HDFC Bank - HDFC NETBANKING
HDFC - Overview
Housing Development Finance Corporation Bank Limited (HDFC Bank Ltd) was incorporated in 1994, with main office in Mumbai, Maharashtra. In 2012, it was cited by some financial sources to be the fifth largest bank in India as for the assets and also the largest one as for the market capitalization. As exposed in its own website, the Bank's branch network in India includes 3,251 offices and 11,177 ATMs situated in 2,022 built-up areas. Being among the comparatively new players in financial services niche and almost a coeval of the Internet activity boom, the Bank especially strives to provide its clients with all the modern technology opportunities. Sinse 2000, in its services have been included HDFC NetBanking solutions.
HDFC Limited shows stable increment of assets, which was 31% for the fiscal year 2012-2013 compared to the previous 2011-2012, accordingly to its Annual report 2012-2013. The same report sets the Bank's customer base to number 28.7 million customers.
History of HDFC
HDFC Limited was incorporated on 30 August 1994, by a head housing finance company in India - Housing Development Finance Corporation (HDFC). It was the first one that Reserve Bank of India has approved for existence in the private sector. The factual opening of the Bank was in January 1995 and it began its operations as a scheduled commercial bank. In the same year, the Bank created and launched its operating system, a high-quality product of an advanced technology solution. Later, in 1997, a ultra-modern type of head-office was set up at Powai in Mumbai, significantly improving inter-connectivity between branches via online system.
Throughout the years of its growth, HDFC Limited has tied up with many companies in several branches so that to move ahead and get closer to its customers' needs. Great part of the relations were built up with companies capable of making HDFC NetBanking a stronger and more widely acceptable service. Some steps of the road to self-prooving for the Bank are the following:
• In 1997, it became the first private bank that offers a structured interest rate options.
• Also in 1997, it entered into aliances with 10 overseas banks in order to provide its customers with foreign currency interchange and more derivative services.
• In 1998, the Bank tied up with Ahmedabad Stock Exchange, so that to become their clearing bank, and entered into relations also with National Stock Exchange and Bombay Stock Exchange.
• In 2000, together with Singapore's Telecom e-commerse company SESAMi.com, HDFC Bank formed SESAMi.com (India) company, with purpose to provide the Indian market with e-commerse opportunities.
• In the same year, the Bank launched Enet - a digital online system that allows banking operations to be performed over the net; it was the factual start of HDFC NetBanking.
• Also in 2000, it entered into an aliance with Deloitte Haskins and Sells so to enable banking operations for non-resident Indian customers.
• And again in 2000, the Bank tied up with about 25 equity brokerages to add a new option to the HDFC NetBanking - third-party transfer of funds and securities through 'e-Net', its business-to-business portal.
• In 2001, there was another important relation built, between the Bank and Ltrade.com, with the purpose to make HDFC NetBanking available for online investments.
• In 2004 was launched 'Quickremit', an innovative online service that enables non-resident Indians in the US to use HDFC NetBanking for sending money to India based relatives.
• In the same year, it was awarded by Asia Money magazine as Best Domestic Bank.
• In 2008, the Bank aquired Centurion Bank of Punjab, adding to its network about 404 branches.
• In 2011, Asian Banker magazine pointed HDFC Limited as the most powerful bank in Asia Pacific region.
• In 2012, the Bank tied up with Indian Oil Corporation so to provide banking services in rural regions.
HDFC Products and Services
HDFC Bank Limited has proven traditions in managing financial interests of both individuals and businesses and its professional efforts concern the wealthiest as well as the lesser privileged social strata. There are four core products offered by Housing Development Finance Corporation Bank to its customers; they are also all available through HDFC NetBanking.
1. Personal banking with the following options:
• Accounts and Deposits;
• Cards - a variety of opportunities with HDFC credit card and debit card;
• Demat (or dematerialized) account;
• Forex related services;
• Premium banking opportunities;
• Private (personalized) banking service.
2. Non-resident Indians banking which opportunities include:
• Accounts and Deposits;
• Payment services;
• Premium banking solutions.
3. Banking for small and medium enterprises which offers:
• Accounts and Deposits;
• Business financing;
• Trade services;
• Payments and Collections;
• Cards - variants of HDFC credit card: Business Gold and Business Platinum.
4. Wholesale banking services that concern:
• Financial institutions and trusts;
• Government sector;
• Investment banking.
HDFC NetBanking and Mobile Banking
As mentioned, HDFC Limited constantly improves its customers' experience by applying innovative technology solutions among which are the rich opportunities of HDFC NetBanking/. Here is the overall picture of the Bank's modern services.
1. Online banking - being one of the most preferred present-day methods for making payments and accessing personal financial information, this is a service that is well-developed by the Bank on all levels. Included here are:
HDFC NetBanking [bold]
Currently, there are over 135 transactions, related to all four core products, available to be processed via HDFC NetBanking, which main attributes are rapidity and safety.
The Bank implements online account securying by industry standart technology elements - login and IPIN security, session security, virtual keyboard, insta alert, just to mention some of them. As well, HDFC NetBanking uses an extra security solution - Secure Access, a procedure of three easy to perform steps that significantly stabilizes your online security while accessing funds or information. For instance, all third-party transactions in HDFC NetBanking are protected by this kind of extra-security.
Some of the actions and transactions possible to be managed by HDFC NetBanking are:
• Account related HDFC NetBanking options - viewing/downloading summary, balance, cheque status, e-mail communication with the Bank;
• Deposit related HDFC NetBanking options - booking depostits, viewing/printing deposit summary, deposit advice;
• Requests and purchases through HDFC NetBanking - purchasing/renewing insurances, requesting cheque book or stop payment, adding/updating PAN number, applying for IPO;
• Third-party transfers through HDFC NetBanking - transfering funds to another HDFC Net Banking accounts, transfer funds via external accounts, Viza CardPay, special payments (for HPCL/BPCL dealers), modifying Secure Access profile;
• Debit/Credit cards related options of HDFC NetBanking - viewing cards statement, upgrading cards, redeeming cash-back points, requesting Cash on Call, registering/de-registering for Autopay, register/de-register cards;
• Demat related HDFC NetBanking options - transactions cum billing statement, viewing client profile, setlement calendar mastering, ISIN search, viewing/downloading holding statement;
• Mutual fund related HDFC NetBanking options - purchasing/redeeming mutual funds, investing in new offers, switching between funds;
• Bill payments via HDFC NetBanking - viewing/paying bills, registering/modifying/deleting billers;
• Loans related HDFC NetBanking options - applying for or registering a loan, loan payment sheduling, provision interest statement;
• Value added services via HDFC NetBanking - booking tickets (movie, travel etc.), online shopping, tax payments, managing Insta Alerts.
The list of HDFC Net Banking transactions is much longer than exposed and it is planned to be constantly updated with more functions. Customers' access to the service goes trough online registration with HDFC NetBanking login name and password. There is also a comprehensible detailed HDFC NetBanking demo to help you become familiar with all the service features.
➢ HDFC credit card NetBanking [bold] - a similar to the above HDFC NetBanking way to access all the card info and transactions: account information, billed and unbilled transactions, limits, payment due date, reward points earned, statement history.
➢ Free Email statements [bold] - another one comfortable solution by HDFC NetBanking: all your statements electronically delivered, to a concrete schedule depending on account type; with option to receive notifications (Insta Alert) for new products as well as messages containing obligatory information.
2. Banking by phone - the other most fafourite way of modern banking; with HDFC Limited, it is able to perform over 60 actions and transactions so far. Although the number isn't as great as the one HDFC NetBanking offers, it is planned to be significantly increased. Included here are:
➢ Phone call banking - maintained through local numbers and operators (instead of browser in HDFC NetBanking); allows you to obtain full access to your account, receive information, perform financial operations and get immediate advice in resolving account/card problems.
➢ SMS banking - by specific key words, you are able to access your account info and make needed transactions; this kind of banking also allows you to receive Insta Alert messages.
➢ Mobile banking through browser - an extremely secure way of mobile banking, due to the reason that no info is stored on the cell phone or the SIM card used; HDFC banking mobile apps are created for all the head smartphone brands.
3. Bank in person - although HDFC Bank Limited pays special attention to modern solutions like HDFC Net Banking, it takes into account the importance of banking operations performed in person or by person-to-person contact and keeps high-quality ways of such interactions - namely, these are its 24 h active ATMs, branch network across India and Cash-At-Shop service offered in selected Indian stores.
Finding its way between traditions and innovations, Housing Development Finance Corporation Bank Limited undoubtedly strives to keep a strong position in financial service providing of India.
HDFC Bank Ltd Share Price Quote
|Trade Date||07-03-2014 05:05:00|
|Today's Range||676.20 - 714.90|
|52 Week Range||528.00 - 727.30|