Net banking or e-banking is a service that provides comprehensive banking solutions through the internet. Net banking is carried out using a computer or other electronic devices such as phones and tablets that can connect to a bank’s website through the internet. Services such as payment of bills, fund transfers, viewing account statements, etc. can be conducted with great ease thorough internet banking.
With e-banking, financial transactions are no more limited to the bank branches. You can most of the banking transactions from anyplace and at any time through NetBanking, provided you have a computer connected to a steady internet connection. NetBanking facility has enabled real time updates, thereby minimizing the follow-up procedure done to check the processing of transactions. To help you get a better idea about net banking, here are a few more advantages of net banking:-
Convenience: NetBanking services are available 24 hours a day and 365 days of the year. This is the perhaps the most significant benefit of net banking that overshadows any other shortcomings. You can undertake banking transactions from the comfort of your home or office at the click of a button. Various non-banking facilities such as ordering check books online, enquiring about interest rates, updating accounts, etc. have become simpler through internet banking.
Better Rates: The necessity to acquire huge office spaces and employment of adequate staff to deal with the customers is considerably reduced by going online. The absence of infrastructure and other overhead costs allow banks to pay greater interest rates on savings. Moreover, the penalties for early withdrawal of fixed deposits is quite low for online banking. Certain banks such as YES Bank also offer Zero cost online fund transfers through NEFT & RTGS facility.
Specialised services: Many banks offer specialised and convenient tools to enable easier financial management. Services such as investment analysis tools, money monitoring tools, Sweep-in facility, loan calculators, online bill payments etc. are available. Furthermore, banks also provide online tax forms and tax preparation services.
User friendly: Net banking accounts are very user friendly and easy to set up. In case you encounter any problem during an online transaction, you can directly call the concerned bank or send an email. Online banking can be further simplified by using net banking applications on mobile phones.