise the chances of unauthorised access, and misuse of your net banking facility. They should be different as far as practicable. One should never suggest the other.
Q. How to make a strong password?
A. Use a combination of the following characters, viz. capital letters, small letters, special character, numbers, etc. Never use your car number or your mobile number or your house number or date of birth; for they can be easily guessed.
Q. I can do almost everything with my ATM card, cheque book, and by visiting the branch or ATM. Why do I need Internet banking?
A. You can avail all these facilities sitting at home or office or while travelling with the help of a smartphone or computer, laptop, tab, etc. You can also pay bills, recharge prepaid mobile or DTH( direct-to-home) with netbanking or at an ATM using a debit card. However, you cannot transfer funds into someone's bank account without visiting the branch. If you have the Internet banking facility, you can do it yourself. Moreover, fund transfers at bank-branches through NEFT or RTGS are affected on the date of request. You cannot schedule it for a future date. You can schedule a transfer with the Internet banking on any future date. You can also set up standing instructions for recurring fund transfer to a biller or a payee.
Q. What are the security precautions?
A. Type the bank website URL yourself. Access the Internet banking only on your personal or family devices,and never on a shared device using a shared network like WiFi etc. Never share your passwords with anyone except with none; and change it regularly. Check if there is a green padlock icon on the address bar, and if the URL starts with 'https'. Never keep your debit card, ATM PIN (personal identification number), and your cellphone together. If anyone gains access to them simultaneously , they can reset your passwords and misuse. If the signal of your sim registered with the bank disappears for a long time, check with the telecom operator to ascertain the cause. It might have been cloned for online fraud. Never access unsecured sites/apps and Internet banking simultaneously. If you take care of the above measures, none can misuse it.
Q. What are the risk?
A. If you follow the security precautions, there is hardly any chance of misuse or fraud. However, there may be such instances because of users' inadvertent negligence; and are due to still unknown reasons like hacking etc. Please note that even if somebody gains access to your Internet Banking, they cannot spend or transfer the money unless they have your registered mobile number too; for they would need the 6-digit OTP for almost any financial and non-financial transactions. So if you ever lose your phone, please get the same number as soon as possible, and don't forget to inform the police just after you know about the lose. If you suspect that your Internet banking can be misused, call the bank to suspend your Internet banking facility until you request for its reactivation.
Q. What is the percentage of misuse?
A. As per my knowledge based on print, online and onair media, it is negligible. However, you need to check it yourself. You don't need to believe everything that I blog. Do you?
Q. Do you yourself use Internet banking? If yes, for how long?
A. Yes, I do. I have been using it for around a decade or so.
Q. Do you know anyone personally who has been a victim of Internet banking fraud or abuse?
A. No.
Q. Despite all security precautions my Internet banking has been misused to spend/transfer money. What do I do?
A. Inform your bank immediately and the police. Your Internet banking facility would be disabled. The bank would start a fraud or dispute proceedings. After the end of the preceding or investigation, you are supposed to get your money back; for the payee would have the burden to prove the consideration for which they received the fund. So, in case of fraud they won't be able to prove. Eventually, the transaction would be reversed.
Q. Is it good for the economy/country?
A. Yes, it reduces the burden on the banking sector. The banks reduce the branch and labour overheard etc. considerably and, thus, become more profitable. Consequently, they would invest in better technologies for better customer experience. It also reduces the use of cash_the basis of black money. So lower tax evasion. It also reduces the use of paper. So, it is environment friendly too.
Q. Is it worth taking the risk?
A. Please read this blog again, and answer the question yourself. It should always be your choice; for it's your life and your money.
Notes:
The aim of this blog is to provide information to the readers and for academic purposes, etc.and not to encourage or discourage anyone to use this facility. Please verify everything from reliable and authentic sources before taking any decision.
IFSC or IFS Code: It is an alphanumeric code. It is nothing but the numeric address of a bank's branch. You may find it on your bank passbook, cheque book, etc
This facility is provided by commercial banks in India etc. to their customers. It allows users, i.e. bank-account holders (individuals or institutions) to access the bank account details on the Internet and perform certain financial and nonfinancial transactions.
The following frequently asked questions would make the matter clearer.
Q. What are the benefits of using Internet banking facility? What all can I do with it?
A. You can check your account details,e.g. account statements, TDS certificate, Form 26AS, interest certificate; ATM card-, online transaction-, and fund transfer limits, etc. You can do a few financial transactions,e.g. fund transfer between your own accounts,e.g. into public provident fund (PPF), recurring deposit, Sukanya Samridhi Yojana account, etc., and to third parties using their account number and IFSC. You may also create recurring deposit, fixed deposits, etc.; pay insurance premiums and other utility bills like electricity bill, telephone or mobile bill, etc. ; and also prepaid mobile recharge. You can also make online payments of taxes and for online shopping, fees of educational institutions, Government recruitment agencies, etc. Non-financial transactions include chequebook request, change of mailing or email addresses, change of transaction limits, change of passwords, request for a demand draft( to be personally collected from a bank-branch ). You can also avail the auto-bill pay facilities for paying recurring bills.
Q. Who are eligible?
A. A bank-account holder is eligible for availing the net banking facility.
Q. What do I need to have to avail this facility?
A. You need to have a computer etc. or a smartphone or a tab with Internet connection.
Q. How do I avail this facility?
A. You need to apply for it. You may either fill up a suitable form and submit it with your banker. Or if you have a debit/ATM card, you can register for it online.
In case of paper application, you would get the user ID and the passwords, viz. login password and transaction password from your banker in due course.
In case of online registration, you need to generate the username and passwords yourself.
Q. What is the process of online registration or application
A. You need to browse the official website of the bank. You would get it in your account activation kit, passbook, checkbook, etc.
You may need to enter your name, customer ID, account number, debit/ ATM card number, its expiry date,CVV number, date of birth, mobile number, email address, etc. You would get an OTP (one time password) on your mobile phone. You would need to enter it to authenticate your registration. You need to either use your bank customer ID as your username or create one of your choice as per the available options. You need to create two passwords,viz. login password and transaction password.
Q. Why do I need two passwords? Can they be same?
A. The login password is used for accessing your bank account online. It would allow you to check your account details. The transaction password is used for financial transactions,e.g. fund transfer or bill payment, online shopping, prepaid mobile recharge, etc. Or for changing your profile information,e.g. change of mailing address, e-mail address, transaction limits, etc.
They should not be the same. To different passwords would minimise the chances of unauthorised access, and misuse of your net banking facility. They should be different as far as practicable. One should never suggest the other.
Q. How to make a strong password?
A. Use a combination of the following characters, viz. capital letters, small letters, special character, numbers, etc. Never use your car number or your mobile number or your house number or date of birth; for they can be easily guessed.
Q. I can do almost everything with my ATM card, cheque book, and by visiting the branch or ATM. Why do I need Internet banking?
A. You can avail all these facilities sitting at home or office or while travelling with the help of a smartphone or computer, laptop, tab, etc. You can also pay bills, recharge prepaid mobile or DTH( direct-to-home) with netbanking or at an ATM using a debit card. However, you cannot transfer funds into someone's bank account without visiting the branch. If you have the Internet banking facility, you can do it yourself. Moreover, fund transfers at bank-branches through NEFT or RTGS are affected on the date of request. You cannot schedule it for a future date. You can schedule a transfer with the Internet banking on any future date. You can also set up standing instructions for recurring fund transfer to a biller or a payee.
Q. What are the security precautions?
A. Type the bank website URL yourself. Access the Internet banking only on your personal or family devices,and never on a shared device using a shared network like WiFi etc. Never share your passwords with anyone except with none; and change it regularly. Check if there is a green padlock icon on the address bar, and if the URL starts with 'https'. Never keep your debit card, ATM PIN (personal identification number), and your cellphone together. If anyone gains access to them simultaneously , they can reset your passwords and misuse. If the signal of your sim registered with the bank disappears for a long time, check with the telecom operator to ascertain the cause. It might have been cloned for online fraud. Never access unsecured sites/apps and Internet banking simultaneously. If you take care of the above measures, none can misuse it.
Q. What are the risk?
A. If you follow the security precautions, there is hardly any chance of misuse or fraud. However, there may be such instances because of users' inadvertent negligence; and are due to still unknown reasons like hacking etc. Please note that even if somebody gains access to your Internet Banking, they cannot spend or transfer the money unless they have your registered mobile number too; for they would need the 6-digit OTP for almost any financial and non-financial transactions. So if you ever lose your phone, please get the same number as soon as possible, and don't forget to inform the police just after you know about the lose. If you suspect that your Internet banking can be misused, call the bank to suspend your Internet banking facility until you request for its reactivation.
Q. What is the percentage of misuse?
A. As per my knowledge based on print, online and onair media, it is negligible. However, you need to check it yourself. You don't need to believe everything that I blog. Do you?
Q. Do you yourself use Internet banking? If yes, for how long?
A. Yes, I do. I have been using it for around a decade or so.
Q. Do you know anyone personally who has been a victim of Internet banking fraud or abuse?
A. No.
Q. Despite all security precautions my Internet banking has been misused to spend/transfer money. What do I do?
A. Inform your bank immediately and the police. Your Internet banking facility would be disabled. The bank would start a fraud or dispute proceedings. After the end of the preceding or investigation, you are supposed to get your money back; for the payee would have the burden to prove the consideration for which they received the fund. So, in case of fraud they won't be able to prove. Eventually, the transaction would be reversed.
Q. Is it good for the economy/country?
A. Yes, it reduces the burden on the banking sector. The banks reduce the branch and labour overheard etc. considerably and, thus, become more profitable. Consequently, they would invest in better technologies for better customer experience. It also reduces the use of cash_the basis of black money. So lower tax evasion. It also reduces the use of paper. So, it is environment friendly too.
Q. Is it worth taking the risk?
A. Please read this blog again, and answer the question yourself. It should always be your choice; for it's your life and your money.
Notes:
The aim of this blog is to provide information to the readers and for academic purposes, etc.and not to encourage or discourage anyone to use this facility. Please verify everything from reliable and authentic sources before taking any decision.
IFSC or IFS Code: It is an alphanumeric code. It is nothing but the numeric address of a bank's branch. You may find it on your bank passbook, cheque book, etc
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