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SMS banking meaning can be explained as “An extension of mobile banking facility 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 the bank SMS format 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.
The primary functionality of bank SMS format are the push and pull messages that can be used to carry out several banking activities both at 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 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 mobile banking, OTPs are simply sent to the customer’s registered mobile number.
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 payment, 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
Refer the following table:
Bank |
Services Offered |
|---|---|
Axis Bank |
|
State Bank of India |
|
RBL Bank |
|
ICICI Bank |
|
Citi Bank |
|
SMS mobile 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 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
Bank SMS format 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
Registration for SMS Mobile Banking is a one-step process that can be easily done via any of the following ways:
Activate the services by sending a request via SMS/calling on the respective bank’s phone banking number
Registering by visiting your home branch
Activate the services via credit/debit card at an ATM kiosk
Activate the services via netbanking
SMS mobile 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 that it offers over net banking is that you can use the SMS banking facility even in the absence of a healthy internet connection.
Bank SMS format 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, thus helping you take quick action.
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 by any of the following methods:
By sending a request via SMS/calling on the respective bank’s phone banking number
Register by visiting your home branch
Activate the services via credit/debit card at an ATM kiosk
Activate the services via netbanking
SMS banking provides several advantages such as:
Convenient banking from any time anywhere
Eliminates the need to physically visit the bank every time you need to avail a new facility
Check account balance, transactions, and other details
Generate OTP to authenticate transactions
Give instructions to your bank
Check offers and rewards on your card
Mobile banking can be activated by:
Sending a request via SMS/calling on the respective bank’s phone banking number
Registering by visiting your home branch
Activate via credit/debit card at an ATM kiosk
Activate services via netbanking
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