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What is SMS Banking?

SMS banking is an extension of mobile banking that allows customers to perform banking-related activities simply by sending instructions via SMS. With SMS mobile banking, leading banks can send or receive important banking instructions via the customer’s registered mobile number. The biggest advantage that SMS banking provides over net banking or mobile banking is the fact that you can bank via SMS format even in the absence of a healthy internet connection.

Functionalities of SMS Banking

The primary functionality of SMS banking are the push and pull messages that can be used to carry out several banking activities both from the customer as well as the bank’s end. Here’s a brief on how the push and pull messages work:

  • Push Messages: They are the notifications/informational messages sent out by banking institutes to their customers without the customer actually making any information requests. The most common type of push messages include alerts such as amount credited/debited in account, cash withdrawals, bill payment reminders, credit card transaction details, etc.

  • Pull Messages: The most popular example of pull messages in SMS banking is OTP (one-time password). An OTP offers security while making financial transactions as it is valid only for a specific period. They also offer more reliability and eliminate the need for memorising passwords to access your account. With SMS banking, OTPs are simply sent to the customer’s registered mobile number.

Services Available via SMS Banking

By availing the SMS mobile banking facility, a customer can avail a number of baking-related services, such as:

  • Generating/authenticating OTPs

  • Intimation about cash withdrawal from an ATM

  • Intimation about funds credited/debited in your account

  • Intimation about pending/upcoming credit card bills, EMIs, RD, etc.

  • Intimation about insufficient funds in your bank account

  • Account balance enquiry

  • Electronic bill payments

  • Request/download of credit card statement

  • Banking-related enquiry of credit card application status, FD rates, interest rates on loan, etc.

  • Requesting customer care assistance

What are the Benefits of SMS Banking?

SMS banking has fast emerged as a preferred mode of banking among many customers. The bank SMS format offers a number of advantages over traditional banking and the service can be easily availed with a simple click on your mobile phone. Some of the benefits offered by SMS banking over traditional banking methods include:

  • You can place requests/receive notifications simply by sending an SMS. This convenience reduces the need to visit your home branch from time to time for getting banking updates

  • Basic information about available balance, cash withdrawals, etc., can be instantly availed, saving you precious time

  • SMS banking alerts can help you get instant notifications about bill payments and credits/debits into/from your account

  • Instant notifications can alert you about any banking fraud/swindling activities in your account

How to Register for SMS Banking?

Registration for SMS Banking is a one-step process that can be easily done via any of the following ways:

  • Activate SMS banking services by sending a request via SMS/calling on the respective bank’s phone banking number

  • Registering for SMS banking by visiting your home branch

  • Activating SMS banking services via credit/debit card at an ATM kiosk

  • Activating SMS banking services via netbanking

Know more about the SBI SMS banking, Axis SMS banking, RBL SMS banking, and Citi SMS banking as well as their benefits and importance. Finserv MARKETS is your one-stop destination to apply for a credit card, availing loans, and several other financial services. Visit today!

FAQs on SMS Banking

  • ✔️What do you mean by SMS banking?

     SMS banking can simply be explained as: “An extension of mobile banking facility wherein a customer can get instant banking-related notifications via SMS”. The biggest advantage of SMS banking over net banking is that you can use the SMS banking facility even in the absence of a healthy internet connection.

  • ✔️Is SMS banking safe?

     SMS banking offers considerable security for banking-related activities as all the alerts and notifications are only sent to the mobile number registered with the bank. Moreover, in case any funds from your account are fraudulently debited or credited, you can get instant notifications about the activity via SMS banking, thus helping you take quick action.

  • ✔️How can I get SMS Banking?

     To avail SMS mobile banking facility, it is crucial that you have your mobile number registered with the bank. Once your registered mobile number is submitted, the bank will link your savings/current account to the number. You can then register for SMS banking by any of the following methods:

    • Activate SMS banking services by sending a request via SMS/calling on the respective bank’s phone banking number

    • Registering for SMS banking by visiting your home branch

    • Activating SMS banking services via credit/debit card at an ATM kiosk

    • Activating SMS banking services via netbanking

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