Home >money >personal-finance >Didyou know: all the things that Net banking allows you to do
Photo: Mint
Photo: Mint

Didyou know: all the things that Net banking allows you to do

Depending on how the banks' Web portals are designed, the facilities would be under different sections of their websites

Besides checking account balance, most people use Net banking mainly to transfer money through national electronic funds transfer (NEFT), real time gross settlement (RTGS ) and immediate payment service (IMPS). But there is a lot more you can do with it.

Services

Depending on how the banks’ Web portals are designed, the facilities would be under different sections of their websites. For instance, to request a chequebook on the HDFC Bank Ltd site, you will look in the ‘request’ section. On State Bank of India’s site, this would be available under ‘e-services’. So, invest some time in exploring your bank’s website.

Besides requesting cheques, you can place stop-payment requests for cheques. To do this, provide details of the cheque and the reason for stopping the payment. Charges may apply for this service.

To order demand drafts, provide the amount from your account and name the recipient. The demand draft would be delivered in 3 to 5 days.

If you want an account statement for a particular period, you can view or download it over the website. You can also order a printed copy of it to be delivered to your address. Charges could apply.

Apart from money-related services, you can also update the know-your-customer (KYC) details, subscribe or unsubscribe to SMS alerts, and change the account nominee’s name.

Investments

Many people visit banks to manage their investments too. You can make new investments, monitor them or liquidate them via Net banking. These investments include: recurring deposits (RD), fixed deposits (FD), stocks linked to your demat account, and insurance products. The money towards these investments can be directly debited from your account, saving you from queues at the bank.

If you want to open a demat account with your bank, many banks will let you have one for no extra charge, so you can manage your investments from your home. While there may be no charges to open a demat account, there may be annual maintenance charges, around Rs750 in some cases. Many banks also let you invest in mutual funds via systematic investment plans (SIPs), invest in small savings schemes and buy insurance products too.

Payments

You can pay most bills via Net banking. All you have to do is link your biller to your account. After that you can decide whether the bill would be cleared automatically, or after you review and approve it, and from your account or credit card. There is no charge for this service.

Subscribe to newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperLivemint.com is now on Telegram. Join Livemint channel in your Telegram and stay updated

Close
×
My Reads Logout