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All you need to know about online banking

Personal Finance Know More 23-11-2022 | 5 mins read

Net banking or web banking are the other names used for online banking. With the help of this, your transactions can be done using the internet. You would not have to come up to the bank. Web banking provides all the facilities that your local banks physically offer, like paying bills and transferring and depositing money. Every bank has a net banking site that has various facilities to offer. You can access that via your mobile phone or computer. Your only requirement will be an internet connection.

What is Net/Internet/Online Banking? 

Net banking is a facility that allows you to perform banking tasks while sitting at your home or office. These services differ from bank to bank. Not everyone provides the same facilities. However, every bank’s primary facility is quick payment, i.e., paying your bills and transferring money. Some banks also offer ATM cards and the opening of bank accounts through their portal. You can also order a new check, change your address if required, or stop the check’s payment. Banks these days also allow the payment of bills through their online portal.

How do Net/Internet/Online Banking work? 

  • Account opening: You can open current, savings, salary, and various other types of accounts with the help of net banking. You only need to spare a few minutes from your busy schedule. To open an account, you will need a few things at the very least. Like an internet connection, a mobile phone, and your bank account number. To verify your identity, you will need personal information. Once you get started, you can make quick pay, transfer money, etc. For opening a fresh account in a bank with whom you do not have a previous relationship, you will require all the things mentioned above except the bank account number. And you will be asked for an additional ID for your verification.
  • Payment of Bills: You have used the old way of paying bills, where you must write a check to make payments. But with the help of online banking, you can do this simply by using your bank’s portal.
  • Fund Transferring: If you need to transfer money from one account to another, you can carry out an intra-transfer with the help of net banking. Also, you can transfer funds to friends and family in no time. Just link your account with the bank.
  • Loan Application: As you might know, taking a loan is a long process with tonnes of paperwork. However, it does not always need to be that way. With web banking, this process has become much quicker. You get to fill out the application online. That allows your bank to respond much faster. Certain financial services also provide the facility of making the amount available to you the very day the loan gets approved. You need to fulfil all the criteria for applying for a loan. You can now apply for any loan you desire, like a home loanrenovation loan, business loan, etc.
  • Online Banking: If you have a smartphone, it is easy to check deposits if someone pays you. All you need to do is click a picture of the check using your bank’s mobile app. You can then submit it for payment. This way, you can enable quick payment and do not need to mail the check to the bank.
  • Keeping tabs on transactions: Almost all banks allow you to check your transaction history. You can view the balance there in your account, along with the last payment you made. It also lets you review the statements from the previous month. You can do this all with the help of online banking.
  • Being updated about all the information: Another great benefit of internet banking is that you can turn on alerts. If your bank notices any action in your account, it will send you a notification. In this manner, you can be alarmed if any fraud happens. Online banking also helps you get a notification if your account balance reaches a certain level. This will help to save you from embarrassment when you are about to make a payment somewhere and find out that you do not have enough funds. You can be aware.

Why should you consider online banking over the old-school method?

If you decide to opt for online banking, you are choosing convenience. A normal bank has off days and has working hours beyond which it will not entertain you. However, with the help of net banking, you can avail of this service 24*7. You can decide to open or even close your accounts. That can be done in a few simple steps. Money can be transferred in no time to your friends and family. This is something you can do wherever and whenever you want or need it. If you need to pay bills, do not worry, as you can make quick payments with the help of your bank’s portal. This also lets you keep tabs on what is happening to your account. You can take the necessary actions.

Conclusion 

Finally, to conclude, you can choose to go for online banking over your normal bank because it has a lot of benefits to offer. In today’s time, everyone is busy. So, taking time to go to the bank seems like a nightmare; hence, to make your life a little easier, banks offer you net banking that lets you make quick payments, transfer funds at ease, and much more. You can read more blogs like this on the website of the financial expert, Piramal Finance. Learn more about smart business and personal loan solutions with us.

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