What is meant by net banking? How does it work?

January 23, 2019

What is Internet Banking

Internet Banking is getting more common in India with every passing day. The demonetisation drive in 2016 has played a crucial role in its popularity with the government’s digital push further improving its adaptability. Most banks now not only offer Internet Banking facility, but also have a host of additional features like opening an FD, paying taxes, recharging mobile, ordering cheque book and doing much more.

But if you’ve preferred the older offline banking transactions and have just recently decided to experiment with online banking, it is essential first to understand it. Let us have a look at some of the most important things about Net Banking or Internet Banking.

What is Net Banking?

Net Banking, also known as online banking or Internet Banking, is an electronic payment system. It allows you to conduct many different types of transactions through the internet from the comfort of your home. Be it transferring funds to another bank account or checking the transaction statements, you can do them all and much more with the help of Internet Banking.

How does Internet Banking work?

 

Now that you’ve got a basic idea of what Internet Banking is, the next important question is how does it work? To do financial transactions online, you just need to log into your bank’s website. You only need a personal computer, laptop, or even a mobile phone and an internet connection to log into your online banking account.

Once you have logged in, you can easily use a host of financial services offered by your bank online without the need to personally visit the bank.

Setting up Internet Banking

If you have never used Internet Banking in the past, you’ll first have to set up your Internet Banking account. Most banks nowadays open an online banking account for you when you apply for a new account. However, if you’ve been using your bank account for a long time, you can get in touch with your bank for creating an Internet Banking account for you.

Your bank will provide you with a User ID and Password for your online banking account through e-mail or by post. You can use these credentials to log in to Internet Banking.

Key benefits of Internet Banking:

Apart from the convenience, online banking offers a host of other benefits too:

  • Saves time
  • Allows you to do financial transactions 24x7
  • Complete safety
  • Mobile access

Important tasks made easy with Internet Banking:

You can do a host of financial and non-financial transactions with the help of online banking. Some of the popular things are:

  • Funds transfer
  • Checking account statement
  • Opening Fixed Deposit (FD)
  • Applying for a new cheque book
  • Applying for new Debit Card PIN
  • Paying taxes, utility bills, insurance premium, etc.
  • Applying for loans.

Online Banking: A new way to bank

Now that you know what online banking is and how to do Internet Banking, get in touch with your bank to get yourself an online banking account, if you don’t have one already. The safety, convenience and simplicity of online banking are sure to impress you and make it your preferred mode of managing financial transactions.

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