Internet banking has come of age in India. While multinational and Indian private sector banks were among the first to provide this service, now public sector banks have also begun to offer it. Thanks to the plethora of safety features that banks incorporate, Internet banking has also become quite secure now. In addition to being able to check the transactions that have occurred over the past few months in your accounts, these days customers who have enrolled for Internet banking can avail of a number of other value-added services through it.

TDS inquiry

This facility enables you to generate the details of tax deducted from your deposit account during the previous financial year. You can also generate the projected TDS for the current financial year. TDS is deducted if the interest amount due to you exceeds Rs 10,000 per annum. It takes around 30 minutes to generate the TDS details for an account. The TDS projections for the current financial year can help you with your tax planning. Print the TDS details and get the document signed by the authorised branch signatory. This will act as a TDS certificate that can be submitted to the income tax department.

Issue of demand drafts

Getting demand drafts made has also been rendered simple through Internet banking. At the website, choose the account from which the amount for the demand draft has to be debited. Enter the amount and the name of the beneficiary, and the branch at which the draft is payable. Next, select whether the draft has to be couriered or whether you will collect it in person. Finally, generate the counter foil and print it. For drafts whose value is up to Rs 10,000, public sector banks like State Bank of India have waived the commission entirely. For drafts whose value is between Rs 10,001 and Rs 1 lakh, the commission is Rs 50. And when the value ranges between Rs 1,00,001 and Rs five lakh, the commission is Rs 100.

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