- What is Net Banking
- Brief Overview About Net Banking
- The Best Net Banking Betting Sites Criteria
- Using Net Banking for Deposits at Betting Sites
- Using Net Banking at Betting Sites for Withdrawal
- Net Banking Security and Safety at Indian Betting Sites
- Net Banking Security Precautions
- Net Banking Betting Sites Bonuses
- Net Banking Transaction Fees in India
- Net Banking Deposit and Withdrawal Limit Limits on Betting Sites
What is Net Banking
Net Banking is short for Internet Banking. It’s a digital payment system that allows customers to use their bank account features from the bank’s website. The banks will manage all the banking activities, just like when their customers are using their cards for transactions.
Net Banking users can use any mobile device that can connect to the internet to do all the transactions they need. With Net Banking, users can send and receive money or make online purchases using those devices.
If you don’t have a Net Banking account yet or would like to have a new Net Banking account, you can also register online. As long as you already have an account from the bank, your registration process will be easy as you’ve already submitted KYC documents when you first opened it.
Brief Overview About Net Banking
Rather than simplifying the features that a physical card can do, Net Banking broadens your bank account functions. You can, of course, use your Net Banking account to transfer funds to other financial accounts. You can also receive payments from outside, like how you usually can while you only have a physical card.
Other than that, your Net Banking account can help you pay your bills on time. You can pay phone bills, water utility bills, electricity bills, and others from your mobile devices, as long as you have an internet connection.
Using Net Banking, you can also apply for loans, pay insurance, pay electronic monthly instalments, or apply for a new debit card and cheque book.
Net Banking History in India
Debit and credit cards have been used since 1980 in India, but it wasn’t until 1993 that the Indian banking sector accepted computerisation. The Employees’ Association of IBA, or the Indian Banks Association, contracted an agreement about introducing computerised applications in banks to bank management.
In 1994, the committee under the Reserve Bank of India recommended Electronic Fund Transfer and Magnetic Ink Character Recognition. Two years later, the Industrial Credit and Investment Corporation of India introduced online banking services in branches, and HDFC, IndusInd, and Citibank quickly followed to offer online banking services in 1999.
The government of India then passed the Information Technology Act in 2000, getting legal acknowledgement for electronic transactions and e-commerce. Then, in 2016 Bharat bill payment system and UPI (Unified Payments Interface) were launched in banks across India.
How Indian Users Use Net Banking
We’ve mentioned that Net Banking is technically an extension of one’s bank account. Indian users can download the bank app of their choice and create a Net Banking account using their bank information. The only additional information is a unique digital password to secure the bank app.
Users who want to use the bank’s Net Banking service must visit the bank to enable the digital facility to their account. Once the bank receives the request, the user will get two codes to log into their Net Banking account. The bank will provide the user with a User ID and password to log into their Net Banking account, and then the user can change the password or the User ID to secure both information.
After the Net Banking account is set, the user can immediately use their new online account for transactions. Just like using bank cards, users can transfer and receive funds or make purchases online.
The Best Net Banking Betting Sites Criteria
- Accept Net Banking for deposit and withdrawal
- Offers quick payout for Net Banking
- Provides a good selection of betting options
- Have various sports events with great odds
- Holds a legitimate licence
- Accepts players from India
Using Net Banking for Deposits at Betting Sites
Finding a sportsbook that accepts Net Bankingisn’t hard, as it’s one of the most common payment methods around the world. When your Net Banking account is ready to make transactions, you can then register in a sportsbook of your choice. Fill in all the data required, and verify your account before depositing. You can also check the betting site’s welcome bonus terms and conditions to know if you need to make a specific amount of deposit to claim the bonus.
Now, you can follow these steps below to fund your betting account using Net Banking.
Step-by-Step Guide for Depositing
- Register or login to your betting account and find the Cashier section
- Choose deposit and find the Net Banking option
- The betting site will give you information about the account holder’s name, IFSC Code, and account number
- You’ll be redirected to the Net Banking site
- Login to your Net Banking account
- Select UPI and add the deposit amount
- Paste the information you got from the betting site to the bank site
- Go back to the sportsbook that accepts Net Banking and fill in the transaction’s detail (RRN)
Net Banking Common Issues for Indian Users and Their Solutions
Despite the popularity of Net Banking, there are still many local Indian banks that won’t accept gambling transactions. The aftermath can be as dire as closing your bank account after the transaction. The bank will notify you if it decides to close your account because of the gambling transaction and return the balance that you have.
The only way to resolve this problem is to open another account and try another bank. To be safe, we recommend you do research and find which banks you hold that accept gambling transactions, as there are still many local Indian banks that will let you make a deposit to a betting account.
Using Net Banking at Betting Sites for Withdrawal
Net Banking is also commonly accepted as a withdrawal method. If you have some money in your betting account, which you want to move back to your bank account, you can do similar steps when depositing to send the fund. Here’s what you can do to withdraw from a sportsbook that accepts Net Banking.
Step-by-Step Guide for Withdrawing
- Log into your sports betting account and find the Cashier section
- Select Withdraw and choose Net Banking
- Fill in your account holder name, IFSC code, account number, and the bank’s name
- Enter the amount you’d like to withdraw and submit the request
Net Banking Common Issues for Indian Users and Their Solutions
There are times when your transaction is declined by the betting site when using Net Banking. This is mostly due to the Net Banking account name that you entered on the betting site doesn’t match the name of your betting site account. You have to match both names in order to finish the transaction well.
If you haven’t verified your betting account, the site might also decline the request. Ensure you’ve verified your betting account before withdrawing to avoid the hassle.
Net Banking Security and Safety at Indian Betting Sites
Banks are definitely one of the most secure ways to do money transactions. They have existed way before other payment methods, and as they’re also approved by the government, they’d have a tight and secure system to protect all of their client’s data.
Net Banking Security Precautions
To secure your transactions, banks enforce different security precautions depending on what the company chooses to implement. Most banks utilise security measures like 128-bit or 256-bit data encryption to prevent third-party manipulation and data breaches. They also have an encrypted email system and an automatic logout feature for mobile banking apps.
Account Security and Safety
When you make a new Net Banking account, the bank gives you a user ID and password, but you can change both whenever you want to. As long as you don’t share this information, they’ll be safe from any breach. Even if a stranger manages to access your account one way or another, the bank monitors all activities in your account. It will notify you immediately if they spot any suspicious login attempts.
If a stranger tries to use your account without your permission and make purchases or big transfers, you’ll get a notification as well. The bank might even freeze, block, or close your account when you take some time to respond, so your balance will stay secure.
Net Banking Betting Sites Bonuses
A sportsbook that accepts Net Banking must be generous when it comes to rewarding its customers. Be it to entice new players to try and explore their services or to appreciate loyal customers with bonuses.
Net Banking betting sites will have several bonuses present, but the rewards can be different from one betting site to another. You can find bonuses like a deposit match bonus upon registering or free bets and risk-free bets. You can also enjoy other promotions like cashback and reload bonuses as an existing player.
Net Banking Transaction Fees in India
Most banks don’t charge you any fee when you’re funding your betting site account or withdrawing from it. The transaction will be similar to when you’re online shopping, so if your bank doesn’t charge you for transferring to an online merchant and receiving money from it, you won’t have to pay any transaction fee.
This might be different for a sportsbook that accepts Net Banking. Each betting site has its terms and conditions for deposits and withdrawals, and there are some sites that will charge you a small admission fee when using Net Banking or other methods.
Net Banking Deposit and Withdrawal Limit Limits on Betting Sites
Each bank will have limitations to how much you can send out and receive every 24 hours. These limits differ between banks, so you can visit your bank’s site for more information or contact them directly.
The sportsbook that accepts Net Banking will also set specific limits on how much you can fund your account and withdraw from it. Like banks, the limit differs for each betting site, but you’ll usually get daily, weekly, and monthly transaction limits.
Betting sites often offer VIP or Loyalty Programs that can increase your transaction limits. Some sites also allow you to request larger transaction limits to customer support with some terms and conditions. Check with your chosen sportsbook that accepts Net Banking to know more about the limits.
Yes, Net Banking is widely accepted on many Indian betting sites. You can check the betting site’s payment methods and check if the site accepts Net Banking from the bank of your choice to know for sure.
Some betting sites have transaction fees for Net Banking and several other payment methods. Still, you can find many betting sites that take Net Banking and won't ask you for a transaction fee. On the other hand, most banks don’t charge you for making transactions using Net Banking.
All betting sites have minimum deposits that differ from one another. You can find the minimum deposit information on the cashier page when you’re requesting a deposit or withdrawal.