Advantages of Internet Banking

It is hard to enumerate the benefits of internet banking as

they are so many. Customers can keep tab of their
spending and manage their finances much better than
they did in the past. From quick decisions on investments
to curtailing spending, the customer calls the shots at
each stage for greater financial freedom. Let us find out
how?

"Accessibility: Theadvantage of being a 24/7 service

offers freedom for customers to perform and make
use of any service at any given time. Most services
are available round the clock, while those which are
not, have alternatives to support that facility.
Customer ease is given primary attention.
" Convenience: The simplicity of using the service from
anywhere with smartphones, makes this facility
irreplaceable. While the option of visiting the branch is
always available, customers may require banking
services at non-banking hours, which net banking
meets.

" Easy to use: The simple banking app enables banking

through a comprehensive interface. Users mostly
understand the usage of the applications at a go.
" Time-Saving: Banking transactions take place in
minutes through internet banking. Transferring funds,
the most extensively used feature in net banking,
happens within seconds.
" Tracker:Each time acustomer makes a transaction, it
is recorded in the bank's portal. Owing to this,
accessibility to the tracker is possible at any time of
the day. When transferring funds to someone, you can
send a copy of the receipt to the receiver, validating
your action.
What are the Features of Net Banking?
Net banking offers myriad features for the benefit of
customers. Whether you are accessing the banking
facilities from the bank website or through the net banking
app,you will be able to access many features of net
banking seamlessly, some of which include:

" Checking balance and bank statements

" Funds transfer through IMPS/ NEFTor RTGS
"Easy tax payment
" Paying for utilities
" Paying tuition fees
" Booking rail and air tickets
" Multiple workflows for corporate user accounts
" Bulk payment options
" Opening Fixed and recurring deposits
" Stop Payment of cheques
" IPO Subscription
" Debit Card Management- for Card issuance, set limit,
PIN, and block for debit cards
"Quick Fund Transfer
"Registration for Mobile banking
"Sovereign Gold Bondsubscription
" Mobile alerts for transaction
" Govt. Business related transactions
 " Beneficiary Name
"Beneficiary Bank Name
" Beneficiary Branch Name
" Beneficiary Account Number
" Beneficiary Account Type
" Beneficiary Branch IFSC
3. Immediate Mobile Payment Services (IMPS)
Immediate Mobile Payment Services is an instant transfer
facility managed by National Payments Corporation of
India. IMPS provides robust and real time fund transfer
which offers an instant, 24x7, interbank electronic fund
transfer service that could be accessed on multiple
channels like Mobile, Internet, ATM, SMS.

The IMPS can be performed by using:

" IFSC code and account details: the sender needs to

enter the beneficiary details like his name, account
number and IFSC code. After adding the beneficiary,
the user can perform the transaction.
" MMID (Mobile Money identifier): for making an IMPS
transaction using MMID the remitter needs to add
beneficiary with following detains Beneficiary name,
Beneficiary Nickname, beneficiary's MMID and his
mobile number.

The per transaction limit for IMPS is Rs. 5 Lakhs.

What are the Features of Net Banking?

Net banking offers myriad features for the benefit of
customers. Whether you are accessing the banking
facilities from the bank website or through the net banking
app, you willbe able to access many features of net
banking seamlessly, some of which include:
Checking balance and bank statements
" Funds transfer through IMPS/ NEFT or RTGS
" Easy tax payment
" Paying for utilities
" Paying tuition fees
" Booking rail and air tickets
" Multiple workflows for corporate user accounts
" Bulk payment options
Opening Fixed and recurring deposits
" Stop Payment of cheques
" (PO Subscription
"Debit Card Management- for Card issuance, set limit,
PIN, and block for debit cards
. Quick Fund Transfer
" Registration for Mobile banking
" Sovereign Gold Bondsubscription
" Mobile alerts for transaction
" Govt. Business related transactions
How to Use Net Banking?
With net banking, you can transfer funds between
bank accountswithout having to visit the bank. The
transaction can be made through the NEFT, RTGS and
IMPS facilities between banks. Net banking offers a
Transfer Funds' option, while doing so you need to choose
either of the three options mentioned above.

1. National Electronic Funds Transfer (NEFT)

National Electronic Funds Transfer (NEFT) is a nationwide
centralised payment system owned and operated by
Reserve Bank of India. Individuals, firms and corporates
maintaining accounts with any member bank, participating
in the NEFT system, can electronically transfer funds to
any individual, firm or corporate having an account with
any other bank in the country participating in the NEFT
system. The NEFT system is available round the clock
throughout the year on all days i.e., 24*7*365 basis. NEFT
gives transfer rights to beneficiaries of other banks in
India within the country. NEFT charges less for fund
transfers than conventional modes like DD/MT. The NEFT
facility on Internet Banking is enabled for all account
holders with transaction rights.
NEFT isa credit push system i.e., transactions can be
originated by the payer/remitter/sender only to pay/
transfer/ remit funds to beneficiary. The beneficiary bank
needs to credit the beneficiary account within the same
day or next workingday a timeline of two hours from the
batch settlement can be expected, within which
beneficiary account should be credits. The following
details are required to initiate a NEFT transaction:

" Beneficiary Name

" Beneficiary Bank Name
Beneficiary Branch Name
" Beneficiary Account Number
" Beneficiary Account Type
" Beneficiary Branch |FSC
2. Real-Time Gross Settlement (RTGS)
The acronym 'RTGS' stands for Real Time Gross
Settlement,which can be explained as a transfer mode
where money is transferred in real-time. RTGS is a safe
and secure system for funds transfer. RTGS transactions
do not have any upper amount limit/cap set by RBI. The
RTGS is primarily meant for large value transaction. The
minimum amount to be remitted through RTGS is Rs
2,00,000/-. The RTGS system is available 24x7x365 basis.
The RTGS transaction can be performed by visiting branch
or through Internet Banking. RTGS is a credit-push system
i.e, transactions can be originated by the payer/remitter/
sender only to pay/ transfer/ remit funds to a beneficiary.
The remitting customer needs to provide following
information to perform an RTGS transaction:
Net Banking Meaning
Net Banking also known as Internet Banking, is a digital
method to conduct banking transactions by the means of
the internet, it is a time savvy facility offered by all
standard banks. Individual can conduct banking activities
from home through their smartphones, tablets, laptops
and desktops. Net banking is a 24*7 facility which
facilitates checking account balance, making fund
transfer, managing debit and credit cards, opening
fixed depositand recurring deposit account, paying bills,
doing online shopping, orderingchequebooks, buying
general insurance, and much more.

What is Net Banking?

Net banking, e-banking, internet banking, mean the same it
is one of the modern digital banking method. It is an
evolved banking facility and can be called one of the major
boons of this century. The banking facility allows
customers, who have an account with a bank, the ease of
banking without having to visit the branch for majority of
services. However, for availingof the internet banking
service customers must have an e-mail account and must
register to the internet banking service at the time of
opening their account or have this facility incorporated
into the account later. For accessing this, customers need
to enter the registered UserlD provided by the bank and
create password online using 0TP sent on registered
email ID and mobile number. This digital banking method
can be accessed through electronic systems such as
smartphones, laptops, desktops, or tablets. The entire
banking activity is performed online and is electronically
exchanged without human intervention and therefore the
misuse of information is completely ruled out. This facility
also offers financial empowerment. Customers can
explore various facilities offered by the bank and read
them in detailto take advantage of the one that fits them.
Net banking offers stepwise information enabling
informed decision-making for investments and savings
alike.