Guidelines for net banking in apartment owners association

Now paying your apartment or association bills has just got easy. You needn’t go to any municipal office or any other office to pay your bills, as the net banking guidelines in this article will help you pay your bills easily just by a click.

What is Net Banking?

On-line net banking is an easy way to make transactions for anything. It allows the customers of various financial institutions to conduct a financial transaction through a secure website which is operated by the institution. This can also be retail or a virtual bank or a credit union/building society. A customer can access the internet banking through the online banking facility wherein the customer should have a personal internet access with a registration from the institution for the services. The customer will hence create his ID with a desired secret password. The customer can link the password with any of the service of a cheque, loan, savings, credit cards or others.

On line Net banking is an easy process where the customer has to go to the financial institutions website and enter his password and ID which will be followed by the transaction process.

The features of net banking:

The banks offer merely appropriate information about their products and services to their customers.
Most of the banks provide an interaction facility between the banks and the customers.
The banks also arrange the utility payments like electricity bills, telephone bills and so on.

The services provided through net banking:

For Queries

• Request about cheque status
• Check Balance
• See Statement
• Ask for a Statement
• Ask for a Cheque Book
• Inquire about Fixed Deposit
• Inquire about TDS details
• See Demat Account
• Update profile

Transactions

• Stop a Cheque
• Pay Bills
• Ask for a Demand Draft
• Transfer funds between your accounts
• Transfer funds to a third party
• Request for a new Fixed Deposit
• Shop Online
• Pay Bank Credit Card Dues

Advantages of net banking for apartment owners association:

• The net banking is an environment friendly way of making transactions.
• The net banking system has automatic bill payment.
• It is very convenient for the users.
• The net banking service eradicates the traditional geographical barriers by reaching out to customers of different countries/legal jurisdiction.
• The net banking service also adds a new dimension to different kinds of risks traditionally associated with banking. It also heightens some of the challenges and gives solutions to challenges.
• The net banking service also secure the banking transactions and has a validity of electronic contract, customers’ privacy and so on.
• The net banking poses as a strategic risk of loss of business to those banks who do not respond in time to this new technology.

The procedure of net banking:

Net banking account

Once you are aware about the benefits of net banking, you will definitely want to do all our transactions through this. Perhaps you might not be aware about the account activation. Here are a few pointers to keep in mind.

• Your account can be activated through the website of that particular bank.
• You should know whether you are holding a current account or savings account or a premium account with various Net banking charges.
• When you would have filled your online banking form, you should provide them with an e-mail address to the bank.
• You will be required to use that e-mail id to enjoy the service of Net banking and do all your Net banking transfers.
• Your Net banking account is activated.

The net banking charges:

• Net banking will not charge you with anything when you do online banking. All the net banking transfers and transactions are done through online banking at free of cost.
• There are Net banking charges on the withdrawal of your savings account, current account or premium saving account.
• If the amount withdrawn is Rs.1 lakh then you will be charged with Rs.2.50 and it can exceed till Rs.20 only.
• If the amount withdrawn exceeds up to Rs.1 lakh then you will be charged with Rs.2.0 and it can exceed up to Rs.20 only.
• If the amount withdrawn exceeds up to Rs.10 lakh then you will be charged with Rs.1.50 and it can exceed up to Rs.20 only. This can be different for every bank.
• You can enjoy doing your Net banking and do all your Net banking transfers for 24 hours a day.
• This is opened for 7 days in a week. Through Net banking you can check all the balances and do the net banking transfers within a span of few seconds.

The instructions of net banking for your association bank account:

• Firstly you should fill in all the ‘Financial Access’ forms which are provided by the bank.
• The next step would be that you need to provide the PAN card copy of the treasurer of the association along with the PAN card copy of the Association. These copies should have the signatures of the Treasurer with the ‘For’ seal.
• You should give the Board Resolution authorizing the treasurer to operate the Bank Account through Net banking. This board resolution should be printed on the letterhead of the association with the concerned signatures and seals. It is very important that the committee members have their signatures and seals on these copies.
• Your account will be activated within 7 days.

Fill in the below form to complete the procedure: