Net Banking

FEATURES OF NET BANKING
1. Check Account Balances & Statements

You can log into the internet banking account to check your account balance at any
time. You can check for recent transactions or download statements from years ago.
2. 24x7 Fund Transfer
You can transfer money within the same or different banks through internet banking
via facilities like RTGS, IMPS, NEFT, and UPI. You can also initiate overseas fund
transfers.
3. Bill Payments & Recharge
You can pay various utility bills like electricity, landline, gas, property tax, etc., and
set up standing instructions for automatic payments. You may also recharge your
DTH and mobile phone connection, pay credit card bills and loan EMIs conveniently.
4. Order Cheque Books & Cards
Another feature of internet banking is the provision to place orders for new cheque
books and bank cards. You can apply for primary and add-on debit cards and credit
cards online and get swift delivery.
5. Open deposit accounts
Banks also allow you to open fixed and recurring deposits through the internet
banking platform. You can choose your preferred type of term deposit and tenure,
and earn higher interest rates than those provided on your savings account.
6. Apply for Loans
You can apply for personal loans, home loans, and auto loans through the net
banking portal. You can also access all the necessary information about the loan
before sending your loan application.
7. Make Investments
Whether you wish to invest in mutual funds, bonds, shares, or other market
products, you can do so through internet banking. You can also link your bank
account to your investment accounts for instant credit and debit of funds.
8. Security
Banks take various measures to ensure you enjoy a secure internet banking
experience. Security features of internet banking systems include multi-factor
authentication, virtual keyboard, spending limits and session timeouts. You also
receive SMA and email alerts when you log into the internet banking platform to
ensure your account is secured from fraudulent activities.
9. File Tax Returns
Some banks also allow you to file your income tax returns on their internet banking
platform. All you need to do is log in, select the income tax e-filing option and file
your taxes.
Advantages of Internet Banking
The advantages of internet banking are as follows:

1. Availability: You can avail the banking services round the clock throughout the year.
Most of the services offered are not time-restricted; you can check your account
balance at any time and transfer funds without having to wait for the bank to open.
2. Easy to Operate: Using the services offered by online banking is simple and easy.
Many find transacting online a lot easier than visiting the branch for the same.
3. Convenience: You need not leave your chores behind and go stand in a queue at the
bank branch. You can complete your transactions from wherever you are. Pay utility
bills, recurring deposit account instalments, and others using online banking.
4. Time Efficient: You can complete any transaction in a matter of a few minutes via
internet banking. Funds can be transferred to any account within the country or
open a fixed deposit account within no time on netbanking.
5. Activity Tracking: When you make a transaction at the bank branch, you will receive
an acknowledgement receipt. There are possibilities of you losing it. In contrast, all
the transactions you perform on a bank’s internet banking portal will be recorded.
You can show this as proof of the transaction if need be. Details such as the payee’s
name, bank account number, the amount paid, the date and time of payment, and
remarks if any will be recorded as well.
Disadvantages of Online Banking
1. No Actual Branches
The workers at your local branch may be spoken with directly when you use a traditional
bank. If and when you require extra financial services, such as a loan, or when you must
modify your banking arrangements, that can be a benefit. In addition, many conventional
banks offer current clients special deals on credit cards, vehicle loans, and mortgages. With
an online bank, you'll probably have less access to in-person assistance and fewer chances
to form those interpersonal bonds.
2. Tech-Related Service Disruptions
We are dependent on the reliability and effectiveness of the system whenever we utilise
computers or an internet connection. If your internet service is delayed or unavailable for a
while, it will obviously limit your ability to access accounts online. Similarly, you won't be
able to access your banking information over the internet or a mobile device if the bank's
servers crash or become momentarily inaccessible as a result of planned site maintenance.
3. Concerns about Identity Theft and Security
In general, internet banking platforms and mobile applications should be secure because
banks frequently install new security measures. However, either system is completely safe,
and hacked accounts can result in identity theft due to stolen login credentials. Therefore,
even if you may generally use mobile or online banking with confidence, be cautious to
avoid using insecure networks, change passwords frequently, and safeguard your login
information.
 Internet Fraud
You could become a victim of internet fraud if you do not comply with the security
measures prescribed by the bank, such as not setting strong passwords, sharing
passwords, or not logging out from your internet banking account.
4. Deposit Restrictions
Individuals, particularly enterprises, may find it challenging to make significant online

deposits due to daily or monthly mobile deposit restrictions. Once you've spent your
allotted amount, you'll need to make the trip to a bank to make a deposit. Additionally, not
all check types can be read by computer scanning software with ease. For instance,
handwritten company checks with a black line on the back to create a carbon copy in an
account register would not be accepted by the internet deposit system, necessitating an on-
site deposit.
5. Faster is Not Always More Convenient
Even while it can just take a few seconds to deposit a check using a bank's mobile app, you
still have to wait before your money is available. Online banking is convenient in that it
saves time on travel and line waiting at branches, but depending on the amount placed, it
might take up to three business days for all deposits to be reviewed and monies to be made
available for access.
6. No Relationship with a Personal Banker
You might be able to take care of your everyday banking requirements on your own for the
most part. However, it could be more challenging to address concerns if you don't have
personal contact with a banker when problems emerge. While customer service
departments are available on online banking sites, you frequently have to navigate a phone
tree and wait on hold before interacting with someone who is unfamiliar with your
requirements or financial history. Local banker, on the other hand, is driven to help their
clients and develop their personal ties.
7. Limited Services Scope
Even while you may do quite a bit with a banking account, including such make payments,
checking balances, and making payments, there are many limits on the types of facilities you
may access. You might be able to submit an initial application for a new account, a loan, or a
mortgage online, but you will often need to go to a branch to sign documents and provide
identification. Similarly to this, even if you may transfer funds to a checking account or debit
card to make purchases, you'll need to go to a branch office or an ATM close by if you need
cash.
8. Possibility of Overspending
Some people could exceed their checking account limitations as a result of being able to
check account balances on the spur of the moment. The account balance might not
accurately reflect your true available funds unless you carefully review your chequebook or
a list of debit transactions that were not cleared. If you don't keep a close eye on all of your
transactions, overdrafts and fees may happen.

Net Banking

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FEATURES OF NET BANKING

1. Check Account Balances & Statements

Advantages of Internet Banking

The advantages of internet banking are as follows:

Disadvantages of Online Banking

2. Tech-Related Service Disruptions

3. Concerns about Identity Theft and Security

Individuals, particularly enterprises, may find it challenging to make significant online

5. Faster is Not Always More Convenient

6. No Relationship with a Personal Banker

7. Limited Services Scope

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