According to the wikipedia, banana kick is also known as a checkside punt. The banana kick is a kicking style used in Australian Rules and rugby league football. When kicked, it bends away from the body and is usually used when a set shot for goal is lined up on a narrow angle.
The following are the simplest 4 steps to perform Banana kick:
Step 1
Place the soccer ball on the ground and take a few steps back. You will want your target to be at least 30 feet away, but not out of your kicking range.
Step 2
Set up a target for your shot. The target can either be a goal, a fellow player or just a spot on the ground. Be sure you know exactly where you want the ball to land.
Step 3
Aim the kick to the right or left of the target. In a game, if you are attempting to perform a banana kick, it is because there will be something in the way of a direct kick.
Step 4
Kick the ball by grazing it low on one side (the far side). If you are aiming to the right of the target, graze the bottom-right of the soccer ball. If you are aiming to the left of the target, graze the bottom-left of the ball. What you want to happen is for the ball to lift into the air and make a slight curve in the direction you want it to go.