Initially, Indian gamblers had a hard time depositing money in online betting platforms. But as of today, the digital payment industry has evolved tremendously. There are plenty of payment options available for Indian punters, meaning that you can now move funds from your bank account to your favourite betting site effortlessly.
Netbanking has made its mark as a top cash transfer medium for Indian players. And if you don’t know much about it, then this article is for you. We will explore the different aspects of Netbanking so that you can figure out whether it suits your betting endeavours.
Related Reading: How to deposit on betting sites in India
What is Netbanking?
Also known as e-banking, Netbanking is a popular internet banking facility. Different banks and financial institutions in India offer this service to their customers. All transactions take place over the internet, which makes it easy for bettors to fund their betting accounts conveniently. Anyone who wants to access this service has to register with their respective bank, create a password as well as a customer ID to start using Netbanking.
Is online bank transfer to a betting site legal?
In matters of legality, the law doesn’t prohibit any Indian to move funds to a betting account online. Some laws may limit sending bulk money to companies outside of India. However, funding your betting account through Netbanking isn’t the same as transferring funds abroad.
That said, you are not going to break any law when depositing money into your gambling account through online banking.
How to deposit on a betting site with Netbanking
In case you are already wondering how you can deposit money to a betting site with Netbanking, we’ll show you how. The first thing you need is a bank account.
Setting up online banking with your bank
Once you have a bank account ready, the next step is linking it up with online banking. You can do this by visiting your bank physically or by just giving them a call and make the request. Alternatively, you can do it yourself by going to their website and follow their guideline on how to set up online banking.
Depositing money to a betting site through Netbanking
The next step is depositing money into your bank account. Different betting sites may have different Netbanking criteria to transfer funds. Find out if your preferred bookie accepts payment through Netbanking. If they do, they are likely going to have a well-laid out deposit procedure. Go to their deposit section and follow the guidelines provided.
How to withdraw from a betting site with Netbanking
Winning a bet feels good, and when the money gets credited into your account, you want to get hold of it as soon as you can. But how do you cash out from a betting site with Netbanking?
Cashing out your money from a betting platform is pretty straightforward. Most gambling sites will allow you to withdraw your winnings to your bank account directly. You might have to wait for at least 24 hours to access your money during business days. But it sometimes takes longer, especially during the weekends.
With that said, the withdrawal process is straightforward for a majority of online casinos. Every online betting platform has a cashier section. This is where you find various deposit and withdrawal options.
Once you log into your account, head to this section, and click on the “withdrawal option.” Select ‘withdraw’ through bank transfer. A new page will open, where you’ll have to fill in your details. Part of this information will include the amount you want to withdraw as well as your bank account details. If all the details are correct, click on the confirm button to initiate the process.
When withdrawing a small amount, you can get it all at once. But if you were lucky enough to win the jackpot, you might have to withdraw it in monthly instalments. However, most banks state that withdrawals may take up to 3 days, but it is sometimes much faster. The fees charged also vary depending on the bank you choose to work with.
Advantages of Netbanking for betting
When it comes to funding a betting account, convenience is of the essence. Bettors need a facility that’s always available to go about their business. Like many other payment options, Netbanking has several advantages that immensely benefit gamblers.
- Availability- Netbanking allows you to deposit into your select betting site throughout the day. You’ll not face any time restrictions with Netbanking. You can even move money to your betting account late in the night.
- User-friendly- Netbanking is easy to operate. Besides that, you don’t need to go to the bank for any transaction.
- Convenience- Imagine standing in a queue to deposit some money in your betting account. Wouldn’t that be hectic? With Netbanking, you can fund your gambling account conveniently from any location.
- Tracking transactions- Whenever you transact, the chances are that you want to keep track of all your activities. Netbanking leaves a trail of all your transactions. If you deposit money, but it is not reflected in your betting account, you can pull the records and support your case when contacting the customer service.
Netbanking is quickly becoming a prominent payment gateway for bettors in India. Most of them have realized how safe and convenient it is. And as it gains more popularity, more people are using it. As much as Netbanking is different from the conventional payment methods that most players are used to, its advantages are undeniable. Even if you are not tech-savvy, Netbanking is the way to go. It is also ideal for new online bettors.
In your quest to find the best online betting platform, you can consider looking for one that supports Netbanking. The high chances are that you won’t be disappointed when it comes to depositing or even withdrawing money from your betting account.
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