The Hindu Business Line : Take that first step

For those who would like to try out Net banking but don't know how, here is a short guide. Take a look at the Web site of any of the private banks such as ICICI Bank, HDFC Bank, UTI Bank or IDBI Bank. You will find a demo option that takes you through the process of opening an Internet bank account and operating it. Click it and you get a fair idea of how to get started with Net banking. There is also a comprehensive module (FAQs) dealing with issues that you are likely to face. For many banks, the selling point is the fact that Net banking is free. However, there are banks that try to lure users with an incentive — if you contact them over the Net, you could get a discount on the fee usually charged.

To put at rest any fears of safety regarding using the Net for financial transactions, there is a small logo of `VERISIGN' in one corner of the screen — a certificate from an Internet security services provider assuring you that details of your financial transactions would remain confidential and secure.

But how is your online account secured from potential hackers? Most banks say that they use a 128-bit secured socket layer (SSL), which uses encryptions to ensure that the information you exchange with the bank server is not intercepted by a hacker/unauthorised user.

Get started

On the very first screen, there is a quick rundown on what you can use Net banking for: To check account balance, get account statements, transfer funds, get chequebooks, stop payments, etc. You can apply for your account online or fill in a registration form at the bank's branches. The first step is to have a User Identity — your name/initials/alias. The second step is to have a password as a measure of network security and preventing unauthorised access.

Some security measures

Some banks have a system, wherein you have to maintain two passwords as an additional precaution. At the first step, there is a password just to log in to your online account and view it. Then there is another password for actually carrying on operations or executing fund transfers. Banks also recommend and have the option of changing passwords at periodical intervals, ensuring more security, thus making the task of any potential hacker that much more difficult. Some banks have a system whereby the account gets locked automatically, if there are multiple attempts at entering passwords. Some also have a system by which your Net banking session is automatically timed out, if the system has been idle for a particular period of time.

Once you log in, the first thing that catches your eye is a message that gives you details of your previous visit to the site, thus enabling you to keep a tab on your account. There is also a message box where you receive mails from the bank. You can also view all the accounts that you maintain with that bank. The next stage is to look at the statement of accounts. Different banks offer different options here — some allow you to see the last 10 transactions, while others allow you to see the transactions for a particular period.

Irrespective of the transaction that you want to carry out through the Net — requesting a cheque book, stopping cheque payment, etc — you will get an appropriate message that confirms the completion of the task. If your transaction has been rejected, there will be a message asking you to try again. For transactions like fund transfer, you would also be given a reference number for follow-up, if necessary.

And finally, don't forget to logout — if you want to preserve your bank balance, that is!

Picture by Vino John

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