Top 10 Mobile Banking Applications in India

Over the past few decades, technology has advanced significantly. From computers to laptops and iPads, software to applications, and mobile phones to Android devices, the digital age is pervasive. These days, many people use mobile banking apps. When conducting online transactions, a mobile banking app provides convenience, speed, and flexibility.

Nowadays, a large number of Indians are uncomfortable using traditional banking. They have therefore embraced mobile banking. Because of this, practically all private sector and PSU banks offer mobile banking apps for online transactions. This lessens the need for a laptop or desktop computer, and most importantly, it eliminates the need for you to physically visit the bank in order to complete any banking task.

 

1. Kotak-811 & Mobile Banking App

Kotak-811 - A app from Kotak Mahindra Bank offers a zero-balance savings account with an internationally enabled virtual debit card. It features a slick digital banking app UI. It is the first app in India to offer WhatsApp banking. You may now bank on a familiar platform using this app.

Features

* View account details and transaction details, and download e-statements.

* Send and receive money for instant transfers using IMPS, NEFT, and UPI.

* Manage your zero-balance savings account with an internationally enabled virtual debit card for online payments.

* Connect your bank account with WhatsApp and initiate banking transactions through a chat interface.

Pros

User-friendly interface with innovative features, ero-balance savings account with virtual debit card,WhatsApp banking for convenient banking on a familiar platform

Cons

Limited investment options compared to dedicated investment apps, Occasional app crashes reported by some users, Might be overwhelming for users who only need basic functionalities

2. HDFC Bank Mobile Banking App

The HDFC Bank app from one of India’s largest banks, allows you to manage your finances conveniently. You can check account summaries, make payments, transfer funds, and pay utility bills all within the HDFC net banking app.

Features

* Send and receive money using IMPS, NEFT, and UPI through the HDFC bank mobile banking app.

* Schedule and pay various bills, including utilities and credit cards.

* Personalize your app dashboard to display the features you use most frequently.

* Access a streamlined version of the HDFC app download for users with slower internet connections.

Pros

User-friendly interface with customizable features, Reliable and secure platform from a major bank, Lite version available for users with slower internet

Cons

Limited investment options compared to dedicated investment apps, Some users report occasional app crashes, May not offer the most advanced features compared to some other apps

3. YONO SBI 

YONO SBI- App of State Bank of India, Previously known as SBI Anywhere Personal, YONO SBI offers a user-friendly and secure platform for SBI account holders. It supports multiple languages and allows click-based and voice-assisted transactions for a convenient banking experience.

Features

* Use YONO app to send and receive money using IMPS, NEFT, and UPI.

* Schedule and pay various bills, including utilities and credit cards.

* Access the SBI mobile banking app in multiple regional languages for broader accessibility.

* Perform banking transactions using voice commands for added convenience.

Pros

Voice-assisted transactions, All-in-one Platform (investments, shopping, travel booking), Cardless Cash Withdrawal

Cons

Might be overwhelming for users who only need basic functionalities., Customer service responsiveness might vary.,Limited investment options compared to dedicated investment apps.

4. Axis Mobile App

Renowned for its stability, Axis Mobile offers a comprehensive suite of banking services.

Features

* Use the Axis Bank app to schedule automatic payments for various bills, including utilities and credit cards.

* Track your mutual fund investments within the Axis mobile app.

* Set spending limits, turn contactless payments on/off, and temporarily block your card if misplaced.

Pros

Stable and reliable performance, Wide range of features for managing finances, Auto-pay functionality for bills, Debit card control options

Cons

Occasional app crashes reported by some users, Limited investment options compared to dedicated investment apps

5. IDBI Bank GO Mobile+ App

Designed for a smooth banking experience, IDBI GO Mobile+ offers a user-friendly interface and various services. You can check account statements, make payments, recharge prepaid mobiles, and pay utility bills.

Features

* Choose seasonal themes or customize your login screen on the IDBI bank app.

* Secure your login with a selfie picture.

* Use IDBI app to view holdings and transactions directly within the app.

Pros

Simple and easy-to-use interface,Supports regional languages,Covers essential banking needs,Mobile recharge functionality

Cons

Limited investment and advanced features,Customer service responsiveness might vary

6. BOB World

Developed by the Bank of Baroda, BOB World is an app known for its user-friendliness.

Features

* Withdraw cash at BOB ATMs using a one-time MPIN generated within the Bank of Baroda app.

* Generate QR codes on BOB mobile banking app for easy bill payments at merchant locations.

* Store and manage digital receipts for your transactions within the app.

Pros

Convenient bill payments & organized receipts, Simplified cash deposits, Security features (2FA, biometrics, data encryption)

Cons

Relies on QR reader compatibility & increases app storage use, Limited branch availability for cash deposit requests, Responsiveness of customer service

7. ICICI Bank iMobile Pay App

A highly rated app by ICICI Bank, iMobile Pay offers a comprehensive suite of banking services.

Features

* Open fixed deposits (FDs), invest in recurring deposits (RDs) and manage existing investments.

* Access and manage your ICICI Bank life insurance policies on the ICICI Bank mobile app.

* Get quick access to personal loans against your credit card on the imobile app.

Pros

The ICICI bank app features a streamlined layout for effortless navigation, Customize your dashboard for quick access to frequently used features, Clear menus and categorized services

Cons

The app may experience occasional technical glitches or crashes, Some users report slower processing times for transactions, The app might require frequent updates to ensure smooth performance

8. Canara Bank ai1 Mobile Banking App

Designed with the goal of “One Bank, One App,” Canara Bank’s ai1 app offers a variety of banking services.

Features

* Use Canara bank app to pay instantly at stores with a tap using your phone (RTGS/NEFT enabled).

* Start fixed or recurring deposits or invest in mutual funds all within the Canara bank mobile app.

* Set up recurring payments for your bills and savings goals.

Pros

Book flights, hotels, buses, and cabs directly through the app, Check your credit score and pay bills seamlessly through Bharat Bill Payment,Access insurance, Demat services, and IPO applications

Cons

Occasional problems might occur with UPI transactions, Features might be limited for users who don’t have a Canara Bank account, The app might experience occasional slowdowns or technical glitches.

9. Bank of India BOI Mobile App

BOI Mobile boasts a secure and comprehensive banking experience for Bank of India account holders.

Features

* View balances and statements and manage all accounts on the Bank of India app.

* Transfer funds quickly with IMPS, NEFT, and RTGS, and utilize the “Favourite” feature on the Boi mobile app.

* Locate ATMs, manage cheques, and access various banking services.

Pros

Efficient navigation for transfers and management, User-friendly interface with easy account access, Streamlined process for adding “Favourites.”

Cons

Interface might be challenging for new users to navigate, Lacks advanced features compared to some competitors, Occasional transaction delays and app crashes reported.

10. Punjab National Bank PNB ONE App

PNB ONE is the official mobile banking app from Punjab National Bank.

Features

* Gain quick access to all your accounts through an interactive interface by downloading the PNB One app.

* Invest in term deposits and mutual funds, all within the PNB One app.

* Track cheque status, request stop payments, and manage cheques conveniently.

Pros

Access value-added services like PAN/Aadhaar registration, Manage existing credit/debit cards, Enjoy the app in English, Hindi, and other languages.

Cons

 Features might be limited for non-PNB customers, May be complex for new users to navigate, App crashes and slow processing times reported.

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Fake bank apps may have stolen data of thousands of customers: Report

Fake apps of SBI, ICICI, Axis Bank, Citi and other leading banks are available on Google Play, which may have stolen data of thousands of bank customers, claims a report by IT security firm Sophos Labs. 

These fake android apps have logo of respective banks which makes it difficult for customers to differentiate between the fake and original apps, it said. The report further said that the deceptive malware in these apps may have stolen thousands of customers' account and credit card details. 

When contacted some of the banks mentioned in the report said they have not come across any such fake apps. However, some banks have started inquiry and also informed the CERT-In -- the national nodal agency for responding to computer security incident. The fake apps target total seven banks like SBI, ICICI, Axis, Indian Overseas, BoB, Yes Bank and Citi Bank, the report said. 

Another lender Yes Bank said it has informed the bank's cyber fraud department about the matter.  However, the country's largest lender State Bank of India's response was awaited. There were no immediate comments from ICICI Bank and Axis Bank. 

According to the report, the apps lured victims to download and use them, either by masquerading as Internet apps or e-wallets, promising rewards, including cash back on purchases, free mobile data or interest free loans. 

Some even claimed to be providing a too-good-to-be-true service, enabling users to withdraw cash from an ATM and have it delivered to their doorstep. 

"Deceptive malware may have stolen thousands of Indian sub-continent bank customers account data or credit card numbers," said Pankaj Kohli, threat researcher, SophosLabs. 

Fake apps are not new to Android and this sort of malware will continue to find its way into the android app store, it said. 

"Some are blatant copies of real apps, while a few are much more dangerous as they seed malware and steal data from user accounts. Users should always use antivirus software, which provides malware protection and internet security to keep users protected and stop these fake apps from stealing data," it said.

Source- Economic Times

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How to secure online transactions: tips to follow

Every now and then, we keep hearing about a new online security hack being discovered and while the world is moving towards complete digitisation, it is also true that there is a long way ahead of us, when it comes to optimum online security. That said, online transactions is one area where most cyber attacks are focused and while, we as consumers, have made online transactions popular since they make life much easier with several options it offers, it is also true that everything in life comes with a risk and with online transactions, it’s bigger than we think.

The online economy is nothing but billions of dollars being exchanged almost every single day, moreover, online transactions/shopping has resulted in lower prices, unmatched ease of buying as well as incredibly diverse choices for consumers. Being confident due to the millions of transactions taking place, many of us regularly shop and bank online with any second thought. From ordering pizzas to literally buying a house and from transferring money to booking tickets online, these online transactions are the need of the hour which is also looking to practically eliminate the worry of standing in a queue or waiting, to say the least.

However, as unfortunate as it might sound, online fraud and identity theft sort of come complimentary with the popularity and ease of online transactions, thanks to clever cyber thieves as well as sloppy consumers with precarious Internet shopping habits.

When it comes to ‘how to secure your online transactions’, while there is no guarantee that you will always be safe from a cyber threat including viruses, hackers, malware and other scams, it’s more of a habitual change that you need. On that note, here we are listing six tips that you can follow to secure your online transactions.

Tips for secure online transactions

1. Choose your password wisely: While choosing a password, strictly follow the given instructions by banks, mutual funds, etc for choosing the same while making an online transaction (keep it complex and change it regularly). Also using anniversaries or names and a date of birth, of people who are close to you is strictly discouraged since all this could easily be guessed. Moreover, neither share a password with an outsider nor communicate it via social media.

2. Avoid phishing emails: Always Be careful about emails asking about your personal/confidential financial information. The government, SEBI, RBI or even any other regulated entities never ask for password or card numbers.

3. Beware of public Wi-Fi: Never ever resort to making an online transaction from a cyber cafe or through a public Wi-Fi or a shared system. Always prefer your home computer and also install adequate firewalls and anti-virus software. It’s also a good habit to keep your computers/laptops updated with new security patches and operating systems, always.

4. Secure Socket Layer (SSL): Always check for Secure Socket Layer (SSL) or https security on the login page of any particular bank’s website. Here, the ‘s’ after the ‘http’ indicates that a particular site is secure. Similarly, look for identity verified-signs as well as SSL security of an online shopping portal in order to protect your debit/credit card number along with your personal information. Also, check for the padlock icon in the browser window.

5. Autocomplete: Always disable Autocomplete/Password storage in your browser since they have a tendency to keep caches of sites you visit, and on prompting, could offer to save passwords for you. However, if you opt for this, you will have to enter all the passwords and URLs every time to come online, but the inconvenience is worth it as your data will be safe in case of a data theft attempt or if your system gets stolen.

6. Web browser privacy mode: This is said to be the best tool in order to keep your online transactions safe, moreover, every new browser comes with this feature. This option sets up a separate browser window that deletes all the data on the moment a particular browser window is closed while clearing caches as well as keeping your private data out of public domain.

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Internet banking & Mobile banking links of all banks in india

Public Sector Banks :

Bank	Internet Banking	Mobile Banking
Allahabad Bank	Click here	Click here
Andhra Bank	Retail     Corporate	Click here
Bank of Baroda	Retail     Corporate	Click here
Bank of India	Retail     Corporate	Click here
Bank of Maharashtra	Retail     Corporate	Click here
Canara Bank	Click here	Click here
Central Bank of India	Retail     Corporate	Click here
Corporation Bank	Retail     Corporate	Click here
Dena Bank	Click here	Click here
IDBI Bank	Click here	Click here
Indian Bank	Retail     Corporate	Click here
Indian Overseas Bank	Retail     Corporate	Click here
Oriental Bank of Commerce	Retail     Corporate	Click here
Punjab & Sind Bank	Click here	Click here
Punjab National Bank	Retail     Corporate	Click here
State Bank of India	Click here	Click here
Syndicate Bank	Click here	Click here
UCO Bank	Click here	Click here
Union Bank of India	Click here	Click here
United Bank of India	Click here	Click here
Vijaya Bank	Click here	Click here

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Different modes of Payment

As the commerce and economy expand, volume and variety of transactions expand where there is a need to exchange the money. Using cash for each of these transactions is neither feasible nor practically possible. There are concerns regarding security and transportation of cash in cases where large amounts of money are involved. Banks support ease and velocity in such cases by offering various payment systems as solutions.

What are Payment Systems?

A Payment System is a mechanism that facilitates transfer of value between a payer and a beneficiary by which the payer discharges the payment obligations to the beneficiary. Payment Systems are the medium to transfer funds from one person to another that facilitate businesses and economies. Payment system enables two-way flow of payments in exchange of goods and services in the economy. Payment systems help consumers to transfer funds to each other. Cash is the traditional and most widely used payment instrument that consumers use in their daily lives to purchase goods and services. Banking channels also provide other payment instruments through different platforms and these are also widely used in commerce. Payment systems comprises of instruments through which payments can be made, rules, regulations and procedures that guide these payments, institutions which facilitate payment mechanisms and legal systems etc. that are established to facilitate transfer of funds between different participant institutions. Payment systems are used by individuals, banks, companies, governments, etc. to make payments to one another.

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