Handling an entire business in the comfort of your own home sounds like a dream, but now it’s a reality in this technical age. Enter Internet Banking — there’s a lot more you can do with this service than only pay your utility bills.

Prashant is a Delhi based business man who runs his business selling electronic items He has no workshop, no showroom only a rented godown through which he manages his inventory and makes his sales sitting at home?

How does he manage his inventory, banking and other business activity?

Internet Banking has slowly but surely become a necessity with bank customers. Leading banks offer SME services that help manage all your banking transactions from home only by accessing the ATM and Internet Banking. 

Let’s learn more about Internet Banking and transacting on the Internet.

What are the different types of internet transactions
 

-Online purchase of goods / services

-Bill Payment

-View account and transaction details

-Make service request e.g. Order cheque book etc.

-Fund transfer in same bank or other bank

Easy at it may seem, there are a few pointers one should bear in mind:

1. Avoid using public computers for online transaction

2. Buy goods / services only on authenticated and popular website

3. Look for a security certificate on the website e.g. Verisign, Entrust etc.

4. For online purchase of goods / services, look for a bank account with multiple passwords. Please look at the list below for better understanding

  a. For a transaction with ICICI bank account, you need to add multiple passwords e.g. log in password, transaction password and debit card authentication.

  b. For transaction with HDFC bank, you need to add a log in password only.

  c. For transaction with another private sector bank, you need to add log in password and a ‘One time password’ which would be messaged to you on your registered mobile*

5. An online fund transfer needs an additional request, so don’t activate online fund transfer unless you need it.

6. Use a fool proof password and not usually predictable password with your relative name, birthdates and address.

7. Don’t get rattled by thought proving emails by a fraudster e.g. your bank account was accessed yesterday.

8.Subscribe to an SMS service where you get SMS on after every banking transaction.

9. Check the reviews on internet before going to any new website.

10. Register for Bill pay service rather than paying through the vendors website, its more secure.

11. Remember, ‘Internet banking’ is a necessity now but careless use of Internet banking exposes your bank accounts to potential frauds.

(*Yet to be verified by Askketul)

Ketul H Shah is a Chartered Accountant and an MBA. He has specialized in banking, finance and insurance. He is passionate about consumer rights and actively offers professional advice on consumer-related matters.

Ketul maintains a blog on www.askketul.com

e-mail: Ketul Shah

Suggest a story idea! Write to us!