5 Lesser-Known Things You Can Do With Internet Banking

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Internet banking has been around for a while now and it’s something we all use. Previously, most account holders sent money using internet banking, but now with the proliferation of mobile wallets and UPI payment systems, internet banking is definitely facing stiff competition.

However, do you know that there are a lot of other things you can do with online banking other than just transferring money?

Well yes. Internet banking allows you to do a lot of other things besides banking. Here is an overview:

Open deposit accounts

Banks allow you to open deposits from your net bank account without having to go to a branch. You can open a fixed deposit, a recurring deposit, or a tax deposit account. The process is pretty straightforward. You need to enter details like start date, tenure, how you want to receive your interest and other details and you can open a recurring deposit account online. You can also check the interest rates before opening an account. You don’t need to submit KYC documents because the bank already has them.

Apply for loans

You can use an app to apply for different loans through your net bank account. These can be personal loans, gold loans, auto loans, two wheel loans, home loans, or even loans against FD or mutual funds. Since you are a customer of the bank, you benefit from several advantages. The bank already has your documents and other details. You can check your loan eligibility very quickly by entering some basic information.

Many banks also allow you to view pre-approved loan offers through the app. Once you know your loan eligibility, you can apply for the loan through the app and also get principal approval within minutes. Once you have applied for a loan, a bank official will contact you to process the loan. Some loans like personal loans can also be approved and disbursed within hours, since the KYC is already done.

Start an investment

If you have an investment or demat account with the bank, you can also invest in stocks and mutual funds directly from your app. When you invest in stocks, the app will redirect you to your Demat account. Many banks offer 3-1 demat accounts that include savings, trading, and an investment account all in one. So you can invest directly using the money in your account and get the redemption proceeds in your account.

However, when you invest in mutual funds through a banking app, check if the app sells you funds from a certain fund house or gives you the option to choose your fund house. If the bank has a connection to a fund company and offers you funds only from that AMC, it might not be a good idea to invest in mutual funds through an app.

Manage your cards

You can also manage your credit and debit cards from your app. If you lose or misplace your debit or credit card, you can use the app to block it instantly. If your credit card is from the same bank and registered, you can check your credit card bill and make bill payments right from your bank account. You can also check what offers you are eligible for and upgrade your credit card.

Mobile apps also allow you to request a checkbook or stop a check payment from your app. Used intelligently, the banking application installed on your smartphone is a practical thing to use.


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