This article focuses on Internet banking or Online banking. Today, I am going to share the following information about internet banking:
- Internet banking definition
- What is internet banking?
- Facilities provided through internet banking
- Advantages of Internet banking
- Disadvantages of Internet banking
- How to avail internet banking?
- Some safety tips for a safe online/internet banking
- How banking industry service offers you information easily?
- How will you do the secure transaction through internet banking?
internet banking has started in the last few years and has been developed, but the banking system has begun long ago and the period of internet banking is not as old as. Still, The people who have the facilities provided by banks Can not take full advantage of the services why are they not aware of this or lack of information. internet banking. Internet banking is also called online banking or net banking.
Some people do not consider internet banking as a safe medium for the banking system, but this is not true. In fact, Internet banking is a safe and fast way for banking and a lot of features. If you have basic information about internet usage. Even then you can take advantage of the convenience of sitting in your house. internet banking
Internet banking definition: net banking
Banking is possible from anywhere in the house or on the go through the Internet. It is not necessary to go to the branch of the bank and it is possible to get rid of the long line of banks. It is easy to check the balance and transfer funds through the internet. We can transfer money through NEFT, RTGS, and IMPS has become easy.
What is internet banking?
An institution that lets people store, withdraw or deposit money at one place called bank. moreover, it also helps individual to transfer money to linked accounts of that individual or to the third party. A bank also provides us with financial loans for house, Startup businesses, buying properties, for education and various other processes or activities that may require money. Adding to it, it let us pay or withdraw money anywhere without cash through ATM card, Debit Card, Credit card, etc.
performing any, few or all the activities listed above is called banking. Controlling all these activities by means of our smartphone, laptop or Computer online is called internet baking.
In order to conclude the term internet banking, we may say that internet banking is an online method of banking which allows us to perform our banking activities digitally by use of laptops, computers or smartphones.internet banking eradicates the need to go to the bank.
Facilities provided through internet banking:
Today people are aware of online banking but a very few know about the actual use and benefits of internet banking, their thoughts about online banking are limited to online recharges and online shopping but online banking had vast advantages and benefits of its own and there are plenty of services available internet banking of different banks.
Let me tell you about something about it:
- Internet Banking allows us to check our account statement and account balance.
- Internet banking let us order credit card, Debit Card and ATM card online at our fingertips, otherwise which makes it tiresome process without online banking.
- Internet banking allows us to link our Aadhar card and PAN card to our bank account from home.
- moreover, internet banking also lets us Generate ATM Pin or change ATM Pin Number from our device itself without actually going to the bank.
- We can create Virtual Credit Card, pay taxes and EMIs at just one click from our home.
How to avail of internet banking?: Advantages of Internet banking
1) Internet banking is the most convenient way of banking as we can have access to our account anywhere, anytime during 24/7, Seven Days a week and 365 days a year. This is the major advantage of internet banking over traditional banking as the bank may be closed during bank holidays. Thus this advantage of internet banking makes it faster, easier and more efficient.
2)Easy money or fund Transfers: Online banking lets us send and receive money just by one click through our fingertips. Thus this makes payments cashless and more convenient.
3) Easy user interface: Online accounts are easy to create and use. we can create an online banking account by means of using our traditional bank information. you may also seek expert’s help online while using online banking services of the bank.
4) Last but not least, online banking is eco-friendly. as electronic transmission uses no paper. moreover, it does also save your transportation cost and eventually, no use of vehicle also helps in reducing the pollution level.
Thus not only to humans but also internet banking is beneficial to nature and the environment.
Some key advantages of internet banking:
- We see the balance of the bank account through Net Banking and no charge like the Debit Card on it.
- We can apply for a Credit Card through Net Banking.
- We can also pay tax by Net Banking.
- We can pay all the Bill through net banking. eg: Electricity, Mobile Recharge without any extra charge.
- We can also apply for New Debit Card, Check Book through the internet banking
- We can transfer money through NEFT, RTGS, and IMPS.
- Even in RD Account, we can deposit daily or monthly money through internet banking and can also do FD Fixed Deposit.
- you can get your account details every second and at the same time of transaction through internet banking.
- You do not need to stand in line or wait in the Bank branch..
Internet banking Disadvantages:
1)Making deposits can be a slower process. there may be chances when you will have to mail your check or use ATM.
2)You can meet or talk face-to-face with the bank manager. hence taking loans may become difficult even if you are not able to match one or few requirements of taking a loan. on another hand, this would become easier as you can discuss and talk about your to manager’s face to face.
3) The most severe drawback if internet banking is security, though all the bank has sophisticated and high-end encryption software designed in order to protect their customer from threats of internet banking and to also protect account information.
4) There are certain services which are not offered by online banking services such as insurance services and brokerage accounts that traditional bank provides.
Some key disadvantages of internet banking:
- The Internet is not free
- Exploitation and pornography and violent images
- Identity theft, hacking, viruses, and cheating
- Spam emails and Advertisements
- Internet Addiction & Health Effects
Some safety tips for a safe online/internet banking:
1) Download the mobile application from your Device’s official App store. In case you are an Android user download your bank’s Application from the official google play store or if you are an Apple/IOS user download your bank’s application form the app store. make sure you only download the official the application of the bank.
2) Always be careful from mobile phishing scams and website phishing scams. mobile phishing is similar to email phishing if you receive a text from the bank or a link asking you to enter your PIN and other personal or sensitive information about you, do not respond to it and also do not click on any link provided along with text message or email you receive.
3) Always be Careful about your device’s security and the accounts that lie inside it. to do so you need to set a very strong password in your computer, laptop, or smartphone device
Here are some tips to create the strong password which will minimize the chances of cracking of password by the hacker.
- Always use at least 8 characters of the password
- Make sure to put both combination of upper case and lower case letter in your password.
- Add symbols like @, #, & etc. in your password.
- You may also add numbers to your password
- Keep changing your password regularly.
- Keep unique passwords for different sites and devices.
The most efficient way of getting saved from online theft is by creating two step, two factor, or dual factor authentication.
4) Do not use public wifi. instead, use your personal wifi or internet provided by your cellular network. if public wifi doesn’t have WPA or WPA2 password, they are not safe.
5) Do not write your login information anywhere:
- There are chances someone else might write them on your absence and may access your account. thus try to memorize your login and password details.
- There are still chances that you might be not safe even after you use every possible protection or safety measures.
- If you ever become the victim of data breach the compromised company will tell write you and tell about your data that has been breached.
- When your bank account gets leaked or hacked, close that account and request a new one or you may even switch your bank.
- If your debit card gets stolen or hacked. create/request a new debit card from your bank.
Banking industry service offers you information easily:
- View Account Balance and Statement
- Transfer funds between accounts
- Deposit online term
- Request for Demand Draft
- spending bill
- Order a checkbook
- Request to stop payment on a check
I am going to tell you some tips that you can use to easily and securely transaction through internet banking
- Never share your account ID and password with anyone
- You should never use an account through internet banking in a Public Computer or Cyber Cafe
- Do not buy and pay online with no HTTPS (secure) website
- You do not leave the account open in the mobile or laptop
- Fill out the correct information of that bill before paying the bill
- Never retain the password of your account like your name, child’s name, Mobile no etc.
- Fill out the correct account information before sending money to someone’s account
- We keep taking into account details in every 7 days. So that you know when and where money was transacted in your account.