SBI Internet Banking: Features and Important Security Tips
SBI Internet banking which can also be referred to as SBI online banking is a form of banking that allows retail banking customers of State Bank of India to operate their accounts from any part of the world at any given time. This form of banking has totally removed the geographical barriers that are common to the traditional banking practice.
Under traditional banking, customers would need to appear physically at the bank location before they can carry out their banking transactions. And if the person did not get to the bank during the banking hours, such transactions would need to be postponed to the following working day no matter how urgent the transaction might be.
With the SBI Internet banking, everything has changed. Customers do not need to visit the bank before they can carry out their banking activities. Now, they can carry out their banking transactions from their internet-enabled desktop, laptop, or other mobile devices. Interestingly, OnlineSBI is safe and secure as all your interactions with the SBI Internet banking are encrypted using 128-bit encryption technology.
Features of SBI Internet banking
SBI may still be new to some and they will like to know more about it. That is why I will quickly like to share with you the features of SBI online banking here. Before I continue, please note that I may be using SBI Internet banking and SBI Online banking interchangeably. Please, don’t be confused about this. They mean the same thing. So, what are the features of SBI Internet banking? Find out below:
- Fund Transfer between customers’ own accounts
- Fund transfers to other parties having accounts with any branch of SBI
- Fund transfer to accounts in other banks
- Transfer Standing Instructions
- Credit Card (Visa) Bill payments
- Credit PPF accounts across SBI branches
- Request for the issuance of Demand Draft
- Request for new account opening
- Request for loan accounts closure
- Request for new cheque book
- Rewards on transactions through SBI internet banking
- E-tickets
- Home Loan Provisional Interest Certificate
- Payment of Tax
- SSC and UPSC Online Fee Collection
- Mutual Fund Investment
- Viewing of Tax Credit Statement Form (26AS)
- Pension Slip Enquiry
- TDS Enquiry
- Maharashtra Government Professional Taxes (PTRC & PTEC) payment.
- E-Deposits (E-TDR/e-STDR, E-TDR/e-STDR under Income tax savings Scheme, SBI Flexi Deposit, E-Annuity Deposit Scheme, E-Recurring Deposits)
You can see that the features of SBI Internet banking are numerous. Let me just explain a few of them below.
Fund Transfer between customers’ own accounts
For customers that have more than one bank account with the State Bank of India, SBI internet banking allows customers to transfer funds from one of the accounts to the other account without any hassle. In fact, this is one of the simplest things you can do with SBI online banking as the transfer is to self within the same bank.
Fund transfers to other parties having accounts with any branch of SBI
This is a bit different from the one described above. In this case, a customer is transferring funds from his own account into another customer’s account but within State Bank Group. The beneficiary’s account may not necessarily be at the same branch as your own. The minimum amount a customer can transfer is Rs. 1 while the maximum amount is Rs. 5 lacs. The beneficiary will receive the money in his account immediately after the funds are transferred.
Fund transfer to accounts in other banks
This is Inter Bank Transfer and it allows customers to transfer funds electronically from their account to the account of a third party having an account with other banks. The transfer can either be RTGS or NEFT.
Inter Bank Transfer through Real-time Gross Settlement (RTGS) is the fastest way of transfer from your account to a third party in India as the processing of funds transfer instructions is carried out in real-time. On the other hand, Inter Bank Transfer through National Electronic Fund Transfer (NEFT) is usually processed in half-hourly batches. If you make a transfer to a third party either through RTGS or NEFT and the funds did not get to the beneficiary, your bank will credit the money back into your account.
The minimum amount for Inter-Bank Transfer through Real-time Gross Settlement (RTGS) under Retail Internet banking is Rs. 2 Lakhs while the maximum is set at Rs. 10 Lakhs. No minimum transactions amount is set for National Electronic Fund Transfer (NEFT} but the maximum is Rs. 10 Lakhs.
To make RTGS/NEFT transfers, you will need to state the amount to be remitted, your account number which is to be debited, name of the beneficiary bank, name of the beneficiary, account number of the beneficiary, sender to receiver information (if any), and IFSC code of the destination bank branch. If you need a thorough guide on how to make Inter Bank Transfer, you can follow the step described below:
How to Make RTGS/NEFT Payments
- Visit the bank website and log in with your Online banking ID and Password
- Locate the Payments/Transfers tab and click on the Inter-Bank Transfer link.
- Select the transaction type. You need to choose between RTGS or NEFT (You can refer to the explanation above to know the difference)
- Select the Beneficiary to be credited from the list displayed. If the beneficiary is not in the displayed list, you will need to add the name first. I will describe the steps to follow to add a new beneficiary later.
- Enter the amount you want to transfer to the beneficiary
- Click on Accept Term of Service and confirm.
How to Add New Beneficiary
- Visit the bank website and log in with your Online banking ID and Password
- Locate the Profile tab and click on the Manage Beneficiary link
- Choose Inter Bank Payee from the options displayed.
- Choose “Add option” and enter the Beneficiary Name, Beneficiary Bank, Beneficiary Bank Account Number, Address, and Inter-Bank Transfer Limit.
- Provide the 11 digit IFSC code of the beneficiary bank branch. Alternatively, you can select the location option, beneficiary bank, state, and branch from the displayed drop-down menu.
- Click the Accept Terms of Service and then confirm.
- You will receive a high-security password on your mobile phone number to authenticate that you are the one adding a new beneficiary.
- Enter the password to authorize the bank to add the new beneficiary.
- Wait till the new beneficiary is activated before you initiate the transfer. Once the new beneficiary is activated, you can follow the steps described above to make the transfer.
Credit Card (Visa) Bill Pay
If you operate an SBI internet account, you can transfer funds from your SBI account to any VISA Credit Card that is issued in India. This is faster and more convenient than when paying through cheques, Demand Drafts, or pay orders. For you to use Credit Card (Visa) Bill Pay feature, you will need to log in to OnlineSBI with your Username and Password. After login in, register the payee name and card number by clicking the “Manage Credit Card (Visa) Bill Pay link via your Profile tab. It requires that you authenticate yourself with your Profile Password. Please note that your Profile Password is different from your Login password. You will also need to give your Payee a nickname. SBI will send a high-security password to your registered mobile phone number in order to be sure that you are the person adding the payee. Once you have authorized the payee, you are free to transfer funds to the card. The per transaction limit set by the bank is Rs. 25,000 or a card while per day transaction limit for a user is Rs. 50,000. However, you can set your own transaction limit for your Payee. If you pay any credit card bill through Credit Card (Visa) Bill Pay service, it will take two or three days for the VISA system to complete the transaction. The period that it will take the beneficiary bank to credit the funds to the beneficiary card is not determined by the State Bank of India. Please note that you cannot revoke or modify a payment once it is initiated. The system allows customers to schedule payments for the future.
Transfer Standing Instructions
SBI online banking allows customers to give standing instructions for periodic scheduled payments from their accounts. Such payments may be in form of funds transfer, third party payment, and RTGS/NEFT/State Bank Group payments. The frequency for the standing instructions can be five days to thirty days or one month to six months. One main benefit of standing instructions is that, once it is set, it does not require customers’ intervention as the transactions shall be initiated on each scheduled date.
Customers are allowed to cancel standing instructions when such instructions are still pending execution. But is the standing instruction is scheduled for the current date, you will not be able to cancel it again.
To register standing instructions, you need to log in to your account with your username and password. Click on the Requests tab or transaction links in the Payment and Transfer Tab and record the standing instructions. You will follow the same process to record standing instructions for fund transfer, fund transfers to other parties having accounts with any branch of SBI, and fund transfer to accounts in other banks. However, it is important to note that SBI will need to approve a new third-party account (whether Intra or Inter-bank third party) before you can record standing instructions for such a third party.
Security Tips of SBI Internet banking
As mentioned before, SBI Internet banking is said to be secure as all your interactions with the SBI Internet banking are encrypted using 128 bit. Nevertheless, you have your own personal responsibility towards ensuring the security of your account/money. Below is the highlight of some measures you can put in place so as to safeguard your bank account.
Password: Ensure you use a strong password. A combination of lowercase and uppercase letters, numbers, and special characters is more secure. Avoid the use of birthdays, nicknames, wedding dates, pet names, place of birth, or favorite foods. Also, it is important that you change your password on a regular basis. You never can tell if your password has been exposed.
It is safer to memorize your password. It is a bad idea to write down your password elsewhere or store it on your phone.
Monitor your accounts: You need to constantly log in to your account to review the login and transaction history. If you notice any strange or unauthorized activities in your account, you need to quickly report this to your bank.
Use a secured network: People like free internet access but the danger of most of the free internet connections are not secure. While you can use a free internet connection to view websites that do not require your sensitive information, you should not use it to access your online bank accounts as someone may steal your personal information without you knowing.
Always Log Out: Imagine leaving your doors open and you go to the market! You will be exposing yourself to all forms of security threats. The same applies to when you access the online bank account you fail to log out. Anybody that has access to the computer or laptop will automatically gain access to your account. It is important that you always log out anytime you complete an online transaction or you are stepping out from your laptop or computer. Even though you still want to carry out other transactions, you can always log in afresh any time you return.
Beware of Scams: Scammers are using different strategies to catch many unsuspected bank customers. They can send emails or text messages containing a link that you need to click. Please, it is not safe to click certain links. No matter how genuine a link may be, it is safer for you to type in a URL than clicking a link. When you click on a link, you may be directed to a website you don’t intend to visit.
If anyone is requesting your personal information on the phone or that you should fill a form online, you need to be very careful. Before you provide your personal information on any website, always watch out for two things; the padlock symbol and HTTPS preceding the URL you are visiting. If these two things are not present, the website may not be safe. Depending on the browser you are using, if you click on the padlock symbol before the URL, it should either turn green or giving you information that you are securely connected to the site and the site is verified by a reputable encryption company. Instead of responding to emails, text messages, or telephone calls that you are not confident about, you can contact SBI Customer Care directly.
Communication: Do not send your sensitive or personal information through email or phone conversation< You may not know who has access to the email account or whether the mail will be printed in an unsafe environment. For telephone conversion, you may not know who is listening to your conversation. Either around you on from the other end. Also, don’t share your sensitive information on social media.
Use Antivirus: Antivirus will help protect your system from malware. It is also good that you run updates for your operating system on a regular basis.