Online finance or banking is also known as internet banking or e-banking or net-banking offered by financial institutions and banks of the country is a special facility that helps and allows their customers to use all the banking services available via the internet only. There is no need for the customers to pay regular visits to their bank’s branch office for every small service. However, not everyone can get access to the facility of online banking. You have to be a registered member when you open your account for using the facility. You’ll be getting a customer ID and password with the help of which you can log into your account for internet banking.
Features of the internet banking
Let’s talk about the exquisite features of the internet banking system. Some of the basic ones are listed below:
- You can easily check your account statements using this facility online from anywhere.
- You’ll be eligible to open a fixed deposit account if you are already registered.
- Transferring of funds becomes easy and hassle-free with just a few taps. Also, it’s completely safe and reliable and tends to save a lot of money of yours.
- Bills like water bills, electricity bills, telephone bills, etc, can be paid easily.
- Recharge of phones and DTH is also available as an extensive feature which saves a lot of time and money by offering exciting discounts and vouchers.
- You can also buy insurance as of now many provides just the general insurance.
- Ordering your chequebook is also so simple and speedy.
- Last but not the least, you’ll be eligible for making payments to merchants.
Moving forward, let’s have a look at the advantageous factors of online banking:
- OPERATION: The use of such services is easy and quite simple. It which makes it easy to operate and you can transfer funds 24/7.
- AT-HOME CONVENIENCE: There is no need for you to leave your home or workplace and delay your chores just to go stand in a queue for transferring or withdrawing funds.
- AVAILABILITY: These services can be operated anytime since there is no time restriction.
- KEEPING TRACK: You have the advantage of keeping a strict check on all the activities that are placed in your account. All the transactions are recorded in the system and later on, if anything goes down the line you can use them as solid proof.
TYPES OF ONLINE BANKING:
- NEFT (NATIONAL ELECTRONIC FUND TRANSFER): It is the one in which you can facilitate one on one transfers.
- ECS (ELECTRONIC CLEARING SYSTEM): It works in respect of clearing utility funds.
- IMPS (IMMEDIATE PAYMENT SERVICES): It is an interbank online fund transferring which is available 24*7
- RTGS (REAL TIME GROSS SERVICES): It is a service in which the order or fund is received hand to hand there’s no settlement time later on. You get one on one orders fulfilled as soon as you submit them.