7th September 2020, Kathmandu
Internet Banking is a new way of banking. You can save a lot of time opting for this method rather than going to the bank branch. Most people in Nepal are already using Net Banking/Online Banking facilities. In this article, we will cover how to use net banking without a debit card.
Most banks in Nepal are encouraging customers to opt for internet banking!
Internet Banking saves your time, allows you to do financial transactions 24×7, is completely safe, and gives you mobile access!
Importance of Internet Banking
Below you can see some of the most popular uses of net banking that highlight its importance.
- Funds transfer
- Checking account statement
- Opening Fixed Deposit (FD)
- Applying for a new cheque-book
- Applying for new Debit Card PIN
- Paying taxes, utility bills, insurance premiums, etc.
- Applying for loans.
The good news is you can activate internet banking as well.
There are two ways to use internet banking. Let’s explore these options!
How to use Net Banking with Debit Card
You will first need to activate your Internet Banking with your debit card. For this, it’s better to have your debit card right in front of you. You will need:
- Card number
- Name of the bank which has issued the card
- Category of the card – debit card or credit card
- Name as available in the card
- Card expiry month and year
- CVV – card verification value (it is one three-digit number available on the backside of the card in the white portion)
You can submit the details and then confirm your mobile number. You will receive one OTP number on your phone which you need to fill up on the website. After that, the transfer transaction will be complete within two minutes!
How to use Net Banking without Debit Card
Most often, corporate houses will opt for this process. The system for using internet banking without Debit Card can be different.
The bank will usually create an administrator as per the request of the corporate. The administrator will be able to create users to provide various roles. For Example:
- User 1 will be able to view and download the statement of Account 1.
- User 2 and User 3 will be able to view and download the statement of Account 1, Account 2, and Account 3.
- And, User 3 will be able to initiate the fund transfer request from Account 4, etc.
By corporate, we mean any non- individual customers such as firms, companies, trusts, partnerships, proprietorship concerns, etc.
As a corporate, you need to submit all the prescribed documents for subscribing to Internet Banking without Debit Card. The bank will forward the documents to the Central Support Unit and activate your Internet Banking.
Documents Required for Net Banking without Debit Card
- Duly filled the Account opening form provided by the bank.
- A resolution from the Board of Directors that specify transaction limits and authorized users.
- KYC (Know Your Customer) of every individual who is authorized to perform internet banking.
- A copy of the company’s Article of Association and Memorandum of Association.
We hope that with the above information, you gain some relevant information regarding internet banking in Nepal.