Online Banking

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Online banking is also known as home banking , web banking and internet banking . Customers are not required to visit to a bank physically for any transactions they want to do . It’s a platform that allows consumers to do financial transactions from their PC , aided by the power and convenience of the Internet .

Benefits of Online Banking

Some of the many advantages of online banking are :-

  1. Account balances can be viewed , as well as transaction records .
  2. Auto payment , which is simple to set up , allows you to pay your bills automatically each month .
  3. Money can be transferred between accounts .
  4. Statements can be downloaded or printed for tax or personal records .
  5. You can access your account at any time .

If you use online banking for your business your banking fees will be low .Online banks are always available at any time, anywhere .Opening your bank account takes less time as compared to opening one in a physical mode .

Best Online Banking in India

Best and most used online banking applications in India are:         

  1. ICICI iMobile Application .
  2. HDFC MobileBanking App  .
  3. State Bank of India YONO App .
  4. HDFC PayZapp .
  5. Bank of Baroda M -Connect Plus App .
  6. Axis Mobile App .
  7. Kotak – 811 & Mobile Banking App .
  8. IDBI Go Mobile+ App .

These applications provide security in transaction . You can create your bank account through them from home .You don’t have to visit any branch physically . All of these banks provide transaction facility for 24*7 .

Types of Services by Online Banking

Types of services provided by online banking include :-

  1.  Account Management – Account management provides you with authority, flexibility and control . With easy to use online account you can make transactions without any complications .
  2. Deposits and Payments. -You can do your transactions via internet . This makes payment , billing , transactions everything very easy .
  3. Debit Card. – You can also apply for debit card online and even win exciting gifts or cashbacks by doing so . You can shop easily , make payments anytime anywhere through your debit card .
  4. E-statement.- An eStatement is a digital copy of your statement . You may examine and print your statement without having to wait in large queues at banks .

Requirements for Online Banking

A computer or other device , an Internet connection , and a bank or debit card are required for online banking . Clients must first sign up for their bank ‘s online banking service in order to use the service . They must generate a password in order to register .The user needs to fill in the details asked by the net banking platform like account number, CIF number etcetera .You will need internet access for online banking .

How Online Banking Works ?

Banking online is using your smartphone , tablet  , or computer to access your bank account and conduct financial transactions via the internet .It ‘s quick , generally free , and allows you to complete chores like bill payment and money transfer without having to visit or phone your bank .The funds will be available in your bank account for you to use on the very next day when you open account or on the next business day . You can access and manage your loan , mortgage and other payments via internet .

How to Transfer Money from One Account to Another Online ?

  1. Browse to your bank ‘s website .
  2. Connect your credit card account .
  3. Choose the transfer option .
  4. Enter the amount to be transferred .
  5. Fill out the form with the requested information .
  6. To complete transactions, simply follow the directions .

How to Use Online Banking on Your Mobile ?

  1. Request a Net banking Account from your bank .
  2. Take note of your User ID and Password .
  3. Create a new user ID and password .
  4. Begin Online Transactions .

Examples of Online Banking

The following services are provided by the finest online banks :

  1.  Checking accounts are available , as are paper checks .
  2. Certificates of deposit (CDs) , savings , and money market accounts .
  3. Mobile deposits , monthly statements , transfers , bill payment , and even loan applications are all available through online and mobile banking services .

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