India’s Banking systems are transforming, peoples are also now moving from traditional banking to a more technology-driven banking system. The tech-savvy younger generation is reluctant to stand in the queue at any crowded Indian bank branch to complete any simple task. The Indian Govt. is also promoting several measures and incentives for complete digitalization of the Banking system. For example, the introduction of UPI payment system and IMPS for real-time money transfer, Online update of address, ATM PIN generation, Cheque book or ATM Card requests, etc. And all you can do on the go, ie from your smartphone.
India’s smartphone base is growing at a robust pace with more than 1200 million active user base. Therefore, accomplishing banking tasks on mobile is a convenient option for everyone. Not only that Mobile Banking App also helps to reduce the work burden on Banks. The Indian private banking sector is the pioneer in this area. They have already introduced their mobile banking technology decades back and continuously improve these technologies by integrating with Artificial Intelligence. The PSU banks are also lately following the Private Bank’s path and coming up with some good apps for mobile banking in India.
Here, in this article, we will discuss some best mobile banking apps in India and how to choose the best mobile banking platform for secure banking from home without visiting Branches.
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Essential Features of a Good Mobile Banking App
- Security: Security is the first factor to be considered before installing the mobile banking App. There should be Secured and two-factored signup. Must be a smartphone-specific app installation. Bio-metric authentication if possible.
- Payment System: The best mobile banking app must integrate all payment systems available today. For example, the app must include the BHIM-UPI Payment system, IMPS, NEFT or RTGS, NFC Technology (Near Field Communication) or QR code payment, etc. These are essential features of today’s banking system.
- Beneficiary Management: The app must allow adding beneficiaries for UPI payments, IMPS, or NEFT payments so that you don’t have to create the same payee for repeated transactions.
- Credit Card Management: Must have a separate Credit Card section for smoothly managing credit card-related transactions.
- ATM or Branch locator: ATM and Branch locator is one of the must-have essential features of a good mobile banking app.
- Notification: All banking transactions, updates, or banking offers must be notified by SMS, email, or your mobile’s notification center.
- Digital Lending: A good mobile banking app should have a pre-approved digital loan application option or pay-laters service for the customers without any physical documentation.
- Digital KYC: A good banking app should have a digital e-KYC or ReKYC verification option for the customer.
- Investment & Insurance: Customers can directly invest in direct schemes of Mutual Funds, SGB, NPS, or several insurance schemes from the banking app without any hindrance.
- Bill Payment Features: The banking app should integrate Bill register and payment features in the app. For example, the best mobile banking app should allow you to register bills like LIC premium, Mutual Fund online SIP UIN (unique identification number), Visa Credit Card Bill, etc for hassle-free banking from home.
- AI-based Chatbot: Should have an in-app Chatbot option for user-specific problem-solving.
- All Other Traditional Banking Facilities: A good mobile banking app must integrate all the normal banking facilities like ATM card issue, block, PIN generation, balance inquiry, ongoing offers section, Cheque book requests, tracking your deliverables, linking multiple accounts, etc.
- Non-Traditional Facilities: Budget tracking service, Portfolio tracker, PPF or NPS account opening, IRCTC rail ticketing, Hotels or Flight Booking facility, Movie ticket purchase from the App, etc.
Mobile Banking Safety Tips and Guide
- Always use two-factor authentication, if you are using iPhone, then you must use biometric authentication or 6 digit passcode which is hard to guess. For Android phones, use 4 digit passcode or any difficult pattern.
- Most of the Indian mobile banking apps in India use a 4 or 6-digit passcode for login. Don’t use any easy-to-guess passcode combinations like 1111 or 1234 etc.
- Don’t download any app from unknown sources other than the App Store or Play Store.
- Don’t install any app which seems to steal your personal data or track your phone data.
- Don’t respond to any malicious SMS which has some link with a URL shortener. eg if you get an SMS for any Offers from an unknown sender and ask you to click on a link like bit.ly/xyz123, never respond to these kinds of messages, if you do so you may lose all your personal data from your phone. The Android OS is more vulnerable to these kinds of Phishing attempts than iOS. Here’s an example of this kind of message
- Try to avoid installing free remote desktop apps like AnyDesk or any other remotely accessing tools on your phone. Installing these kinds of apps may increase the attack of ransomware by many folds and transmit valuable data from your phone.
- Clear browsing data or cache files & cookies regularly from Chrome or Safari browser.
- Try not to save banking information like Debit/Credit Card Number, CVV, Password, Netbanking Password or Mobile Banking Passcode in your phone itself.
- Update your Mobile Banking App regularly. Not only the mobile banking app, but you must also regularly update all your apps and software from your phone settings.
- Avoid using free public WI-FI networks while accessing the mobile banking App in India.
- Don’t save mobile banking App passcode or net banking passwords in Password Manager Apps.
- Don’t use rooted Android devices.
- Regularly track your credit card or bank account transaction.
Now let’s get back to the main topic, which is the best Mobile Banking App in India
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5 Best Mobile Banking Apps in India
We generally don’t open Bank Accounts only on the basis of the Mobile Banking App. In fact, we never consider the usability of Mobile Banking or net banking option at the time of opening of Bank Account. But Banking is getting more digitalized nowadays. You can open a Digital Bank account at home with an internationally enabled Virtual Debit Card and complete all the banking transactions from home or smartphone. Therefore need for a good Mobile Banking App is a must when considering opening any Bank Account in India.
The future of Banking will be based on technology, more specifically on mobile technology. Therefore, the banks which can provide better mobile banking technology will lead the market.
I have written a detailed article on How to pay credit card bills online in India using mobile banking technology with instant credit confirmation. You can read the article here.
- Best Free Virtual Debit Card in India and Abroad
- How to pay the credit card bill using mobile banking technology
Here is the list of the Best Mobile Banking apps in India according to their Rank. We consider, in-app features, usability, Ease of Use, availability of branches, and innovativeness while ranking these Apps.
- Kotak- 811 & Mobile Banking
- iMobile from ICICI Bank
- SBI Yono Lite- Mobile Banking App
- Open by Axis Bank
- BOB World
|Name of Banking App||Overall Ratings||Touch ID Enabled||in-App Digital Account Opening||Action|
|iMobile by ICICI Bank||4.8||Yes||No||Download|
|Yono Lite by SBI||4.6||No||No||Download|
1. Kotak- 811 & Mobile Banking
Kotak -811 is the number one in this list and there are so many reasons for that. You can open a Zero Balance Saving Account with an Internationally enabled Virtual Debit Card. The mobile banking app has an excellent and super intuitive UI with several in-app features. You never have to go to branches for any account-related work. The main drawback of Kotak Bank is the less branch network.
Kotak Bank has also recently introduced the first Whatsapp Banking in India.
Kotak 811 is also the best Digital Bank Account in India. For more details on the best Digital Bank Accounts in India, you can read my earlier article. Lately, Kotak 811 offers its digital account opening services only in some specific locations where it has a branch network.
The account opening procedure of Kotak 811 is extremely easy, you can open a digital bank account by authenticating Adhar OTP. Although, you have to complete video KYC within 12 months of opening the account.
Kotak 811 is the only banking App in India and has more than 4.5 ratings both in Android and iOS versions of the App.
- Visa Virtual Debit card which can be used for any Indian or Overseas eCommerce Platform.
- Book Ola cab using Kotak Bank mobile banking app.
- Register Bill Payment services like Mutual Fund Unique Identification Number registration, Visa Credit Card Bill Payment, LIC premium payment registration, etc.
- Customers can avail of pre-approved digital loans.
- You can use Touch ID or Face ID to log in Kotak Mobile Banking App.
- Inter and Intra Bank Money transfer with BHIM-UPI, IMPS, or NEFT services. QR Code payment.
- Shop at Flipkart, IRCTC rail booking, BUS, or Movie ticket purchase from Mobile Banking App.
- Investment in Mutual Funds, ASBA Accounts, etc, and purchase of insurance products.
- Excellent Customer Care Team.
- All other traditional banking work.
All in all, you can avail yourself of all banking features from a single platform. Kotak-811 is the Best Mobile Banking App in India.
2. iMobile from ICICI Bank
ICICI Bank is so far the most innovative Bank in the Indian Banking industry and a pioneer of many new concepts in the Banking sector. India’s first mobile banking app was launched by ICICI Bank in the year 2008. They have also first introduced a contactless debit card in India. The i-Mobile app from ICICI Bank is probably the most highly rated app both in the Android and iOS App Store.
The mobile banking app of ICICI Bank is one of the best Mobile Banking apps in India and comes close second or rather I would say tied with Kotak-811 Mobile Banking App after recent updates. ICICI Bank has integrated all the Banking services that we generally find in its NetBanking service. Recently they have also integrated the Pay Later option for its selected iMobile users.
iFinance is another latest integration of ICICI Bank’s iMobile app for its retail and corporate customers. iFinance is basically an Account Aggregator service, where you can have a consolidated view of all your accounts across the different banks.
ICICI Bank one of the first banks in India, has introduced the Positive Pay on iMobile Application to safeguard the Cheque Book issued by the bank. The service can be available from the iMobile checkbook service menu. You can now send or receive remittances from overseas countries using the UPI PayNow service from Mobile, only one of the four banks in India offering this service.
ICICI Bank’s banking app is so far the most secure banking app in India with tons of advanced features.
- Most secured mobile Banking App in India.
- Send and receive money from overseas countries using UPI PayNow linkage.
- Buy Now Pay Later Service was first integrated by ICICI Bank into the Banking Industry in India.
- Temporarily block or unblock cards from the mobile banking app.
- iFinance account aggregator service.
- in-App Bill register and payment.
- iMobile Positive Pay.
- Money Transfer with BHIM-UPI, IMPS, NEFT, QR Code,
- Investment services like Mutual Funds, IPO, iWISH, etc.
- An in-app purchase of movie tickets, IRCTC rail ticket booking, Flight or Hotel Booking, etc.
- Exclusive mobile banking offer section.
- Log in with Touch ID or Face ID. You can even accept and confirm UPI Payment with Touch or Face ID. No MPIN is required.
- All day-to-day banking services can be availed from iMobile Mobile Banking App.
ICICI Bank has a very good branch network across India. They have also integrated an AI-powered chatbot system with its Mobile Banking app for customer-centric queries.
3. SBI Yono Lite – Mobile Banking Application
India’s largest Bank and most of us have an account with SBI. Though it is a PSU Bank, the mobile banking application is one of the best in India. The SBI mobile banking app has all the essential features of banking and an excellent user interface. SBI also has several mobile apps running for different banking works, but you can accomplish all the work from this single banking app. If you use different services of SBI like SBICard, SBI Mutual Fund, and SBI Demat, then all can be managed from this App.
You can receive or send remittances through the UPI PayNow Linkage from overseas countries (only from Singapore now, which may be expanded later) using the SBI mobile banking app BHIM SBI Pay, only three other Indian banks, Axis Bank, ICICI Bank, and Indian Bank offer this service. (Only receiving remittance is possible using a mobile banking app, you can send money through Internet banking. You can send or receive money through UPI PayNow linkage only through the Indian Bank mobile banking app, Indoasis)
SBI has also another mobile banking App named SBI YONO. Though the app is more feature-rich, the user experience is poor compared to Yono Lite and also obtained lower ratings both in Android and iOS.
To withdraw cash using SBI YONO App, navigate to YONO Pay> YONO Cash> Request YONO Cash> Enter your Desired Amount> Enter 6 Digit Yono PIN> You will get 6 Digit reference Number on your mobile through SMS> Go to any SBI ATM within 30 Minutes> Go to cardless cash withdrwal> Put your Received reference Number> Withdraw Cash.
The Android version of this App is more user ratings than the iOS version and most downloaded Mobile Banking App in India.
- Very good and intuitive UI with biometric or Face ID login.
- Send and receive money from overseas countries using @sbi UPI handler.
- Account Aggregator service, i.e. single place view of all your accounts.
- Digital Lending, pre-approved instant personal loan.
- In-app bill register and payment service.
- UPI Payment, IMPS, or NEFT/RTGS payment option from the APP.
- Add beneficiary for money transfer.
- mPASSBOOK for transaction inquiry.
- In-app investment option.
- Demat account statement and IPO(ASBA) service.
- Cardless Cash Withdrawal with SBI YONO App.
- All the other traditional banking facilities.
SBI Yono is an excellent mobile banking app and you never have to go to any crowded SBI branch for any Bank related work
4. Open By Axis Bank
Axis Bank is one of the leading Private Sector banks, later merged with CITI Bank. Axis Bank’s official mobile banking app called “Open” is also a very good banking app with more than 250 features, you can perform digitally using the app. All of your services from Axis Bank like Credit Card, Mutual Funds, and Demat can be linked and viewed from the single banking app.
Axis Bank has also the option of creating a zero-balance digital bank account called ASAP Account which you can open digitally using Axis Mobile Pay. You can open the digital ASAP Bank account from home if you have a valid UID and PAN number. You also can get a Virtual debit card which you can use for international payments as well as domestic payments.
Axis Bank has a very good mobile banking app with so many in-app features for all Banking needs. You can also register for Axis Bank “Open” App if you have an Axis Bank ASAP account. Don’t forget to note down the Virtual Debit Card details which you will get just after the opening of the Axis Bank ASAP account. You will require the virtual debit card details at the time of registering the Axis Bank Mobile Banking App.
Axis Bank was the first Bank in India to start the concept of Touch ID or biometric login and Transaction in its mobile Banking App. They are also offering services of inward and outward remittance through @axisbank handler using axis pay.
Axis Bank has also one mobile Banking App named Axis OK which you can use in Offline Mode, which means you do not need an internet connection to use this App. Axis Bank Mobile banking is also a very highly rated app, both in iOS and Android Stores.
The Axis Bank’s Open mobile banking app has an impressive 4.7 Star rating in PlayStore and a 4.6 Star Rating in iOS App Store.
- Mobile banking registration is a bit complicated but the app navigation is super intuitive.
- Receive money from overseas countries using Axis Pay.
- Excellent offer section across various merchant sites in India.
- Separate Credit Card section.
- Biometric, face ID, or mPIN login and Transaction.
- In-App Bill registration & payment.
- UPI, IMPS, NEFT, and QR code payment from the App.
- Demat and investment section.
- All the Banking facilities as provided by the other Mobile banking apps as stated above.
Overall Axis Mobile is a very good Mobile banking app and the bank has also a very good branch network across India. However, their customer care service is not as good as other Private Banks in India.
5. BOB World from Bank of Baroda
Bank of Baroda’s mobile banking app is the fifth on this list. Though it’s a PSU bank, they have one of the best feature-rich Mobile Banking apps in India and can be compared with the best Private Bank’s mobile banking app. You can self-register for the BOB World app for Android and iOS devices. There are three ways, you can register BOB World on your phone, using a debit card, from the base bank, or using Internet banking. You can also open a digital SB account using the BOB World app.
The BOB World offers more than 250 features and you never have to visit the branch for any minor banking-related work, all can be done digitally using this app. The app has also recently integrated the Account Aggregator service, where you view the available balance of all your accounts from different banks.
The App has very 4+ rating in the Android Play Store, compared to only a 3.8 rating in the iOS Play Store. However, RBI recently has restricted fresh onboarding on the BOB World app due to some security lapses.
- Very good interface and user-friendly navigation.
- SB account can be opened digitally.
- Digital lending, pre-approved personal loan.
- Bill Payment from the App.
- Very Good offers and discount section only can be comparable to private banks.
- Account Aggregator Option.
- Execute Service requests like ATM card, PIN generation, Cheque book, transfer of branch, etc from the App.
- Integrates payment services like UPI, IMPS, NEFT, QR code payment, etc.
- In-app investment services like other mobile banking apps in India.
- All the other essential banking features are needed for day-to-day banking.
Is Mobile Banking safe to use?
Yes, mobile banking is completely safe to use, but you shouldn’t get too much casual while using the app. To safely use mobile banking, you need to take some precautionary measures, like never sharing OTP or Password, don’t install unverified apps, do not use public WiFi to transact in mobile banking apps, etc.
Which is better mobile banking or internet banking?
For both conveyance & safety, mobile banking is always better than traditional internet banking. You can access your banking accounts anytime you want from the mobile banking app. For safety, your banking app detects the IMEI number of the smartphone, therefore no one can access the same bank account from any other mobile device.
Is it safe to use mobile data for mobile banking?
Yes, my recommendation always accesses the banking app using the 3G/4G data, rather than Public Wi-Fi or personal WiFi. All major data providers secure their mobile data with encryption methods which can not be hacked easily. Whereas, the WiFi router password can easily be hacked. Some bank’s app only allows mobile data to access the banking app.
All the Indian Private and PSU Banks have their own Mobile Banking App and we have compiled only the best mobile banking app in India for the most popular Banks. You can find that we have not included HDFC Bank’s Mobile Banking app in this list, though HDFC Bank is the second-largest bank in India. HDFC Bank mobile banking app has all the essential features, still, it lacks customer satisfaction and has many negative reviews for this App. The average ratings of HDFC Bank’s mobile banking App are also very poor both in the Android and iOS App Store. The navigation of this app is not very intuitive and it has so many bugs to improve.
We hope that this article may help you to select the right mobile Banking application for your smartphone. If you want to add more mobile banking applications to this list, then please share your comments below. We also request you to like our Facebook Official Page and share the post with your friends.
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