Net banking whether CUB net banking or Citibank net banking or net banking of any other financial institutions has been around for over a decade to make banking transactions swift and convenient. So, instead of viewing it as a digital luxury, it is time you start seeing it as a financial necessity to use internet banking. Net banking is an extremely useful digital platform to manage your account conveniently and seamlessly. Mentioned here are eight reasons why you must consider using net banking services –
Contents5 Making investments through the online platform along with SIP (systematic investment plan) registration –
Digital payments –
India is slowly transitioning to become a digital nation, where currency exchange will happen via digital routes instead of physical ones. Using the digital mode, you can make payments to distinct merchants, vendors, businesses, suppliers, etc.
Not just is this way convenient, but it is even safer than keeping cash with you. You can make the payments directly via your bank account through net banking. As a corporation, you can also make your GST payments through net banking. Use of Google Pay or any other mode of UPI apps can also be done by attaching your savings account or current account to such mediums and making payments using them.
Control over the bank account transactions –
Internet banking platforms facilitate simpler and swift access to your account. Most financial institutions offer the facility to view your statement, fixed deposit interest statement, historical statement, TDS deduction info, etc. via their site. Also, you can view distinct transactions being deducted from or credited to your account. Hence any kind of unauthorised or suspicious activity can instantly be detected. Moreover, you can even request cheque books and demand drafts via net banking.
Online fund transfer –
Money transfers via cheque are lowering steadily as the online transfer is happening efficiently and quickly. You can use NEFT (national electronic funds transfer) or RTGS (real-time gross settlement) modes to enjoy the ease of making fund transfers via the online mode. Note that, with effect from 2019, NEFT service has now become operational 24X7 by RBI (Reserve Bank of India) and thus permits you to access net banking via NEFT mode around the clock.
Fixing automatic bill payments –
Most financial institutions offer a bill payment facility via their net banking platforms. As per this facility, you as an account holder require submitting the required information of the biller to whom you are transferring the funds like the relationship number, phone number, etc.
Such kinds of bills raised by the registered billers can be viewed in the section ‘bill pay’ of the internet banking platform and you can even pay the bill directly from this. Also, most platforms permit you to fix a standing instruction for making the bill payment automatically from your bank account i.e., auto deduction.
Making investments through the online platform along with SIP (systematic investment plan) registration –
You can simply open a bank fixed deposit online directly via the internet banking platform and a few financial institutions even permit you to make the premature withdrawal via net banking for the FD (fixed deposit) created online.
Moreover, just like your net banking allows you to make distinct payments through the online platform, this facility can even be utilised for making investments with just a click of a button. Also, you can begin SIP (systematic investment plan) in a mutual fund and include the fund house as a biller to allow timely SIP payments. Such bill payments can even be scheduled for automatic deductions and hence you can make consistent and regular investments in the mutual fund of your preference.
Pay the taxes via income tax e-filing account –
The department of income tax has collaborated with various financial institutions to allow access to taxpayer’s accounts directly from the internet banking portals. This option especially comes in handy when you do not remember the passcode of your e-filing account and you require regaining access. Moreover, whenever you sign into your e-filing account via net banking, you even can e-verify the ITR (income tax return) online with just a click and there’s no further requirement to send any physical signed copy of the ITR to the ITD – CPC or income tax department central processing centre.
Place an application for the IPO –
Various financial institutions have formed a transaction interface within their net banking platform to permit you as a customer to apply for the IPO through the online medium. Also, the SEBI has discontinued the mode of manual application for placing an application for an IPO. Having an internet banking platform can permit you as an account holder to make swift IPO applications and generate gains through stock investment over the long term.
Enable access to loans –
Most new-age startups mandatorily require you as a customer to hold an internet banking account before you place an application for any credit option through the online platform. Holding an internet banking account allows you as a customer to simply set up standing instructions for your loan repayments. Thus, your access to internet banking might assist you to regulate your credit access.
Security assured –
As online banking is a major service provided by financial institutions, it is a highly secure podium. Financial institutions usually use the encryption device to make sure that all your client details are protected and there is zero security breach. This ultimately offers you security against account hacking and online fraud.
No issue in accessing –
Even though it is the last day of making your due payment and you are just minutes away from incurring a penalty or late payment fee, you can depend on the online banking platform. You can perform online transactions anytime from the comfort of your home. Besides this, instead of being present physically for making transactions of huge amounts, you can securely transfer money at any time through net banking, completely in a stress-free and hassle-free manner.
Despite the comfort and convenience that you are offered, there are zero hidden fees linked with making online net banking transactions. However, if you exceed the number of free transaction limits, then you may be charged a nominal transaction fee. Note that transaction limit available on all bank’s net banking. For instance, for CUB net banking, up to Rs 5 lakh online transfer through NEFT using the net banking platform is free, however if you use the IMPS transaction route then you may be charged up to Rs 7.50 per transaction. Note that, CUB tends to charge RTGS and NEFT charge if you make the money transaction through the bank branch.