Finance Frontier

The Unified Payments Interface (UPI) has changed online banking in more ways than one can imagine. To put the impact of the UPI on the everyday financial habits of Indians in perspective, over ₹ 12,30,000 crores were transacted through UPI just in the month of February 2023. Today, Indians use consumer banking services through apps to repay their utility bills! It indicates the increasing acceptance of mobile banking apps among customers. Keep reading to know about India’s top mobile banking apps that offer the best money transfer services to make bill payments.

1. IDFC FIRST Bank’s mobile banking app

In our list of India’s top mobile banking apps, we rank IDFC FIRST Bank the highest, and for a reason. IDFC FIRST Bank provides multiple modes of online money transfer through this app – all of which are seamless, free of technical glitches, and easily accessible through the app. Here are the features that make this app special:

• “Auto Pay” and “One-Swipe Pay” methods that facilitate instant online bill payments.
• “Track my expense” feature to infer learnings from your previous expenses.
• Bank statements can be downloaded online at any hour.
• You can also make investments using the IDFC FIRST Bank mobile banking app.
• Customers can apply “smart filters” to view their transactions.
• The app suggests personalised offers across various categories of loans.
• Various other consumer banking services are offered on the app including applying for instant personal loans, categorizing transactions for better money management, and placing chequebook requests.

2. ICICI Bank’s iMobile app

The iMobile Pay app by ICICI Bank is our second recommendation to you. Here are its features:

• You can purchase and manage a FASTag through this app. The app also allows you to view FASTag balance, view FASTag statements, and manage multiple FASTag accounts.
• Instant money transfers can be made through the ICICI Bank iMobile app.
• You can open fixed deposit accounts, recurring deposit accounts, or “iWish” deposits using the app.

3. HDFC Bank’s mobile banking app

The HDFC Bank MobileBanking app offers the following features to its customers:

• Helps you manage your credit and debit cards through a single app.
• Helps you make quick online payments – including paying your utility bills – through the app.
• Provides multiple layers of security to safeguard your payments from fraud.

4. SBI’s YONO app

State Bank of India’s YONO app helps you view your bank balance, download bank statements, access “Quick Pay” to make regular bill payments online, and offers other consumer banking services such as:

• Raising chequebook requests.
• Managing debit and credit cards.
• FASTag recharge-related services.
• Account balance check-related services.

5. Axis Bank mobile banking app

Axis Bank’s mobile banking app provides the following features to its customers:

• Complete access to Axis Bank’s online digital savings account.
• Ability to access your account balance and download bank statements through the app.
• Ability to pay utility bills through online modes of money transfer. You can find a record of your transactions on the app made for your reference via utility bill payments made to over 200 registered users.

Here are our top mobile banking apps ranked in order of their popularity and efficiency. Be sure to research the features of a bank’s savings account before opting for its online banking services.