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Net Banking – What is Internet Banking? Features & Advantages of Internet Banking

Net Banking - What is Online Banking?, Features & Advantages of Internet Banking

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In this article, we will discuss the essential pointers of What is Net banking ,features of online Net banking, Advanctages and disadvantages of Online banking.

1. What is Internet Banking?

Internet banking, also known as online banking or e-bankingor Net Banking is a facility offered by banks and financial institutions that allow customers to use banking services over the internet. Customers need not visit their bank’s branch office to avail each and every small service. Not all account holders get access to internet banking. If you would like to use internet banking services, you must register for the facility while opening the account or later. You have to use the registered customer ID and password to log into your internet banking account.

2. Features of Online Banking

  • Check the account statement online.
  • Open a fixed deposit account.
  • Pay utility bills such as water bill and electricity bill.
  • Make merchant payments.
  • Transfer funds.
  • Order for a cheque book.
  • Buy general insurance.
  • Recharge prepaid mobile/DTH.

3. Advantages of Internet Banking

The advantages of internet banking are as follows:

  • Availability: You can avail the banking services round the clock throughout the year. Most of the services offered are not time-restricted; you can check your account balance at any time and transfer funds without having to wait for the bank to open.
  • Easy to Operate: Using the services offered by online banking is simple and easy. Many find transacting online a lot easier than visiting the branch for the same.
  • Convenience: You need not leave your chores behind and go stand in a queue at the bank branch. You can complete your transactions from wherever you are. Pay utility bills, recurring deposit account instalments, and others using online banking.
  • Time Efficient: You can complete any transaction in a matter of a few minutes via internet banking. Funds can be transferred to any account within the country or open a fixed deposit account within no time on netbanking.
  • Activity Tracking: When you make a transaction at the bank branch, you will receive an acknowledgement receipt. There are possibilities of you losing it. In contrast, all the transactions you perform on a bank’s internet banking portal will be recorded. You can show this as proof of the transaction if need be. Details such as the payee’s name, bank account number, the amount paid, the date and time of payment, and remarks if any will be recorded as well.

4. Disadvantages of Internet/Online Banking

The disadvantages of internet banking are as follows:

  • Internet Requirement: An uninterrupted internet connection is a foremost requirement to use internet banking services. If you do not have access to the internet, you cannot make use of any facilities offered online. Similarly, if the bank servers are down due to any technical issues on their part, you cannot access net banking services.
  • Transaction Security: No matter how much precautions banks take to provide a secure network, online banking transactions are still susceptible to hackers. Irrespective of the advanced encryption methods used to keep user data safe, there have been cases where the transaction data is compromised. This may cause a major threat such as using the data illegally for the hacker’s benefit.
  • Difficult for Beginners: There are people in India who have been living lives far away from the web of the internet. It might seem a whole new deal for them to understand how internet banking works. Worse still, if there is nobody who can explain them on how internet banking works and the process flow of how to go about it. It will be very difficult for inexperienced beginners to figure it out for themselves.
  • Securing Password: Every internet banking account requires the password to be entered in order to access the services. Therefore, the password plays a key role in maintaining integrity. If the password is revealed to others, they may utilise the information to devise some fraud. Also, the chosen password must comply with the rules stated by the banks. Individuals must change the password frequently to avoid password theft which can be a hassle to remember by the account holder himself.

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  1. YES Bank Mobile Banking : Here is the step-by-step procedure to register for the YES Mobile app and the host of services it offers.
  2. Citibank India rolled out a mobile application, Citi Mobile, that can make banking easier for its customers. Read here for more information.
  3. Dhanlaxmi Bank offers DhanSmart mobile banking application to its retail customers to ease their banking experience. Know more about the app here.
  4. IndusInd Mobile Banking has put forth IndusMobile, the mobile banking application to give customers a tailor-made experience. Know how to Register, Log In, and Transfer Funds?
  5. Axis mobile banking has made it convenient for retail customers to make transactions with the launch of the Axis Mobile Banking app. Here’s how you can use the app,How to Register, Login, and Transfer Funds?
  6. IDBI has launched a new ‘Go Mobile+’ app to enhance customers’ banking experience. The app includes a user-friendly interface with a wide range of features.
  7. ICICI Bank has come up with the iMobile app for both Android and iOS users. Install the app from the app store and do banking transactions.
  8. HSBC Bank, The Hongkong and Shangai Banking Corporation offers its products and services via mobile apps to provide better connectivity.
  9. Punjab National Bank offers PNB ONE, a unified mobile banking application that brings numerous features under one platform.
  10. YES BANK offers its products and services via netbanking platform to make it easier for customers to transact. Here’s how you can make use of the platform.
  11. Kotak Mobile Banking app provides a wide range of banking services readily available at your fingertips. Read to know more on how to get started.
  12. SBI NetBanking - State Bank of India (SBI) is the largest public sector bank in India. Here is a detailed description of how you can register and transfer funds using OnlineSBI portal. Know more about How to register ,Login, Check Balance & Steps to transfer money
  13. Canara Bank offers internet banking facility in addition to branch services. Here is a step-wise guide to register and use netbanking services.
  14. Punjab National Bank (PNB) Net Banking has read the minds of its customers and offered internet banking services. Here is how its customers can make use of online banking services.
  15. ICICI bank, one of the leading private sector banks in India, offers internet banking facility to its retail and corporate customers. Here is how you can register and use the services.
  16. HDFC Mobile Banking app provides numerous services such as that can be accessed online. Here is How to Register, Log In & Transfer Funds.
  17. SBI Net Banking : Here is the help you need to know how to register and use the services available on the YONO/YONO Lite app.
  18. Canara Bank offers internet banking facility in addition to branch services. Here is a step-wise guide to register and use netbanking services.
  19. BarodaConnect is an umbrella that consists of all the products and services offered by the bank under the internet banking section. read more about Bank of Baroda Internet Banking
  20. IndusInd Bank offers online banking service, IndusNet, which enables customers to do numerous banking activities at their convenience.
  21. Axis Bank net banking , the third-largest private sector bank in India, offers a wide range of financial services to different sectors of customers. Here are the details you need to know about how Axis Bank Internet Banking works.
  22. Kotak Mahindra Bank is the first non-banking finance company that got transformed into an actual bank. Here is how you can register and make transactions on the Kotak Net Banking portal.
  23. Punjab National Bank (PNB) Net Banking has read the minds of its customers and offered internet banking services. Here is how its customers can make use of online banking services.
  24. HDFC Bank offers internet banking services to its customers. Here is how you can register for the facility and the steps to make a fund transfer.
  25. ICICI bank, one of the leading private sector banks in India, offers internet banking facility to its retail and corporate customers. Here is how you can register and use the services.
  26. National Payments Corporation of India (NPCI) is an umbrella organisation for operating retail payments and settlement systems in India.
  27. National Electronic Funds Transfer (NEFT) is a mode of online funds transfer that is introduced by the Reserve Bank of India (RBI). Know more here.
  28. SBI NetBanking - State Bank of India (SBI) is the largest public sector bank in India. Here is a detailed description of how you can register and transfer funds using OnlineSBI portal. Know more about How to register ,Login, Check Balance & Steps to transfer money
  29. When you transact with UPI payments, you may come across several questions and concerns. Here, we have resolved many major queries for you.
  30. A Virtual Payment Address (VPA) is a unique identifier that helps UPI to track a person’s account. It acts as an ID independent of your bank account number and other details.
  31. For those who are new to UPI, you must know that several services are available under the umbrella. Read here to know more about the services available.
  32. Bharat Interface for Money (BHIM) app and other UPI-enabled apps let you make simple, easy, and quick payments using the UPI technology. Just follow simple steps to register yourself with the app.
  33. Unified Payment Interface (UPI), the new payment mode, allows you to use your smartphones as a virtual debit card for instant payment.
  34. Bharat Interface for Money (BHIM) UPI is a payments app that facilitates simple and quick transactions using Unified Payments Interface. Raed more about bhim app, How to use,features & Transaction limit and charges