What Are The Services Available In Mobile Banking?

Mobile banking is the new age version of banking where services that were earlier made available through branch based banking are also now available in smartphone applications on each person’s mobile phone. This has revolutionized banking to such an extent that people are using mobile banking apps to transact with the bank and fulfil their needs and requirements.

But as a layman, it is very important to know mobile banking services so that you can choose to make the shift to to mobile banking.

Here are some services available in mobile banking:

Fund transfers:

Mobile banking can be used to make fund transfers even outside of banking hours. The standard NEFT and RTGS transfers can be made and there is another mobile banking only mode called Immediate Payment Service or IMPS that can be used for instant fund transfers at any time of the day. IMPS is developed by National Payments Council of India (NPCI) and these transfers work 24x7.

FD and RD investments:

It is very convenient to open fixed deposit and recurring deposit accounts on mobile banking apps. You need to check the tenure of the deposit, the maturity instruction and the amount you want to invest. The net banking system will return the rate of interest on the transaction and the maturity value. If you are comfortable with it, you can confirm the transaction and the amount will get debited and used to make the investment.

Bill payments:

Now, it is possible to use mobile banking services to make bill payments. There are three type of bill payments i.e adhoc and instant bill payments, billers who present their bills to the bank after the initial payment and billers who accept both types of payments. Once you make the initial transaction, the mobile banking system will remind you about future payments. These bill payments happen instantly and in a matter of a few clicks.

Forex card:

You can apply to buy a forex card and even reload it remotely through netbanking. This makes it convenient in case you have to reload the forex card at any time. However, each bank has a time period for the forex card reloading to happen and get processed. So, before you choose forex card reloading through mobile banking, you need to consider when you will need funds.

Insurance:

You can invest in insurance through a special feature of bill payment in your mobile banking apps. Some banking apps may have a separate section for insurance payments. This is for yearly premiums and ULIP premiums both. You will need to add the unique registration number of your policy in the mobile banking system so that it can credit the funds to the right account.

Mutual fund investments:

It is possible to make mutual fund investments through netbanking. You can make a new purchase, invest in a new fund offer, make a redemption or a switch, start systematic withdrawals through mobile banking.