Know the different types of mobile banking services offered by Indian Banks.
The mobile banking facility allows you to manage almost all banking transactions via mobile devices. Do you want to know your account balance? Do you wish to transfer funds to your loved ones or check your latest transactions? You can access all this information by logging in to your mobile banking account. Let us assess the different types of mobile banking services available in India.
Mobile Banking Services are broadly classified into three types, based on the kind of banking functions you can perform through the platform. Here are the different types of mobile banking options.
Let us now understand these three types of Mobile Banking facilities in detail.
You can download your bank’s mobile application on your internet-enabled smartphone to conduct banking services via your mobile app. This type of mobile banking involves all banking and non-banking transactions such as:
Access Your Account
You can view account balances and statements, review any previous transaction, keep track of deposits and loan EMI transactions, invest in equities and mutual funds, check investment statements, etc. You can also get information on other add-on services.
You can transfer funds to accounts in the same bank or different banks via NEFT, RTGS, IMPS or UPI. You can also use mobile banking to pay your utility bills, shop online, recharge your mobile and DTH devices, etc.
You can open high-interest-bearing fixed deposits or recurring deposit accounts. You can buy and sell mutual funds, invest in shares, bonds, and other investment market securities, and manage your investment portfolio.
Avail Support Services
These services include checking the status of credit or debit cards, checking ATM and branch locations, ordering cheque books, grievance redressal, etc.
Banks use mobile banking apps to advertise new products and services, and offer early-bird discounts to customers. You to get information about the banks’ latest offerings.
SMS banking is another type of mobile banking facility. It is designed for account holders who do not have internet-enabled smartphones. You need to register your mobile phone number with the bank to enjoy SMS banking services. Under SMS mobile banking services, you get facilities like
Unstructured Supplementary Service Data (USSD), also known as feature codes or quick codes, is a communication system used by mobile phones for communication purposes. This mobile banking type does not require a smartphone or internet connection. The National Payment Corporation of India owns *99#, a USSD-based service in India. With USSD mobile banking, you can check account balance and mini account statement and transfer funds via account number, Aadhaar, or Mobile Money Identifier (MMID).
You can choose your preferred type of mobile banking service based on the type of mobile phone you own. App-based mobile banking is the best option as it empowers you to track your account and conduct transactions in seconds.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.