Online banking

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Online banking
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3 min
25 April 2024

Online banking, also known as internet banking, is a revolutionary tool that empowers you to manage your finances from the comfort of your couch. It is like having a mini bank branch accessible 24/7 through your computer or smartphone.

How online banking works

  • Access your bank's secure website or mobile app.
  • Log in with your credentials (username and password).
  • Navigate the user-friendly interface to perform various tasks.

Pros and cons of online banking

  • Pros: Convenience, faster transactions, bill pay options, budget tracking tools, and account monitoring.
  • Cons: Security concerns (addressed with proper precautions), reliance on internet connectivity.

What do you need for online banking?

To embark on your online banking journey, you will need a few things:

  • Bank account: Ensure your bank offers online banking services.
  • Internet access: A reliable internet connection is essential.
  • Device: A computer, smartphone, or tablet will work.
  • Login credentials: Your bank will provide a username and password for secure access.

How can you safely use online banking?

Security is paramount when it comes to online banking. Here is how to be a pro:

  • Use strong passwords: Create complex passwords and change them regularly.
  • Beware of phishing scams: Do not click on suspicious links or attachments in emails.
  • Log out completely: End your online banking session after every use.
  • Enable two-factor authentication: Add an extra layer of security with verification codes.
  • Monitor your accounts: Regularly check your transactions for any unauthorised activity.

By following these tips, you can harness the power of online banking with confidence and enjoy the convenience of managing your finances from anywhere.

Bajaj Finserv BBPS is a leading bill payment platform that offers a secure and convenient way to manage your payments. With the added advantage of UPI payments, you can enjoy a seamless payment experience without the need for multiple payment apps. BBPS supports a wide range of billers, including utilities, insurance, and education, among others, making it a one-stop solution for all your payment needs.

Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.

Frequently asked questions

What are the features of online banking?

Here are some of the common features of online banking:

  • Account management: View your account balances, transaction history, and account details.
  • Fund transfers: Move money between your accounts or send payments to others.
  • Bill payments: Schedule and pay bills for utilities, credit cards, and other expenses.
  • Mobile check deposit: Deposit checks remotely using your smartphone's camera.
  • Statements and alerts: Access electronic statements and set up alerts for account activity.
  • Budgeting tools: Manage your finances with tools to categorise transactions and track spending.
  • Investment management: In some cases, buy and sell stocks, bonds, and other investment products.
How many types of online banking are there?

Online banking encompasses various types of services and features offered by banks to facilitate digital financial transactions and account management. While the specific types may vary depending on the bank and region, some common types of online banking include:

  1. Internet banking: Internet banking refers to the basic online banking service offered by banks, allowing customers to access their accounts, check balances, view transaction history, transfer funds between accounts, pay bills, and perform other banking tasks through a secure website portal.
  2. Mobile banking: Mobile banking enables customers to access banking services and perform transactions using a mobile device, such as a smartphone or tablet. Banks provide mobile banking apps that allow users to check balances, transfer funds, deposit checks, pay bills, and even manage investments on the go.
  3. SMS banking: SMS banking allows customers to perform basic banking tasks through text messages (SMS) sent from their mobile phones. Users can request account balances, view transaction history, receive alerts for account activity, and perform other banking functions by sending specific commands to a designated SMS banking number.
  4. Phone banking: Phone banking provides customers with access to banking services and support through a telephone-based system. Users can interact with automated phone menus or speak with customer service representatives to check balances, transfer funds, report lost or stolen cards, and perform other banking activities over the phone.
  5. Digital wallets: Digital wallets, also known as e-wallets or mobile wallets, allow users to store payment card information securely on a mobile device and make purchases or payments online or in-store using the stored credentials. Digital wallets may also offer additional features such as loyalty program integration, peer-to-peer payments, and bill splitting.
  6. Virtual banking: Virtual banks operate entirely online without physical branches, offering a range of banking services exclusively through digital channels. These banks typically provide Internet banking and mobile banking platforms for account management, transactions, and customer support, catering to customers who prefer the convenience of online banking without visiting traditional branches.

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