The internet has redefined the entire ecosystem of India’s banking sector. Post-demonetization period, we are more geared toward net banking which gives larger amount of flexibility. No wonder, the bank training academies in Delhi have included this module in their syllabus to give vivid idea of what Internet banking is culminating to in the country. Most banks now have moves many strides as they offer not just the facility to banking but also the features like opening an FD, paying taxes, recharging mobile, ordering cheque book etc. Since it is pretty much a new concept for many of the students pursuing the banking courses in Delhi after graduation as to what net banking is, let us get them in details.
What is Net Banking?
Net Banking, also known as online banking, is an electronic payment system. It allows you to conduct many of the common banking activities through the internet at the comfort of your home and workplace. 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 use a selection of financial services offered by your bank online. This relieves you from the time of visiting the bank thereby reducing your woes of spending long hours in the queue.
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 24×7
- 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.
Since the banking landscape in the country has gone through exponential change over the years especially in the past four years, it is all but necessary to acquaint with the banking sector with assk academy of business management to be industry ready.