Internet Banking vs. Banking Apps: The Difference

The Indian digital users have become smart and sharp. They prefer mediums that are accessible on the move. Regarding the banking sector, they want services which are swift and convenient. With the digital world continually improving, banks ensure to offer products to customers that not just satisfy them but also keeps up with the latest tech trends. Precisely what internet banking and a banking app provides.

Online banking has made the tasks for customers simpler and easier. But which of the two is better?

Internet banking:

Before the net banking app entered the market, internet banking was the go-to mode. Customers earlier used to visit the bank branch personally, wait in the never-ending lines and complete their banking chore. With the onset of net banking, customers could sit at the comfort of their home or office and access their account, transfer money to other accounts, make credit card payments, set up of a mutual fund, loan repayments and much more.

Internet banking requires a customer ID and password to utilise the facilities mentioned above flawlessly. Internet banking does not make a person wait or requires them to carry cash in the wallet. All that people need is the login credentials.

Mobile banking:

With banking industry becoming more and more tech-savvy, banks have started rolling out their apps. The banking app allows customers to use the services such as transferring funds, viewing account, receiving e-statements, etc. irrespective of the time and place. Also, banking apps provide information on the nearest ATMs and add recipient payees. A decent 3G/4G connection suffices for mobile banking.

Characteristics of internet banking and a net banking app Internet banking Mobile banking app Enter the bank's portal using customer ID and password to operate your finances Download the app from authentic sources like Google Play Store or iOS. Customers can set a PIN for the secured transaction Internet banking offers two modes of money transfer: NEFT and RTGS. Where NEFT works on a timely basis, RTGS provides real-time facility It is a 24*7 and 365-day medium. Some banks also deliver virtual assistance to clear the doubts of the users on the spot Internet banking offers similar services that one could find a local bank branch A banking app improvises their strategies and provides innovative services to keep their apps user-friendly   The digital age of banking sector began through internet banking Mobile banking keeps up with the trend. Some banks have already started launching smartwatch app, especially for the business-oriented people

To sum up, net banking and mobile banking are two sides of the same coin. While the screen sizes change, banking services remain the same in both the mediums.

Top Mobile Banking Apps You Should Use

Mobile banking is an offshoot of internet banking. It made its foray into the Indian economic scene way back in 2002. Till then bank transactions through your phone simply meant SMS banking. You can carry out every possible bank and financial transaction through mobile banking. It eliminates not only the need to visit a brick and mortar bank branch but also you do not have to own a computer or a laptop to experience internet banking.

ICICI Bank was the first bank in India to introduce mobile banking and today every nationalized Indian bank gives you the facility of mobile banking. Here are four top-notch mobile banking apps in India-

1. HDFC Bank Mobile Application:

This app allows all HDFC account holders to go over their account details and transaction history. You can pay your bills and make credit card payments. You can customize the My Menu tab and this will display the most commonly used services. You can also download the Hindi version of this app, which is also available in a LITE version. 

2. Axis bank’s Axis Mobile Application

It allows its account holders to carry out a volley of functions and services. You can avail of the usual services like funds transfer and checking your account information. Additional services include scheduling a credit payment for a date that suits you, converting credit card payments to EMIs, deactivating debit cards, setting a cap on debit card payments or block a credit card. This app allows you to create a Favourite List that features 10 of your most frequent transactions. This app will also direct you to customer care services. 

3. DBS Bank’s Digibank app

This app too offers all the usual array of banking services that you can avail of from the comfort of your home. Its chief attraction lies in the fact that it offers ironclad security. Therefore, you need not worry about data theft. Another good thing about this app is that it is very user-friendly and hassle-free. One time passwords and security tokens are bypassed. Moreover, the app uses automatic authentication to keep all your banking data safe.

4. SBI Anywhere Personal Application

Anywhere Personal is just one of the many internet banking apps on offer from SBI. This app is available in both English and Hindi. You get updates on your balance sheet, and you can access deposits and withdrawals and look at your bank details with your mPassbook. Its mCash feature lets you send cash to a mobile number or e-mail id. You can also pay bills and premium for your life insurance policy through this app.

Mobile banking apps have ushered in a new technological era in India and have benefitted millions by allowing them to carry out banking transactions without on the go or from the comfort of their homes. You should definitely try these banking apps if you have not done so until now.

5 Reasons Why Online Banking Is Important Today

Online banking has become a common phenomenon. You can check your account regularly, pay bills on time, transfer funds with ease, open an account and much more. Almost every bank offers the facility. It has become easier and convenient to manage our finances. You can also get your queries answered online as banks have a unique system for the same. Precisely why the banking industry is soaring to new heights every day.

Some reasons why online banking is on the rise today are: 

• Protection: One of the preconceived notions regarding internet banking is security. We tend to conduct online transactions with the help of a data, be it at home or away. And sometimes in public places as well. So, the public WiFi can assist the fraudsters to lift your banking details easily. In order to do away with such mishaps, banks have incorporated certain safety measures in place such as the one-time password. It helps the websites to identify the user. 

• Accessibility: One of the major reasons why people are heavily relying on banking online is because of its easy access. Be it home or work or travel, you can bank at your fingertips. You need a stable data connection, and you can enjoy all sorts of banking services. Also, users need not stay in front of their computers to conduct any transaction. Thanks to mobile banking apps, you can bank anywhere and everywhere. 

• Hidden charges: The best part about banking online is that it is free of cost. You only require a bank account and customer ID and password for internet banking. You can move funds from one account to the other without paying any penalty. However, SMS alerts do incur a small fee. You can neglect the same as the bank notifies you via e-mail. 

• Convenience: Online banking is highly convenient. You can eliminate long standing Moreover, there is a mobile banking option offered by almost every bank nowadays. You can check your balance on the go before making any last-minute purchase. 

• Monitoring account: You also have the benefit of checking multiple accounts. You can access real-time expenses which enable you to arrive at an estimated monthly budget. In fact, tracking your account on a frequent basis will deny any misdealing as banks cannot look after every account manually.

With so many benefits at the offing, it is difficult to opt out of the online banking facility. Make way for smoother transactions!

E-Wallet Vs Net Banking – Which Is Better?

We are living in a digital world where everything, right from our groceries to paying utility bills to finding a plumber to ordering food, can be done using your smartphone or the internet. And for all this, you require a decent bandwidth. Banking, too, is not a stranger to the online world. Today you can open and access your savings account, send/receive money instantly, keep track of your transactions, get bank statements, alerts, etc. in a matter of minutes.

Indians are spoilt for choices when it comes to digitalisation, right from digital wallets like Paytm to mobile banking to net banking. You can use any of these methods and enjoy the benefits mentioned above. So, which one should you opt for?

What is internet banking?
It is a medium where you can conduct all your traditional banking services online. No more long queues and no lengthy paperwork. Several banks have their mobile banking apps to alert you about your finances on the move as well. Internet banking also offers you 3 additional internet fund transfer services to make your life simple and hassle-free:

• National Electronic Funds Transfer (NEFT)
• Real-Time Gross System (RTGS)
• Immediate Payment Services (IMPS)

Apart from net banking, you also have smartphones to assist you.
What are digital wallets?
Also known as an e-wallet, is where you can save your funds securely without using your bank details such as debit or credit cards. It is the fastest mode of transaction and does not require you to maintain a minimum balance, unlike the savings account. You can purchase anything from a grocery store to buying air tickets using an e-wallet app. For these apps, you will have to create your account. You can also set a secret PIN to disallow any fraudulent activities. You can then use the internet banking facility to move funds from one account to the other.
Some of the other features of an e-wallet and net banking are:

• Transaction limit: When you use a digital wallet, you are allowed to transfer an amount only up to INR 20,000 as per RBI directives. However, through internet banking, you can move an amount as much as INR 10 lakh using NEFT/RTGS/IMPS method.

• Usage fees: Digital wallets do not charge for using their services. However, bank withdrawal fees are a part of the app. On the other hand, internet banking does not charge for any such services unless you are transferring high-value funds.

• Rewards: One of the biggest benefits of e-wallets is that you get n number of deals and cashback offers. Some of the banks are connected with these digital wallets. So, you can avail of credit/debit card rewards through them. 

• Usability: If you have a decent WiFi connection, both the digital app and net banking can be used easily online. The good thing about these mediums is that you can access these at home or workplace.

In this digital era, it is difficult to make a judicious choice. So, go for the option that is suitable for your needs.

Top 4 Digital Banking Apps In India

When financial transactions were carried out through SMS in 2002, the concept of mobile banking started in India. Right from checking your account statement to making a bill payment, everything is done by just a click of the mouse/button. Internet banking was already aiding those who found no time to visit the bank branches.

A banking app has made it more accessible and convenient for the users. Almost every bank and non-banking financial companies (NBFCs) have a mobile app.
Following are some of the front-runners in the digital banking app category:

• DBS Digibank: Want to join the #unbankit revolution? Then Digibank is your go-to banking app. DBS through their Digibank services offers a plethora of facilities with the most crucial one being opening an account without any paperwork, signatures or visit to the bank. All you will require is an Aadhaar or PAN card to open a digisavings Also, get all your bank queries answered through their virtual assistant that is available 24*7. It also comes with high safety standards and is available for download on all Android as well as iOS phones.
   

• HDFC Bank: This mobile app allows you to view your account summary, transfer funds, make all kinds of bill payments, etc. Users can also customise the ‘My Menu' tab where all the essential services are in the offing. The HDFC banking app is available in Hindi as well. They also have a ‘LITE’ version which makes it compatible with those using lower internet speed. However, it does not contain all the features that the regular app contains.
   

• ICICI Bank’s iMobile: ICICI bank’s app enables the users to open fixed deposits and recurring deposits. You can also manage your insurance schemes with ease. You can also locate the nearest ICICI bank ATM, move cash using UPI medium,
   

• Axis Bank: Another leading game changer in the digital banking app category is the Axis bank’s axis mobile application. Apart from the usual fund transfer and summary of account statement, you can also schedule your credit card payments. You can also convert your payments to EMIs. Also, Axis bank allows you to close your debit card and set a limit on purchases using a debit card. The axis bank app is also social-friendly as you can tweet feedback. In case of any query, you can also request for a call with the customer care.

Make your decision wisely and opt for a banking app that suits your requirements. Apart from these apps, banks are also launching smartwatch apps to assist you with finances in a secured manner.

Net Banking – 6 Valid Reasons You Should Use It

There is absolutely no doubt that the internet has made the entire banking process smooth sailing. For bank customers, internet banking is like having your bank’s branch open all the time; whether it is late in the midnight or a bank holiday. It is a service that can help save your time, money and energy. In fact there are innumerable reasons why customers should opt for this mode of banking. Here are 6 valid reasons why you should consider net banking.

It’s easy and convenient: Net banking makes it easy for you to manage your account at any time you like. All you have to do is fill a form and ask your bank to activate this facility on your bank account. As long as you have a laptop, smart phone or tablet with internet, you can get access to all your bank accounts at any time.

You can bank on the go: Mobile banking is designed to ensure that a customer has no trouble reaching his/her account at any time, even on days when there are bank strikes. You don’t have to rush to the bank to check your balance every time; whether you are waiting in line at a shopping mall or before you have to make a purchase.

Say goodbye to long lines in bank: Almost everything that could be done at the bank branch can now be done online. Depositing money from one account and transferring it to another, applying for loans, or checking your bank balance for instance. If you are not sure about a service, you can either call your bank’s toll-free number or use the on-line chatting service that answers any doubts about banking solutions.

Pay your utility bills online: You no longer have to go to the closest telephone or electricity bill payment centre. Just use the net banking facility to pay off all bills. What’s more you can even recharge your DTH and cell phones and pay those bills online as well. You can also set up automatic recurring payments for your phone, electricity bill, rent etc., to avoid any late charges, in case you are out of town.

Review your account activity at any time: The facility also comes in handy whenever you want to review any activity in your bank account. For instance, you don’t have to rush to the bank to see if cheques have cleared. You can check if there is sufficient balance to pay an EMI and transfer the amount into your account at any time to avoid any potential overdraft fees.

Get important notifications: Along with internet banking, you can sign up for e-mails and text message alerts to receive important notifications regarding your transactions and balances. You can get a notification for every transaction; whether money is debited or credit to your account, bills are paid or balance limits need to be maintained.

4 Types Of Savings Accounts For Investors

Saving accounts are some of the most common products offered by banks. Almost all banks offer several different types of accounts, from regular savings to zero balance accounts and minor to senior citizen accounts. All of these accounts come with various different features that are meant to suit the requirements of the account holder. As such, not all accounts are equal. A customer must select an account depending on his financial goals. Most customers open these accounts to enable them to save money and build their corpus. If you too are looking at saving money, you should invest in one or more of these accounts.

Basic/regular savings account: Almost every bank customer begins his savings journey with a regular savings account. This type of account is also known as a passbook account in which the customer can get a record of all the transactions done on the account. These types of accounts allow you to earn interest bi-annually on your savings. Customers can visit the bank periodically or keep a tab on this account by opting for internet banking. If you intend to keep you money in your regular account you should choose banks like Digi Bank by DBS or Kotak Mahindra Bank as they offer high interest rates.

Recurring savings accounts: Banks encourage customers to open a savings account, which is a specialized account known as recurring accounts. These accounts, also known as deposit accounts, allow you invest a specific amount that can be transferred from your regular account every month. This is one of the best ways of putting away a specific amount from your savings and is similar to your provident fund account. Unlike your PF or PPF (public provident fund) account, you can close this account anytime you please. It comes in handy in case of emergencies.

Online savings account: Customers, who prefer to conduct their banking transactions online, can also open savings account online. Digi Bank by DBS is one such online, paperless bank, which allows you to park your savings. It offers an interest rate of 7% on your savings, higher than any other bank in the country. With your online savings account, you can create fixed deposits from your savings at any time you please, while also being able to conduct several other online transactions. Also, you can earn higher interest rates as compared to traditional basic savings accounts.

Fixed deposit accounts: Customers, who have large savings and are dependent on income from those, can open a separate fixed deposit savings account, which pays you a monthly or quarterly interest depending upon your requirements. You can open this fixed deposit in any bank or financial institution of your choice. If you are not dependent on the income from your fixed deposits, you can opt to earn your interest cumulatively, at the end of the fixed deposit tenure.