Phone Banking Is An Easy Way To Access Your Bank Account

Most banks in India now offer telephone banking services to their customers in addition to mobile banking and online banking.

Phone banking basically is a phone call to an automated response system which uses keypad recognition or voice recognition software to conduct transactions. The account holder will have to first input their account number, followed by their telephone personal identification number (TPIN).In case the TPIN is not available, the customer can use their ATM PIN to generate a new TPIN. Once this is verified, they can go ahead and transact from their accounts. This service is fully automated and hence very secure.

Most people in India only tend to use the phone banking service when they lose/misplace their credit or debit cards. However phone banking has a host of other options that customers can use to get information.

Some of the other information available on phone banking is

1)Balance Enquiry: The total amount of funds remaining in the account at that time is conveyed.

2)Lost Card Hot-listing: In case a debit or credit card is stolen or lost. The card can be blocked and no further transactions will be possible on that card.

3)Statement Request: The customer can request for a statement of accounts.

4)Recent transaction enquiry: The last five transactions in the account are recounted.

5)FD Rates Enquiry: The customer will receive information about prevailing Fixed Deposit interest rates.

6)TPIN change: Most people do not remember their TPIN and hence use their ATM PIN to conduct transactions. This option generates a new TPIN for the customer.

7)Fund Transfer (intra-bank): A customer can transfer funds from one account to another, in the same bank.

8)Stop payment of Cheque: A customer can issue instructions to the bank not to honor a cheque.

9)Cheque Book Request: The customer can request for a cheque book via telephone banking.

The phone banking services are available 24X7 and are automated to ensure the secrecy and security of banking. In some cases, customers will even be able to speak to agents during the day. Phone banking is a steadily growing service in India and the advent of smart phones has made sure that all the above mentioned services are now available as an app on smartphones. The Reserve bank of India has allowed 69 banks to operate phone banking services in India. Now days the phone banking PIN is a standard part of any savings or current account in any bank. Phone banking is an essential tool as it allows the customers to access their accounts and transact at any time of the day. Banks also benefit from offering such services as they are able to swiftly serve their customers even when their branches are closed. Phone banking has ensured that banks are now virtually open 24/7 for business. Phone banking is a boon as it ensures that people no longer have to go to the bank branch for routine tasks.

by: Manish Gupta

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