How is Internet Banking a Boon?

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How is Internet Banking a Boon?

Transferring funds from one account to another, everything is possible from home or work. This is possible with Internet Banking.

Earlier, banking activities were more of a tedious chore. Visiting the bank, standing in long queues, and waiting for hours just for a few minutes of work was time-consuming. But within this digital age, banking has become convenient. There is hardly anything you cannot do without ever stepping foot in the bank.

Whether checking your account statement, paying different bills, or even transferring funds from one account to another, everything is possible from home or work. This is possible with Internet Banking. But what is it? How does it work?

Meaning

Net Banking refers to the electronic payment system that allows Bank Account holders to conduct various financial transactions simply by logging into the bank’s website. Almost every Indian bank offers this service as an add-on, accessible facility when you open your account. The online system is connected to the core banking that the bank operates, and the customer need not visit the bank’s branch to conduct various financial transactions.

How does it work?

As a bank customer using these services, you can use the available software to avail of personal and corporate banking services. The most common services you can use daily include checking your recent transactions, transferring funds from one account to other, downloading account statements, setting up beneficiaries, making various payments, and so on.

Benefits

Internet Banking is the most convenient facility ever offered. With this, you can conduct several different banking transactions 24x7 from anywhere in the world. You need not worry about following bank hours, nor do you need to visit the bank branch and wait in long queues to conduct your transactions.

Streamline Fund Transfers

Net Banking makes all fund transfers possible, whether you wish to send money to someone or if someone owes you money. You need to provide some basic account details such as the beneficiary’s name, account number, bank and branch name, and bank’s IFSC code. Beneficiary accounts get activated within 24 hours, and the funds can be transferred instantly with Online Banking services like Immediate Payment Service, Real Time Gross Settlement, and National Electronics Fund Transfer System.

This removes the need to write a cheque, deposit it and wait for the amount to be credited into the account.

Automated Payments

You can also automate all payments like utility bills, EMIs, monthly rents, etc. Just set up the account you want the money to be credited to and select a date for the payment. This way, you need not worry about forgetting the payments due.

Real-time Access

Thanks to the Banking app now, you can access your accounts anytime, anywhere. You can also set up notifications regarding the transactions in your account, be it debit or credit money. This real-time access also manages your funds in an organized manner.