ebanking

E-Banking (Electronic Banking)


Electronic banking also known as e- banking, virtual banking, online banking, or internet banking. Through e-banking, a customer can access his account and conduct many transactions like funds transfer, payment of bills, opening bank accounts online etc. using his computer or mobile phone.

There are mainly two methods to deliver e-banking to the customers:

1.Banks with physical presence offering electronic transaction : Most of the banks have a physical presence and offer banking facility online.

2. Virtual banks offering transaction services: There are some banks that don’t have any physical presence anywhere. Such type of banks called virtual banks.

Features of e-Banking:

ATM

Full form of ATM is Automated Teller Machines. ATM machines are electronic terminals. These machines provide the customers to bank anytime. ATM is designed to perform the most important functions of the bank. It is operated by a plastic card (ATM card) with its special features.

Working of ATM

The ATM machines take inputs from the ATM card that the banks provide to its customers. To make use of ATM, the user must have a password. When customer needed money, they go to the nearby ATM machine, insert their ATM card, and take the required amount. 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.

Point-of-Sale Transfer Terminals

Under e-banking, this service allows customers to pay for purchase through a debit/credit card instantly.  

Deposit and Withdraws (Direct)

Under e-banking, this service allows the customer to regularly approve paychecks in the account. The customer can make any type of installment, insurance payment, and multiple payments to the bank to pay his bills.  


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