What to do If I Forgot User Id or Password?

It happens sometimes, that you might forget your login ID or password for internet banking. In such cases, there is no need to panic as you can easily generate a new password online by following few simple steps. If you get stuck anywhere in the process of regenerating your password online, it is preferable to call the customer care representative of your bank and get your issue resolved. It is a better idea to go through the FAQ’s section if your bank websites and read complete procedure of regenerating your password online.

What to do if I forgot user Id or password? The process for regenerating the password online varies from bank to bank, however most common process involves answering a security personal question whose answer who have submitted at a time of your online account registration. In other cases, a link is sent to your email address that helps you in generating a new password in step by step manner.

In some cases, you will get the message “Access Denied”. It is because your account might get locked out for various reasons including not using NetBanking facility for over 180 days or entering the wrong password for more than 5 or 6 times. In such cases, you need to send an authenticated request to your Bank.

Measure for ensuring greater security for your password protection

(1) Make it a habit of logging out from Net Banking whenever you are leaving your PC.

(2) Always ensure to change your password continuously.

(3) Keep a “strong” 6 to 8 digit passwords using combination of number, alphabets and special characters. (

(4) Avoid name of family members, favourite player, etc.). Never ever reveal your password to anyone else.

(5) Never write down your password on paper that can be easily accessible to anyone.

(6) Try using screensaver password for your PC so that no one can access your work station when you are away from it.

(7) If you have any doubt, then immediately change your password.

(8) Never use internet banking from cyber café or public PC as they are not secured. If you have an emergency transaction to do, then ensure that you clear all your cache and cookies after your transaction, log off from net banking site and aware of shoulder surfing.

(9) Ensure to complete logoff from Net Bankingafter your session gets completed. Don’t shut down the window for Logging off as it may not log you off.

(10) On your personal PC, always use personal Firewall, to prevent unauthorised persons from accessing your PC.

What is the Limit of Funds Transfer Using Net Banking?

There are two types of funds transfer in India including RTGS (Real time Gross Settlement) and NEFT (National Electronics Funds Transfer).

The limits and charges for funds transfer using both these systems are as follows

Funds Transfer Limit on RTGS transfer

The RTGS system is meant for high value transactions with minimum amount permissible for remittance is Rs 2 lakh. There is no upper ceiling for RTGS transactions. As a result of successful RTGS transaction, the beneficiary branches receive the amount in real time as soon as it is transferred by the remitting bank. The beneficiary bank is required to credit the transferred funds into the beneficiary’s account within two hours of receiving the funds.

The following charges are applied for inward and outward transaction through RTGS.

Inward transactions: It is absolutely free and there are no charges applied

Outward transactions:

2 lakh to 5 lakh – Not exceeding Rs 25 per transaction

Above 5 lakh – Not exceeding Rs 50 per transaction

Limits of NEFT transfer

There are no minimum or maximum limit on the amount of funds to be transferred using NEFT.

The maximum limit for walk in customers under Indo-Nepal Remittance Facility Scheme is Rs 49,999.

Charges for NEFT transaction

Member banks participating in NEFT are not required to pay any service charges to RBI till 31 March 2011. Consequently, member banks have also pass on the benefit to their customers.

Inward transactions: There are no charges levied from beneficiaries at destination bank branches

Outward transactions: The charges applicable at originating bank branches are as follows:

Rs 1 lakh – not exceeding Rs 5 and service Tax

Rs 1 lakh – Rs 2 lakhs – not exceeding Rs 15 and service Tax

Above Rs 2 lakhs – not exceeding Rs 25 and service Tax

Visa Money Transfer Limit

In addition to the transfer of funds to bank accounts to any branch all over India using online banking, one can also transfer money from bank account to VISA Debit card or credit card issued in India. It is called as a VISA Money Transfer.

Visa Money Transfer is a fast and convenient mode of online money transfer as funds are credited to Payee’scard within 2 to 3 working days from date of origination of transfer. It is a suitable option than DD, cheques or pay orders.

The limit for VISA Money transfers is as follows

Per transaction limit – Rs 25,000

Per day Limit – Rs 50,000

What Can I Do With Internet Banking?

Internet Banking allows the customers to do many financial transactions from the comfort of one’s home. The range of services provided by internet banking varies from one bank to other. Some banks offer only entry level services while other banks provide advanced level services.

Some of the commonly used transactions that can be done with internet banking are as follows:

What can I do with Internet banking? Checking Account Balance: Internet Banking allows the customers to view their account balances. Moreover, customer can also see the transactions on their loans, deposits, credit card, and mortgage accounts. Almost every bank that provide internet banking service provide this service.

Check transaction entries: Customer can view the list of the last few transactions done in their account. It is also a common feature offered by internet banking websites.

International bank transfers: This facility is offered by some of the bank’s websites. Using this function customer can make bank transfers from their Swiss account to other bank accounts across the world in various currencies. For conducting such transaction, customer needs to furnish following details.

· Name and address of the receiving bank

· Name and address of the recipient

· SWIFT number

· Account number of recipient

In fact, it is regarded as the safest and fastest way for transferring money internationally.

E-broking: Some banks allow the customers to do E-broking on their websites. Customer can simply sit at their home and invest in the international stock market of the world including London, Paris, NYSE, NASDAQ, Frankfurt and other international stock exchanges. It is very easy to place buy and sell stocks over the internet and the brokerage fees are also very cheap.

Bill Payment: Most of the bank websites offer the service of bill payment via online banking facility. Moreover, many banks are offering this service for bill payment for free.

View and Print Bank Statements: Customer can view the bank statements of last six months to one year using online net banking. The no of months differs from one bank to other.

Transfer funds between same bank branches: Customers can easily transfer money from one bank branch to other bank branch of the same bank.

Third Part Transfer: Internet Banking allows the customers to transfer money from one bank account to any other bank account of different bank. This third party transfer can be done either via NEFT or RTGS transfer.

View mortgage account: Internet Online banking allows the customers to view the information about mortgage account such as escrow and payment history.

Get insurance quotes: With Online banking, customers can obtain quotes for many insurance products.

Credit Card line increment: It is very easy to request for Credit Card line increase with online banking.

E-statements: Customers can view their checking and savings statements online via e-Statements.

Order new checks: If customers are done with their check books, they can place order for new checks online.

Request a Stop Check: If customer has mistakenly submitted a check, he can place a stop order online on the check using the internet banking

Online Password Reset: Customers can generate a new password for using their internet banking account anytime using bank website. Also, in case customer forgets their Internet Banking Password, they can get a new password on their email by answering a security question. Thus, customer can get instant access to his internet banking.

Online Check Images: Some banks offer the service of viewing and printing their posted checks images online.

Advantages of Internet Banking

Internet banking provides wide range of advantages for customers as well as banks. With easy accessibility to the internet, the reach of internet banking has extended to even remote villages of India. Nowadays, many bank customers are increasingly availing net banking facilities. Internet Banking is all set to bring revolution in Indian banking industry and it has changed the way people do financial transactions in India. Life has become much easier and stress free with net banking at hand.

Advantages of Internet Banking Some of the benefits offered by Internet Banking are as follows:

(1) Easy to use: Internet Banking facility is extremely easy to use. You just need to be know, how to use internet for opening the bank site and login to your online bank account. You can also get the netbanking facility activated easily by submitting a simple form along with your photo and signature for verification. To access your account, you need to remember your username and password. It is easy to do all the transactions with detailed steps and instructions available over the internet.

(2) Cost Effective: Internet banking is very cost effective for not only the customers but also for the banks. Banks need to maintain few buildings and employ less staff as there is very less involvement by salaried employees. It greatly reduces the working load of bank and savings made by the bank allow them to provide lower lending rates, low service charges and higher interest rates on savings accounts.

(3) Bill payment services: Now you need not worry about pending electricity bills, telephone bills, DTH bills, etc. You can pay them by sitting comfortably in your home with few clicks on your PC. Moreover, to encourage customers to do online banking, more customers are being offered free bill paying services.

(4)Check the services and facilities online: Internet Banking allows you to visit the entire bank website and comfortably read all the services and facilities offered by your bank. You can even compare the best deals offered by various banks easily. You can also check various details such as interest rates on savings and checking account, credit card interest rates, loan terms and the bank rating with the FDIC.

(5) Easy monitoring: You can easily monitor your account balance by logging into bank site anytime and anywhere. Thus, you can never face issue of bounce check. It is very easy to track your balance every day and see if your payment is received or check is cleared.

(6) Easy to reconcile account: Internet banking allows you to manage your account balance easily using your monthly statements. You can download your bank account information into Microsoft Money to easily reconcile your account. with just a few mouse clicks. The online data capture makes it easier to track the movement of money.

(7) Catch unauthorised usage: As you can access your account anytime and track your balance, you can easily point out any fraudulent activity related to your account. You can see all the transactions that happened to your account and you can pick if you have not done it. If it happens you can make the correction immediately, change your password or trace the origin where the transaction happened.

(8) Anytime andAnywhere Banking: Internet banking gives you the freedom of banking from bank working hours. Now you can enjoy anytime and anywhere banking transactions. It not only saves your time but also keeps you away from stress.

(9) Get best deals: Internet Banking offers best deals on various banking products and services such as Credit cards with low rates, impressive rates on Savings, rebates on ATM surcharges, etc.