5 Lesser-Known Things You Can Do With Internet Banking

5 Lesser-Known Things You Can Do With Internet Banking
Anagh Pal - 12 January 2020

Internet banking has been around for a while now and it is something we all use. Earlier most account holders would send money by 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 lot of other things that you can do with internet banking other than simply transferring money?

Well, yes. Internet banking lets you do a lot of other stuff, apart from banking. Here’s a look:

Open deposit accounts

Banks let you open deposits from your net banking account without having to visit the branch. You can open a fixed deposit, a recurring deposit or a tax–saving deposit account. The process is pretty simple. You need to enter details like the starting 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 do not 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 banking account. This could be personal loans, gold loans, car loans, two wheeler loans, home loans or even loans against FDs or mutual funds. Since you are a customer with the bank there are several benefits. The bank already has your documents and other details. You can check your loan eligibility very quickly by entering a few basic details.

Many banks also let you 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 in principal approval in a matter of minutes. Once you apply for a loan a bank executive will get on touch with you to process the loan. Certain loans like personal loans can also be approved and disbursed in a few hours, since the KYC is already done.

Start an investment

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

However, when investing in mutual funds through a bank app check if the app is selling you funds from a certain fund house or gives you the option to choose your fund house. If the bank has a tie-up with a fund house and offers you funds from only that AMC, it may 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 of the same bank and registered, you can check your credit card bill and make bill payments directly from your bank account. You can also check offers you are eligible for and upgrade your credit card.

Mobile apps also let you apply for a cheque book or stop a cheque payment from your app. Used smartly, the bank app sitting on your smartphone is a convenient thing to use.