NetBanking Betting Sites in India

What is NetBanking?

Before diving into NetBanking betting sites and their features, let’s start off slow by getting to know the payment method first.

• NetBanking is a digital form of making a payment where the banking transaction is conducted electronically.
• Internet banking (NetBanking) started back in the late 1990’s in India and has been popular since.
• More than 150 local banks in India support and allow for NetBanking.
• Some of the well-known banks among the 150 are ICICI Bank, HSBC, Bank of India, Federal Bank and much more.
• All you need for NetBanking to work properly is a phone number that’s attached to a bank account.
• NetBanking uses a One-Time-Password or OTP based system to secure and authenticate the transactions.
• NetBanking is not only a popular option for online shopping, but more recently, online betting in India.

How Does NetBanking Work?

NetBanking works in a pretty simple way and allows for safe and easy transactions. It creates a secure online gateway for you to transfer your money from the bank account to the merchant, shop or betting site.

With NetBanking, you do not need to swipe your debit or credit card to complete transactions and only will need your mobile phone instead. This enables a direct communication with you and the bank without any middlemen. You will need to open a bank account in an institution that offers online or net banking services. Then you need to link your account to the NetBanking platform they have. After that, all you will need to do is authenticate each transaction to complete it.

You are essentially using the money in your bank account but instead of going to the ATM and picking up the cash to give to the cashier, you are doing the whole process online. Plus, NetBanking will only work for merchants or POS locations that accept online banking. Transactions can be made at any time and place with NetBanking and will just require your mobile phone and a stable internet connection. Also, the transactions usually take place relatively quickly, however this will also depend on the merchant or bookmaker.

History of NetBanking

Internet banking is nothing new and has been around in the world since 1996. This was when the first internet banking application was started in the US. In 1997, the first online banking service was launched by Sumitomo Bank.

The DPS bank in Singapore also started their online banking services in 1997. Citibank and Wells Fargo also commercialised the product in 2001 As for India, net banking started in 1996. This was when the Industrial Credit and Investment Corporation became the first one to use Electronic banking in India. After that IndusInd Bank, Citibank and HDFC Bank started providing their online banking services in 1999 in India.

By 2010, most of the major banks across the world were offering online banking with slight variations in services. Users of personal internet banking are the highest so far as the service is very easy and convenient to use.

NetBanking in India

NetBanking is very popular and widely used in India. Whether that is for online shopping or for online betting, NetBanking is accepted and used by numerous users.

The first internet banking service in India was launched back in 1998 by ICICI Bank. Since then, a number of other banking institutions have provided this service to their clients and customers. NetBanking is also widely accepted in physical stores along with online stores.

Most of the notable banks in India now offer this service to customers. Some of the banks include State Bank of India, ICICI, HDFC, HSBC and many more.

Advantages of Using NetBanking

Now that you know about NetBanking and about its history, we can talk about the advantages of using this payment method.

Let’s explore some of the points below.

• Easy To Use

NetBanking is very easy and convenient to use. While the initial process can seem daunting, once you get the hang of it it’s really simple. All you need for making a transaction with NetBanking is your phone to authenticate the transaction.

• Secure and Safe Method

Each NetBanking service provided by the bank is also monitored and supervised with them. This means that there are always safety measures and checks in place to ensure your account and personal information is kept safe.

• Record Keeping

Unlike paper receipts, which can be lost or misplaced, NetBanking allows you to record all your transactions electronically. This way you won’t ever lose your receipts and have them all at one place for when you need them.

• Widely Accepted

With NetBanking, there is a very low chance of your transaction not being accepted at the physical or online store. This is because this payment method is very widely accepted and popular all over Indian stores and bookmakers.

• Saves Time

The whole process takes around a few minutes and you are done with your transaction. You don’t need to wait in ATM lines and waste your time to collect your money and can simply save a lot of time and energy with NetBanking.

NetBanking in Betting

NetBanking has become a very popular choice among punters in India as it allows for easy and safe means of money transfer. With this banking method, you don’t need to worry about spending too much time and can hope to see both fast deposits and withdrawals.

Also, due to its popularity, NetBanking is widely accepted among Indian sportsbooks. Thus, most of the reputable and good betting sites in India will accept this payment method. Sometimes you can even get bonuses and discount offers by using NetBanking at certain online betting sites.

How to Deposit and Withdraw with NetBanking

Making a deposit and withdrawal with NetBanking is very easy and can be done in just a few simple steps. To help get you started we’ve listed the processes of making a deposit and withdrawal with NetBanking.

How to Make a Deposit

Let’s start with how to make a deposit with NetBanking in online betting sites. Follow these steps to make your first deposit!

1. Log into your betting account in your chosen betting site.
2. Navigate to the Cashier/Banker option and click on Deposit.
3. Enter the amount you wish to input into your account.
4. Choose Net Banking from the list of payment methods that are provided.
5. Choose your bank from the options provided.
6. You will be redirected to a page to enter your bank account details.
7. Authenticate the transaction to complete it and then the deposit will be complete!

An OTP will be sent to your mobile phone to authenticate and verify the transaction. This is there to ensure your safety and security.

The deposit times will usually not take too long but will depend on the online sportsbook you choose.

How to Make a Withdrawal

When it comes to withdrawing, the process is just as simple! Follow these simple steps to make your first withdrawal.

1. Log into your betting account in your chosen betting site.
2. Navigate to the Cashier/Banker option and click on Withdrawal.
3. Enter the amount you wish to take out of your account.
4. Choose Net Banking from the list of payment methods that are provided.
5. Choose your bank from the options provided.
6. Log into your internet banking account and enter your login credentials.
7. Authenticate the transaction to complete the withdrawal.

The withdrawal process may ask you to verify the transaction with an OTP. As for waiting times, it should not take too long after the online sportsbook has approved the request for the withdrawal.

Security of NetBanking

As we mentioned above, NetBanking services are directly linked to the bank or financial institution. Thus, you can rest assured that the banking authority will ensure that all safety and security measures are in place for all customers and clients.

Most of the reputable and notable banks in India offer NetBanking services so choose among these banks if you can. But the security of your betting experience will not only end with the bank and will also depend on the betting site you’re betting at.

The betting site needs to be safe and secure enough for you to enter your account details. Betting sites that are licensed by relevant authorities and have SSL encrypted websites are good choices. There are many betting sites that do not have such security measures and can thus be a serious threat to you and your data.

How to Open an Account for NetBanking

Now that you have an idea about NetBanking and how to make a deposit or withdrawal, you might be interested in making an account. Well, we’ve got you covered! Below are mentioned some easy steps to follow if you want to make an account for NetBanking.

Remember that this has to be with a bank where you already have an account. If you want to create a new bank account at another bank then you must first do so and then follow the steps mentioned below.

1. Start by going to your bank’s official website and finding the NetBanking option. It could be named something else depending on your bank.
2. Register for an account by filling out all the details the bank asks for. This could include your bank account number, personal details and more.
3. Complete the authentication and verification processes to ensure a secure registration.
4. The authentication process might include OTPs being sent to your phone which is connected to the bank account.
5. Complete everything and then set an ID and password for your NetBanking account. Make sure this password is very strong and cannot be guessed easily.

These steps may vary based on the bank you chose but the general steps will remain the same. Just remember to be careful when setting your password for the account and the security measures. Although it may be annoying to do so many steps for security, these are only put in place to make sure your information and account are always kept safe.

Fees for NetBanking

The fees for NetBanking will depend on the betting site you choose. For most of the betting sites, the fees for using NetBanking are minimal. However, this will vary from betting site to betting site.

Your bank is not also likely to charge an amount if you use their NetBanking services. In the off chance that they do, it will likely be a very nominal amount.

To find out if your bank is going to charge for online transactions, you need to visit their website and read their terms and conditions. There you will find detailed and accurate information about what the rates or fees might be for making deposits and withdrawals at bookies.

Alternatives to NetBanking

While there are a lot of advantages to using NetBanking, you may still want to explore your options. For such a case we have gathered some of the best alternatives to NetBanking.

E-wallets

If you want to enjoy the convenience of not carrying around your wallet then an e-wallet might be a good option for you. With e-wallets you do not need to carry physical cash and can store it digitally. Plus, you can fund your e-wallet from several sources.

However, keep in mind that there may be significant fees attached with using e-wallets at sales points and online bookmakers.

Cryptocurrency

Another great option for a payment method is cryptocurrency. The use of this currency has been on the rise for a while and has become a very convenient means of payment for punters.

Some online sportsbooks also offer good bonuses and promotions if you use crypto to make a deposit or withdrawal. Still, keep in mind that crypto betting sites are not as common as betting sites that accept fiat currency.

Debit or Credit Cards

You can also choose credit or debit cards as your mode of payment in online betting sites. Some common examples of these can be VISA, MasterCard, American Express, etc. You can link these cards to your bank accounts and make swift payments at bookies.

Even so, like e-wallets, debit and credit cards are also accompanied with fees for transactions as well as maintenance.

Paycards

A great option is to use paycards like Paysafecard or Neosurf. These are the most secure means of depositing money into your betting account as they are voucher based. You do not need to enter any personal information to use these cards. However, you can only use these cards to make deposits and not withdrawals.

FAQ

Let’s explore some of the commonly asked questions for NetBanking in India.

Is it safe to use NetBanking for sports betting?

Yes, using NetBanking is completely safe and secure. This is because these online banking services are monitored and supervised by the bank you have an account with. Thus, all your transactions will be kept safe and will be verified by the bank.

Which deposit or withdrawal method can I use when I use NetBanking?

With NetBanking, you can make deposits and withdrawals at your chosen online sportsbooks. The full steps of making a deposit and withdrawal are mentioned above in detail so be sure to check it out to know more.

Do I have to verify anything when I use NetBanking?

With every transaction made with NetBanking you will need to verify the transaction with an OTP that will be sent to your phone. This is a safety measure placed to make sure your personal details and account are always kept safe.

Will there be any fees added for when I use Netbanking?

The fees for using NetBanking at online sportsbooks will depend on the betting site you choose. Meaning rates will vary based on the online sportsbook you choose.

What do I do if my payment is declined?

If your payment is declined then consider contacting your bank to ask about the failed transaction. If the problem persists, then you can talk to the online betting site through their customer support.

How long will it take for my deposit to be received by the betting site?

The deposit time will also depend on the bank and the online betting site you choose to bet at. Each sportsbook will have different waiting times for deposit and so might the bank you have your account in.

How long will it take for my withdrawal to be received by the betting site?

Just like deposits, the waiting times for withdrawals will also vary upon the bank and the betting site. For withdrawals, the sportsbook must first accept your withdrawal request and then pass it on to your bank for collection.