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HOW TO USE INTERNET BANKING?

June 06, 2020
 Internet banking is the system that provides the facility to the customer to conduct the financial and non-financial transactions from his net banking account. The user can transfer funds from his account to other accounts of the same bank/different bank using a website or an online application. The customer uses a resource and a medium to conduct financial transactions. The resource that a customer uses might be an electronic device like a computer, a laptop, or a mobile phone. The internet is the medium that makes the technology possible.
The facility of internet banking is provided through banks and the customer must be an account holder with any bank to get the facility available for him/her.

Features of Internet Banking

The customer using this facility can conduct transactional and non-transactional tasks including:
  • The customer can view account statements.
  • The customer can check the history of the transactions for a given period by the concerned bank.
  • Bank, statements, various types of forms, applications can be downloaded.
  • The customer can transfer funds, pay any kind of bill, recharge mobiles, DTH connections, etc.
  • The customer can buy and sell on e-commerce platforms.
  • The customer can invest and conduct trade.
  • The customer can book transport, travel packages, and medical packages.
The list of benefits a user can enjoy using internet banking is too lengthy, to sum up.

Advantages of Internet Banking

  • The customers get permanent access to his/her bank anytime and anywhere.
  • Transactions are safe and highly secure.
  • Immediate funds transfer helps the user in time of urgent need.
  • It saves valuable time of the users.

Security of Internet Banking

The financial information of a customer is important. This is the reason a customer trusts financial institutions. The financial institutions keep it on a high priority that the security of customers’ accounts shouldn’t face a breach. The financial institutions are using two types of security methods to make internet banking safe and secure:
  • Use of PIN/TANs –Under this system, a PIN is used to login and TANs are used to conduct transactions. TANs are one time passwords. TAN is sent to the customer via SMS on registered mobile number that corresponds with the login user id. It is valid for a short time frame.
Internet banking is conducted using web browsers with SSL enabled websites, so encryption is not an important issue. It also uses signature verification as a base. Under this method, the transactions done by the customer are signed and encrypted digitally. The smart cards or any other memory storable medium can be used to store keys for signature generation and encryption.
e Banking

What is e-Banking?

The facility of e-banking provided by the banks to their customers uses the internet as a medium. The services under this facility include funds transfer, payment of bills, opening bank accounts online, and much more.
There are mainly two methods to deliver e-banking to the customers:
  1. Banks with physical presence offering electronic transaction
  2. Virtual banks offering transaction services
Most of the banks have a physical presence and offer banking facility online. But, there are some banks that don’t have any physical presence anywhere. They are virtual banks.

Features of e-Banking

ATMs – ATM is shot form of Automated Teller Machines. These machines are actually electronic terminals which provide the customers to bank anytime. The ATM machines take inputs from the ATM that the banks provide to its customers. To make use of ATM, the user must have a password. Banks charge a nominal fee from the customers on every transaction made after crossing the specified limit of free transactions, if the transaction is done from any other bank’s ATM machine.
Deposit and Withdraws (Direct) –This service under e-banking offers the customer a facility to approve paycheques regularly to the account. The customer can give the bank an authority to deduct funds from his/her account to pay bills, instalments of any kind, insurance payments, and many more.
Pay by Phone Systems – This service allows the customer to contact his/her bank to request them for any bill payment or to transfer funds to some other account.
Point-of-Sale Transfer Terminals – This service allows customers to pay for purchase through a debit/credit card instantly.

Forms of e-Banking

  • Internet Banking – The customer uses electronic devices like computer or mobile to conduct transactions using the internet.
  • ATM machines – The customers can withdraw cash, deposit cash, transfer funds using ATMs.
  • E-cheque – The customer can transfer money using PayPal or other e-service providers.

Internet Banking FAQs: –

Do e-Banking products store personal information of the customer?
Yes, the User ID, password and user preferences are stored by online banking products.
How can I access e-Banking?
Any banking customer, who wants to use e-banking service, must fill in the e-Banking registration form and submit it to his/her bank. Once the registration is received, the request is processed. The customer has to wait for a few working days as mentioned according to the concerned bank to receive login credentials. Then only the customer can access e-banking.




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