eBanking, or internet banking or online banking, enables customers to conveniently perform various financial transactions electronically without visiting a bank branch. With rising digital connectivity, mobile internet banking apps have made eBanking possible from your smartphone.
This guide covers all significant aspects of eBanking and mobile internet banking.
Key Features of eBanking
Some main facilities offered by banks these days via online and mobile banking platforms include:
- Account Information: Check real-time account balances, transaction history and account statements.
- Funds Transfer: Instantly transfer money between your accounts or to third-party accounts.
- Utility Bill Payments: Pay your electricity bills, mobile recharges, DTH, etc, without any hassles.
- Online Shopping/Ticketing: Directly make payments for shopping and travel ticket bookings via eBanking.
- Investing: Invest in fixed deposits, mutual funds, and insurance products through Internet banking.
Banks continuously expand eBanking features to offer customers an all-in-one financial services platform.
Ways to Access eBanking
There are three primary modes to access banking services:
- Internet/Web Banking: e-banking involves logging into the bank’s secure website on a computer or laptop.
- Mobile Banking: Banks offer specialised apps for eBanking via smartphones and tablets, which are helpful for on-the-go banking needs.
- Phone Banking: Basic banking is available over dedicated phone banking numbers. This is useful when internet access is not available.
Most leading banks, such as IDFC FIRST Bank, offer all three facilities: internet banking, mobile apps, and phone banking. Customers can choose whatever best suits their requirements.
Benefits of eBanking
eBanking offers multiple advantages compared to traditional branch banking:
- 24×7 Availability: Banking services are accessible around the clock, 365 days a day.
- Convenience: Bank from anywhere, anytime, without visiting branches.
- Efficiency: Faster processing of transactions and other requests.
- Easy Tracking: Instant updates on financial activities.
- Cost Savings: Lower charges on online transactions in many cases. Saves visits to the branch.
- Security: Advanced encryption and security measures protect against fraudulent activities.
Thus, eBanking gives more control, flexibility and transparency over banking.
How to Start with eBanking
Getting started with mobile/internet banking is quick and straightforward:
- Fill out the internet banking request form and submit KYC documents at your nearest branch. For instance, IDFC First Bank has simplified the onboarding process.
- The bank verifies details and activates online banking access within a few working days.
- Create a login password and set up two-factor authentication as an additional security layer.
- Get your bank’s official mobile banking app through the Google Play Store or Apple App Store.
- Log in to the eBanking platform via the website or mobile app using credentials.
You are all set to explore features and seamlessly bank online.
Security Tips for eBanking
Banks utilise advanced security technologies for safe banking. However, customers should also remain vigilant.
- Use strong, unique passwords and change them periodically. Enable two-factor authentication.
- Do not share OTPs or passwords with anyone, including bank staff.
- Check account statements regularly for unauthorised transactions. Report discrepancies immediately.
- Avoid accessing eBanking from public computers or unknown networks.
- Check for “https” in the URL while logging in to the Internet banking website.
Following basic precautions will prevent fraud and ensure safe banking.
Conclusion
eBanking has grown exponentially and become indispensable given the ease and flexibility it provides customers today to manage finances from anywhere seamlessly. From traditional transactions to more advanced functionalities, the scope of digital banking platforms will only continue to evolve further.
