Whether you are technology challenged like me or a savvy techie, you cannot ignore the rising pace of adoption of digital banking or net banking services especially during the Covid-19 phase.
The sheer ease, speed and seamlessness of executing an online transaction to accessing information through superior technology enabled digital platforms with safe and secure gateways are driving customers to adopt netbanking facilities.
Are you then curious! to open a netbanking account, say for example with SBI Bank.
As a netbanking customer you can carry out fund transfers online to either your own account or third party account,IMPS fund transfer, make e- deposits such as e-recurring deposit, e-annuity deposit , e-TDR scheme to smart cards to utility bill payments to air, rail, bus and hotel bookings to online shopping to DEMAT and IPO services and much more.
The net banking process is really simple. Let us assume you have an existing account with SBI wherein you rely on traditional banking transactions and now you wish to go the online way.
All you need to do is to visit your SBI Bank branch and register for the Internet banking service. The branch will provide you a Pre Printed Kit (PPK) containing username and password for first login.
The other method of opening a net banking account with SBI is online- without visiting the branch. Here again the process is fairly simple.
- Firstly, login to SBI web portal, www.onlinesbi.com
- Navigate through the menu and click the 'Personal Banking' section and then within this tab select 'New User Registration/Activation'.
- You then need to fill up the registration form with details such as registered mobile number, account number, CIF, branch code, country etc.and press submit.
- After this step, you will receive an OTP on your registered mobile number.
- As a next step, you can type your ATM card details to complete the registration and activate the net banking services.
- At this stage, a temporary username will be displayed on the screen. Create your own login password to register successfully.
- Once completed, just log into SBI web portal using a temporary username and password.
- You then reset your username and password as a part of cyber best practices.
- You are now ready to avail an entire bouquet of service transactions online.
As India's oldest and largest bank, SBI has an enviable track record of becoming
the second biggest public Indian company ( after Reliance Industries) and has made it to the Forbes Global 2000 list with a global ranking of 105. Founded in 1955, the bank has an asset base of ₹5,177,545 crore ( FY2022).
With 23% market share by assets and a 25% share of the total loan and deposits market, SBI became the third lender (after and seventh Indian company to the ₹5-trillion market capitalization on the Indian stock exchanges for the first time.
Frequently Asked Questions (FAQs):
Q. Can I avail all the normal banking transactions through SBI net banking services?
Yes, you can do the following normal banking transactions online by logging into SBI's internet banking portal, www.onlinesbi.com SBI's comprehensive, safe and secure platform allows its retail customers to carry out the following banking activities such as:
- Funds transfer between their own accounts.
- Third party transfers to accounts maintained at any branch of SBI
- Inter Bank Transfers to accounts with other Banks
- Online standing instructions for periodical transfer for the above
- Credit PPF accounts across branches
- Request for Issue of Demand Draft
- Request for opening of new accounts
- Request for closure of Loan Accounts
- Request for Issue of Cheque Book
- Earn reward points for transactions through Internet Banking
Q. What are the value added features of SBI's net banking portal?
Some of the key value added features are:
- Utility bill payments
- Online Ticket Booking for travel by Road, Rail and Air
- SBILIFE, LIC and other insurance premia payments
- SBI and other Mutual funds Investments
- SBI and other Credit Card dues payments
- Tax Payment Income, Service, State Govt
- Customs Duty Payment
- Online Share Trading (eZ-trade@SBI)
- Online Application for IPO
- Fee Payment to select educational institutions including IITs and NITs
Q. Do I need to visit any specific branch for netbanking services?
All branches of SBI are enabled for Internet Banking. You can visit your nearest branch to get started.
Q. Is the SBI's online platform safe?
Yes, SBI's online portal is safe and secure as the site is 'VeriSign' certified. It assures that during the session the user is dealing with the web-site of SBI. The two-way communication is secured with 128-bit SSL encryption technology, which ensures the confidentiality of the data during transmission.
Besides, additional layers of security are available for doing transactions.
Q. How do I ensure my netbanking transactions are safe and secure? Any cardinal rules to follow?
As a netbanking customer, your primary requirement is that all your transactions should be safe and secure.
Here is a list of 'Dos and Don'ts':
- Change your Password at regular intervals,typically once in three months.
- Access portal by typing www.onlinesbi.com
- Do not click on any shortcuts/links
- Avoid accessing your account from public places like cyber cafes
- Use virtual keyboard to enter user ID and Password
- Avoid entering sensitive info in pop-ups
- Track your transactions and usage history regularly
- Use the latest and genuine software on your system with secure settings.
Q. What can i do if i haven't received my password; although i have received the username?
In such a scenario, just login in to SBI web portal www.onlinesbi.com and navigate to the 'trouble login' subset of and user id and password not received option.
You type the branch name (5 digit) and account number (11 digit) for which you have not received user id and password.
Q. How do I change my username?
You cannot change your username on your own. You need to request your branch to register you again.
Q. What is the maximum threshold fund limit through SBI netbanking?
For retail customers making fund transfers through netbanking :
- RTGS and NEFT, the maximum fund transfer limit is ₹10 lakhs.
- IMPS transactions done through net banking, mobile banking or YONO, the maximum threshold limit has recently been raised to ₹5 lakhs.
Q. Are there any charges for online fund transfers?
SBI does not levy service charges for online fund transfers either through netbanking, RTGS/NEFT, IMPS.
However, if fund transfers are executed through SBI Bank branch then service charges are applicable.
For example: IMPS transactions done through branches for amounts ranging ₹2 lakh to ₹5 lakh, the service charge is ₹20 plus GST.