Articles

What Are The Services Provided By Net Banking?

by Shashank Bhaskar Finance Adviser

In this fast-paced world, the traditional ways of banking had always been slow and time-consuming. These things would generally affect the productive time of a customer for getting their transaction done after standing in long queues. With the evolution of different internet services, the banking industry around the world saw a great opportunity to transform the traditional ways of banking and introduced the net banking services to the account holders. Net banking services or electronic banking services which are referred to as banking transactions are transacted using electronic modes or equipment. But, one of the most important and core components of net banking is the internet. If a customer wishes to register for online banking, they will have to follow some steps, some of the steps are listed below:

  1. A customer will have to enter their personal details like name, date of birth, postcode and account details of a bank where the account is held.

  2. A customer will then need to select a username and password for the net banking account.

  3. A customer can then sign in to online banking by using the same password and username they have chosen.

Internet banking is a system which will provide the facility of conducting financial transactions online from the net banking account. A user can transfer funds from their account to any other account of the same bank/different bank using a website or an online application. Net banking has made it easy for customers to access their bank accounts anywhere at any time, and the transactions conducted are safe and highly secure. In times of urgent needs of fund transfer net banking will help the user with immediate fund transfers, it also saves a lot of valuable time of the users. The financial information provided by a customer will remain safe with the bank. A financial institution keeps it on the high priority that the security of a customer’s account should not face a breach. A financial institution will use the system of PINs and TANs as security. 

Some of the services provided by net banking websites are listed below:

  1. Customers can transfer money to private and national bank account holders with just a few clicks through net banking.

  2. Business to business transactions can also be made using the NEFT, RTGS and IMPS options depending on the size of the business transaction amount.

  3. Purchase of goods, services and use business to customer payment modes like credit cards, debit cards, net banking, various payment gateways and wallets etc. providing a range of payment options.

  4. The payment of utility bills, mobile bills and credit card payments and other products and services can be done through net banking.

  5. History of transactions that were done by the customer with wide historical archive limits and a customer’s personal account balance can also be checked through a net banking app.

  6. Downloading bank statements when required, submitting cheque book requests.

Mutual funds, demat account and insurance policy details can also be monitored online.


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About Shashank Bhaskar Freshman   Finance Adviser

3 connections, 1 recommendations, 35 honor points.
Joined APSense since, August 9th, 2018, From Mumbai, India.

Created on Jun 12th 2019 05:20. Viewed 444 times.

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