Niponwave

It has been a little more than a year I am using the online banking facility of SBI and I must say, it just rocks! It’s user-friendly, rich with features and boasts of robust security.

Online SBI

Registration

To enable internet banking, one has to download the Internet Banking register form, fill it up and submit in his bank. Upon activation you will receive a confidential mailer by post containing a one-time-usage password to kickstart your online account.

Security

It comes with, like other banking websites, 2 passwords. One is meant for normal tasks like checking account balance, recent transactions, transferring funds and so on while the other lets you edit profile details (e.g. mobile number), add/edit beneficiaries, etc. On top of that, I have enabled high security for my account which means that every transaction is protected by a security code sent to my mobile.

Suppose you are in a cyber cafe or using a friend’s laptop which is neck deep with spywares and viruses and you desperately need to make an online payment e.g. book a train ticket. There is always the risk of a keylogger - a malicious program that can record your keystrokes - stealing your credit card details! The SBI virtual keyboard, which is a mouse-based onscreen keyboard, rules out any such threat.

Recent Transactions

This is perhaps the most used feature. Every month I withdraw a sum from my Paypal account and transfer it to SBI. As soon as it is credited, it is reflected in the recent transactions. Also, I come to know as soon as my parents plonk my monthly dole on my account!

Online Payment

Many consumer websites (from Flipkart to IRCTC) allow you to pay via SBI Internet Banking which is a lot safer than using your credit card or debit card. It’s easier too - instead of having to type a 16-character long number you just have to enter your SBI username and password. For added security, every transaction needs you to enter a one-time-use security code sent to your mobile via text message. Now I can purchase books online with absolute peace of mind as well as book rail tickets online. I am also immediately notified via SMS as soon as a transaction takes place. This proves useful especially while trying to book tickets through IRCTC. Slow as the IRCTC site is, often the connection is lost leaving one to wonder whether the payment was successful. Thanks to the SBI sms alerts, I can be sure if the payment actually went through!

Funds Transfer

A very handy feature that has made life easier. I can transfer funds to any friend having an account with any bank (SBI or non-SBI), which I often need to do in order to share online advertisement revenues with friends. Before sending money to a friend you have to add him/her as a beneficiary and enter all their bank details. Then you must confirm the beneficiary account by entering a high security code sent to your mobile phone via SMS. To avoid sending excess amount by mistake, you can always set an upper limit.