Internet Banking – What Are the Benefits You Must Know?
With time, new standards and techniques for digital banking are established. Owing to the demonetization in 2016, many private and public sector banks have developed their own dedicated banking platform for the convenience of you as a client. These internet banking sites offer more than just convenient and hassle-free banking; they offer additional services like features to open a fixed deposit or recurring account, provision to pay taxes, check your account balance, make instant transfers, or bill payments, etc. There are several benefits linked with net banking whether it is Allahabad netbanking or IOB net banking. Net banking of any bank ensures to offers these benefits and allows you to get all your chores done without visiting the bank.
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What’s internet banking?
Internet banking often called online banking, net banking or e-banking is a prudent service offered by financial institutions and banks that permits you to access your account easily through the internet connection. It is an online service or system that permits you to access financial as well as non-financial banking services or products with ease. It is very convenient and highly safe.
Even the modest services that are used required you to visit the financial institution every time. However, with the introduction of internet banking, you no longer require visiting the bank’s branch for any minor services. Almost all banking products and services are accessible through the internet. Internet banking had made it simpler for you to conduct all banking activities with ease. Right from transferring funds to requesting a demand draft – all of it can with done easily with just a click. For this, all you require doing is access your online banking account with a strong internet connection. Also, there are several benefits of using internet banking.
Internet banking fund transfers –
IMPS, RTGS, and NEFT are the 3 major alternative modes to transfer your funds from your bank account to another account through the internet connection –
This is one of the widely used mechanisms to pay for a one-to-one transfer. The full form of NEFT is National Electronic Fund Transfer. While this facility is available 24X7, the funds are only transferred during the working hours of the bank. In most scenarios, funds are sent securely through NEFT within 30 minutes. However, the time may extend to up to 2 to 3 hours too.
The full form of RTGS is the real-time gross settlement. This is a method to settle your funds in real-time in an orderly manner. Through this system, you may transfer your money to your beneficiary as early as possible. The RBI or Reserve Bank of India monitors all the RTGS transactions, which implies that any successful transfer is irreversible. A minimum of about Rs 2 lakh should be transferred through this technique. Note that RTGS is nothing but a time-bound facility at the bank like NEFT.
The full form of IMPS is the immediate payment system. This facility manages real-time money transfers. It is most widely utilized to send funds between Indian banks instantaneously by internet, mobile and ATM. Just by using the beneficiary’s mobile number, you can send the money through IMPS.
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Note that internet banking isn’t available to all account holders. In case you want to use net banking, you must ensure to register for this either when you open an account or later. Ensure to use your customer ID as well as the password provided by the bank, to begin with, your internet banking account.
What are the features and benefits of online internet banking?
A few crucial features of using internet banking are –
∙ A convenient and safe banking method. Internet banking is an online system that offers all facilities to you as a customer and prevents you from visiting the bank for minor activities.
∙ Passcode-protected banking facility. It lowers your chance of committing online fraud. Bank does offer the perfect safety and security to you for making online transactions. This is extremely helpful and useful to you as a customer and offers you the perfect security that allows you to gain thorough trust in online transactions.
∙ Simple accessibility to non-financial and financial banking services and products. Several options are available on the online platform including savings accounts, fixed deposits, Demat accounts and others.
∙ You can easily access the bank account at anytime from anywhere. This feature not just prevents you from visiting the bank branch physically to get any of your work done but also saves plenty of the time, effort, and money on transportation, that you otherwise may have to incur on travelling to the bank physically. You can now easily open any bank account and access its net banking to make the most out of the available banking features and benefits from your home. For instance, if you want an IOB netbanking facility then you can open the IOB account easily by visiting the bank’s official website and following all the required steps one after the other.
∙ Transfer funds easily online through IMPS, RTGS and NEFT at anytime from anywhere. All online transactions are easily performed in a fraction of the time. You as a customer need not require visiting the bank branch for making the transfer to another bank account. To make the transfer, all you must do is open your net banking, and conduct the online transaction through any of your preferred routes i.e., IMPS, RTGS or NEFT.
∙ You can process the bill payments too promptly. Bank does offer all provisions for payments of the bills online. You as an individual no longer require standing in queue for paying the bills or dues in your bank branch. Banks provide you with the provision to set reminders and conduct the payment online through internet banking.
∙ Keep thorough track of all your mortgage repayments, savings account balances, loan outstanding, and automatic payments. You can easily keep track of all these through your net banking account. So, why wait, open your net banking account today to make the most of all these benefits.