The Beginner’s guide to Banking

By admin | Nov 8, 2019

The last decade has seen a huge growth in the number of people with access to banking facilities. The rise in awareness, as well as the various schemes introduced by the government like Pradhan Mantri Jan-Dhan Yojana, are contributing factors in this growth. Even so, there are still many, especially in rural areas, who are unable to set up a bank account. And even fewer people have access to online banking facilities.

 

How to open a bank account?

Nowadays setting up a bank account is as easy as it gets. Banks have come up with digital bank accounts that are instantly available for use from your smartphone or laptop without any physical documents. An example of this is Kotak 811 account which allows you to open a zero balance bank account using just your smartphone. You just have to download the app from this link. The process takes 5 minutes and you can set up net banking facilities as well. Banking facilities will be available instantly and you can request a debit card through the app by paying a small fee. Similar services are available through other banks as well, including Axis Bank with its ASAP Zero Balance Savings Account. You can download the app here.

 

Why Internet Banking?

Although internet banking has been around for many years, its use has been limited and many are still having trouble setting it up. But we are eventually realizing that so many aspects of our lives can be made easier by being equipped with this service. With smartphone ownership and access to the internet at an all-time high, it’s essential that everyone is aware and capable of online banking. Especially so, when apps like Paytm, Phonepe and Google Pay being are being used extensively in many parts of the country. 

 

Benefits:

  1. Check balance instantly: Check your account balance from your phone instead of updating your passbook at the bank or visiting an ATM.

  2. Transfer money: You can transfer money instantly by using your phone. No more standing in long queues at the bank.

  3. Paying bills: Most banks have smartphone applications from which you can pay your utility bills like phone bills, electricity bills, TV bills, etc. 

  4. For digital Wallets: You can sync your bank account with digital wallets like Paytm and Phone Pe and benefit from the variety of features they provide. More on digital wallets at the end of this article.

 

How to set up Internet Banking?

Some banks will provide you with a username and password at the time of opening the account while others will require you to set up one yourself. The exact procedure varies from bank to bank.  Here are a few steps that are common for most banks:

 

  1. You should have your mobile number registered to your account with you before you can start net banking.

  2. Most banks will provide you with a customer ID that can be used to register for internet banking. It’s also called CRN by some banks. You can find it in your welcome kit or your Passbook. 

  3. Once you have your registered mobile no. and Customer ID, visit the website and follow the instructions. 

  4. Once registered, you can download the Bank’s app on your phone to make your banking services available on the go.

 

Digital Wallets

With online banking activated you can now start using digital wallets like Phone pe, Google Pay, Paytm, etc. 

 

Advantages of digital payments:

  1. Security: Carrying cash can be risky. You could get robbed. With digital wallets, your money is secured and readily available to you when you need it.

  2. Cashbacks: Paytm, Google pay and Phone pe all have cashback offers that, if utilized properly, can save you a lot of money.

  3.  Convenience: If you have multiple bank accounts, a digital wallet app can provide a single platform from which you can access all your accounts at once. 


 

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