Mobile banking allows customers to conduct a financial transaction by using a mobile device such as a smartphone or tablet. With mobile banking, customers can operate their bank accounts any time of the day. Transactions through mobile banking are usually done through the various new apps introduced by India’s all leading financial institutions. These mobile banking apps enable customers to obtain account balances and a list of their latest transactions. With these apps, customers can also pay their bills, deposit checks and transfer funds to others accounts. Some apps like Google pay also enable customers to download copies of their bank statements, book flights and hotels, and book train tickets.
To initiate a transaction using these apps you need to follow the following six steps
Download the app
The first step to initiate a transaction using a mobile banking app is to download the app from the google play store or apple app store and install it.
Login using a CRN number
After downloading the app, you need to login using your customer relationship number that is provided on your debit or credit card.
Authenticate your account details
Once you log in, you have to authenticate your account details by entering your credit/debit card details or net banking password.
Login using a MIPIN
After authenticating your account details, you need to set up a six-digit MIPiN to login to the app. You will be sent an activation code for your registered mobile number.
Enter the activation code
You will have to enter the activation code to complete the registration process. Once this is done, you can login using your CRN and MPIN.
Once you have logged in your mobile banking app, you can use it to perform the following actions.
Manage your bank account
Mobile banking apps can be used to manage all your bank related functions like checking your savings and current account balance, viewing past transactions, opening term and recurring deposits, calculating term deposits, modifying MMID, etc.
Pay bills and recharge
Mobile banking apps can also be used to pay all your bills like electricity bills, telephone bills, water bills, phone bills, rents, etc. They can also be used to recharge your mobile, DTH services, etc.
Ticket bookings
A very important benefit of mobile banking apps is that they can be used for book train tickets, bus tickets, etc. They can also be used to book flights and hotels.
Transfer funds
Mobile banking apps can also be used to transfer funds from your account to another account following certain easy steps.
Mobile banking apps are thus like remote control that enable you to control all your financial transactions at a click of a button. They not only offer you greater clarity over your finances but are also one of the most secure and safe modes to bank. They are available absolutely free of cost on the banks’ websites. However, you may have to pay standard internet usage charges levied by your service providers.