Online Banking Advantages and Disadvantages, Net Banking Definition and Features

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Online banking has many names and some of them are net banking or internet banking. People even call it as virtual banking or e-banking. Moreover there is difference between net banking and mobile banking. While in this article you understand internet banking definition. You also know internet banking meaning and features.

Define internet banking

Online or internet banking is electronic payment system. And this is main feature of internet banking. As there are many uses of net banking now a days. Moreover people can carry forward financial transactions online only. Also know about retail banking and its uses.

This is best advantage of net banking. However for this you must go to official website of financial institution or banking. This web banking or e-banking is same like banking in person. It is so because you do different things in one bank only.

Features of internet banking

Main feature of internet banking is that you deposit or transfer money online only. Even you pay bills or pay fees online. Therefore you do almost all things sitting at home or office. Transferring money from one account to another account is also easy now.

Other advantages of online banking

Below you find list of net banking advantages. These advantages are for both customers and banks. You can now keep reading to know more about e-banking options.

List of online banking advantages

  • Does not take more time
  • Get permanent access to your bank
  • You can have transactions any time any where
  • Transfer amount immediately to another account
  • You transfer only specific amount of money
  • Pay taxes
  • Transaction costs are very less
  • Or even other costs decrease
  • Open fixed deposits

Some more advantages of e-banking

  • 24 / 7 help line available meaning 24 hours 7 days a week
  • Order cheque book
  • Safe and secure method to use internet banking facility
  • Check account statement
  • Buy general insurance
  • Recharge DTH or mobile
  • Pay utility bills
  • Finally there is security of account

Hence all these features of e-banking make it best experience for all customers. However if you wish to use virtual banking facilities then you should have a bank account. And your bank must provide internet banking facility.

On other hand almost all banks provide internet banking facility. Thus it will not be a problem for you. However it is better that you focus on some more issues. And here we are talking about security of your account. You can also check home banking options.

Net banking security

Security is most important thing that all banks take care of. As if your account is safe and secure then your money is also secure. Besides there are many other security features that you must follow. In this way your bank account and money is safe.

Apart from that all financial institutions and banks set different security process. And this helps them to decrease risk of hacking. Or even risk of unauthorized persons having online access of your account decreases.

List of other services that banks offer via internet banking

Internet or online banking made banking more simple and easy. That is the reason that you check balances or transactions from your home or office only. Even paying bills is simple and less time taking process. There is another advantage of virtual banking. While it is that you shop online for either food or clothes.

In addition you can even book your travel tickets or those movie tickets. Plus most banks even offer discount coupons or similar coupons. Thus making your stay at online banking memorable. And this makes use of net banking for day to day need easy and trouble free.

Finally you use secured banking system. It is so because many banks have multi level authentication system. And with help of this system authorities check your identity. They allow you only when you are clear this security process.

Know more about internet banking

In fact e-banking divides in to many other branches. And banks made sure that you as their customer are comfortable when using net banking. That is why there are many other net banking services that you can check here. In addition know more on mobile banking.

Internet Banking Registration process in various Banks

HDFC Netbanking – Steps to Register for HDFC Internet Banking

ICICI Netbanking – Steps to Activate Internet Banking for ICICI Bank

SBI Netbanking – Steps to Register Internet Banking in SBI

Axis Bank Net Banking – Steps to Register for Axis Bank Net Banking

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