Benefits Of Internet banking

How to use Internet banking and what are the advantages of Internet banking?

Many banks have their own web sites, which offer banking facilities on the Internet.
Internet banking has the protection and regulatory approvals similar to the brick and mortar banking at branches.

The customers can operate their account, such as savings account,credit card or a loan account through the Internet.

There are some prerequisites of Internet banking.
The customer should have the following

A bank account in which internet banking facility is activated.

User ID and pass word to log in to the Internet banking

Transaction Password and ATM or debit card to transfer funds.

Internet connection for accessing the Bank's website.

Mode of operation of Internet banking.
Internet banking operates in the following manner.

Each customer is given a unique User ID and password for accessing Internet banking.

with the user ID and password, the user can log on to their accounts and perform the transactions.

Internet banking transmits data on a real time bas to the core system of the bank.

Internet banking facilities the customer to virtually operate their account in the bank's core system without any intervention by the bank official.

services available through Internet banking.

There are a host of services available for the customers through Internet banking.
The services enable the customer to-

View account balances and download statement.

Transfer funds between accounts (within same bank, as well as to other's bank's at specified locations).
Create fixed deposit online.

Request for a Demand Draft (DD)

Pay utility bills or life insurance premiums.

Order a cheque book.

Request stop payment on a cheque.

Request for a debit card.

Manage DEMAT accounts.

Refill a prepaid mobile phone.

Track dividends,interest received in to their accounts .

request for renewal and premature closure of fixed deposits and recurring deposits.

Benefits of Internet banking.

Some of benefits of Internet banking are:

Is real time and gives details on customer's accounts.

Can be accessed anytime, from anywhere,giving a complete control over the customer;s finance.

Does not involve customers to stand in queues.

Is a secured service.

Safety measures for Internet banking.

Both the customer and bank should follow certain safety measures for Internet banking.

The customer should practice the following safety systems.
Not share User ID and password with any one,including the authorized person of bank.

avoid using password based on their name, spou's name and both date of birth because these are very easy to track.

Change password regularly.

Change password immediately when they receive it initially from bank.

report any suspected misappropriation from their accounts to the bank immediately.

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Author: Swagatika Pattanaik06 Sep 2016 Member Level: Gold   Points : 7

Very good description about uses of Internet banking. I would like to add some more points.
As we all are now using Internet or data on mobile, it is easy to do transaction instead of going to bank or carrying cash. Like when we do shopping, now days we do not need to carry cash at some stores, as they have tied up with many banks to receive payment through mobile banking.
Also due to internet banking, we save lot of our time and money. Due to IMPS service now days user can transfer money any time even on Sundays and holidays 24*7.
But while using internet banking keep some safety action in mind.
DO not write your user id and password in such area which can be seen by every one.
Avoid using Internet banking at cyber cafe, if using then first clear all catche then log in to your bank site.
Never use sharing wifi or internet for using your Internet banking.
Nowadays banks are giving good cash back or reward points to use more and more internet transactions. So save time, save money and earn reward by using Internet banking.

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