Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.
Mobile banking is an online banking service provided by banks to their existing customers to access their banking account for carrying out a myriad of transactions using a mobile device, including smartphone and tablet, whenever users are connected to the internet.
You can manage your finances on the go with a mobile banking application, which is easy and convenient in comparison to banking in person or on a computer, and doesn’t involve any fee for using the service. However, there can be connectivity issues, technical problems, and users will have to adhere to security guidelines.
In this article, we will walk you through setting up a mobile banking application on your device, banking services you can access, as well as address security concerns to help you manage your banking needs.
IndusInd Bank Savings Account
Interest Rates on Savings Account
Fixed Deposit Interest Rates
7.99*% p.a (with sweep in/sweep out
Discounts and Offers on top brands*
On IndusInd's secure website
IDFC Saving Bank Account
Zero Charges on all Savings Account Services, IMPS, Debit Card, SMS Alerts & more
Free and unlimited withdrawals
On IDFC's secure website
Yes Bank Savings Account
Earn up to 16000 Yes Bank Rewardz Points worth 4000 INR
On Yes Bank's secure website
Using a mobile banking application, you can easily access your banking account, check balance, transfer funds, pay bills, deposit checks, etc. Overall, you can access almost all products and services provided by your banking institution. Plus it’s convenient to use, allowing you to check your banking account 24/7, conduct financial transactions or tasks whenever you are connected to the internet.
In other words, you have complete control over your banking account, services and products. Many banking institutions have now added robust features like getting a loan, insurance, and even investing in stocks, mutual funds, fixed deposits, etc. in a single app—without a need to visit the nearest branch of your bank.
That said, you might require the help of a customer service to access or query about certain banking products—and, that too, is covered via frequently asked questions (FAQs), online chat, or call the agent directly from the app. Nonetheless, every bank provides their customers with a mobile banking application user manual which can be downloaded from the bank’s official website.
To use a mobile banking app from your smartphone or tablet, you need to download the application from the app store. Once the app is installed on your device, you need to add your bank account details for registration, followed by activation, and create an MPIN—which stands for mobile banking personal identification number—to login.
Depending on your bank with whom you have a savings account, there are primarily three ways of registration. This process is important for banks to recognize their existing customers.
The registration process is followed by activation, and this includes creating a mobile banking personal identification number (MPIN) — a four to six digit passcode required to access the banking account via mobile banking app. Once the MPIN is set up, you can proceed to login to access your banking account. Remember, you will be required to enter the MPIN each time you login to your mobile banking application.
Note: The login page of any mobile banking application generally provides tabs to access commonly asked FAQs, instructions from the bank, customer care details, and a few tabs for services and products. Nonetheless you will have to login using your MPIN.
Once you’ve logged in to your mobile banking app, the dashboard will give you a tour to help you use the mobile application. This includes where you can view your account balance, check statement, access debit card details, and many more.
Otherwise, you can take a peek into services by selecting tabs that are available on the dashboard, or use the search bar for specific queries.
Forbes Advisor India evaluated mobile banking applications of two major banking institutions of India to help you understand the type of banking, transaction, investment, and other services in the offing. However, the features may differ among banks providing mobile banking services.
Every banking institution applies different security features to ensure that customers can seamlessly have a safe and secure mobile banking experience. These include authentication via OTP, grid-based, and biometric authentication.
Here are a few tips to safeguard your mobile banking application.
