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Know the different types of mobile banking services offered by Indian Banks.
Many banks in India provide its customers with a mobile platform to enhance their digital banking experience. Users can manage most of their financial needs through these apps, reducing the need for a branch visit. In this article we cover what is mobile banking and how you can get started with it.
Mobile Banking in India also referred to as mBanking is a service provided by your bank through which you can access your savings accounts online and other banking services. Mobile banking reduces the need for branch visits or submitting physical documentation to avail products such as loans, FD or cheque books collection.
Customers are increasingly preferring mobile banking due to its convenience; here are some key advantages of mobile banking.
Mobile Banking Services are broadly classified into three types, based on the kind of banking functions you can perform through the platform. Here are the different types of mobile banking options.
Let us now understand these three types of Mobile Banking facilities in detail.
You can download your bank’s mobile application on your internet-enabled smartphone to conduct banking services via your mobile app. This type of mobile banking involves all banking and non-banking transactions such as:
Access Your Account
You can view account balances and statements, review any previous transaction, keep track of deposits and loan EMI transactions, invest in equities and mutual funds, check investment statements, etc. You can also get information on other add-on services.
Transfer Funds
You can transfer funds to accounts in the same bank or different banks via NEFT, RTGS, IMPS or UPI. You can also use mobile banking to pay your utility bills, shop online, recharge your mobile and DTH devices, etc.
Make Investments
You can open high-interest-bearing fixed deposits or recurring deposit accounts. You can buy and sell mutual funds, invest in shares, bonds, and other investment market securities, and manage your investment portfolio.
Avail Support Services
These services include checking the status of credit or debit cards, checking ATM and branch locations, ordering cheque books, grievance redressal, etc.
Marketing
Banks use mobile banking apps to advertise new products and services, and offer early-bird discounts to customers. You to get information about the banks’ latest offerings.
SMS banking is another type of mobile banking facility. It is designed for account holders who do not have internet-enabled smartphones. You need to register your mobile phone number with the bank to enjoy SMS banking services. Under SMS mobile banking services, you get facilities like
Unstructured Supplementary Service Data (USSD), also known as feature codes or quick codes, is a communication system used by mobile phones for communication purposes. This mobile banking type does not require a smartphone or internet connection. The National Payment Corporation of India owns *99#, a USSD-based service in India. With USSD mobile banking, you can check account balance and mini account statement and transfer funds via account number, Aadhaar, or Mobile Money Identifier (MMID).
Many Banks now offer most of its services on their mobile platforms, giving customers more control over their finances. Some of the common banking services offered via mobile app:
Mobile banking does offer fast and simpler way to manage your money, as a customer it is important to be aware certain considerations to ensure a smooth experience.
As a customer you should take several safety measures to safeguard your mobile banking platform. Here are some tips that can make sure you are more protected when using any banking services on your mobile.
You can choose your preferred type of mobile banking service based on the type of mobile phone you own. App-based mobile banking is the best option as it empowers you to track your account and conduct transactions in seconds. To leverage the benefits of digital banking choose to open a high interest savings account with DBS Bank, offering a paperless way to open an account and access more than 250+ banking services through DBS digibank app.
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.
