Did you know WhatsApp can help you with banking services too? Several commercial banks across the country such as ICICI Bank, HDFC Bank, Kotak Mahindra Bank offer WhatsApp banking facility. Customers’ banking requests can be addressed on a real-time basis through WhatsApp banking.

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There are no charges for using this service. However, charges may be applicable as per the data plan with the telecom service provider, according to ICICI Bank.

(Also read: Loan application rejected despite high credit score? These may be the reasons)

The user doesn't necessarily have to be a customer of the bank to interact with it on WhatsApp.

Here are the services offered by lenders via WhatsApp banking:

Checking account balance

Obtaining the last 3 transactions

Outstanding balance check of credit cards

Checking available credit limit on credit card

Blocking and unblocking of debit/credit cards anytime, anywhere

Getting details of pre-approved loan offered

Opening of InstaSave account (Savings Account) online

Here are the steps to avail WhatsApp banking facility:

Step 1:

To avail WhatsApp banking services, the user is required to add the bank’s advertised WhatsApp number to the contact list and give a missed call on it. This number would be different from the phone banking number of the bank.

Step 2: After giving a missed call, the services would be subscribed. They may receive a welcome text message from the bank’s WhatsApp number.

Step 3: To initiate a chat through WhatsApp for any banking service, users need to send a message typing ‘Hi’. As per the requirement, they may further select a suitable option.

"By starting a conversation on this number, it would mean that users are agreeing to the terms and conditions of WhatsApp banking," according to ICICI Bank.

(Also read: How to maintain a good credit score in times of COVID-19)

How safe is WhatsApp banking?

While WhatsApp itself is encrypted and highly secure, some of these details such as bank balance are sensitive. Therefore, one needs to exercise caution.

“Users should keep the phone and the WhatsApp account secure. Enable a password lock and if there are risks, it is better to unsubscribe the WhatsApp service by following bank’s instructions,” explains Adhil Shetty, CEO, BankBazaar.