internet Banking is, also known as online banking or Net Banking. It is the system that provides the facility to the user to conduct the financial and non-financial transactions from his net banking account. It allows you to conduct many different types of transactions through the internet from the comfort of your home. Using Internet Banking, user can transfer funds from his account to other accounts of the same bank or different bank.
Features of Internet Banking
- The user can view account statements.
- Various types of forms, Bank statements can be downloaded.
- The user can transfer funds, pay any kind of bill, recharge mobiles, DTH connections, etc.
- The user can buy and sell on e-commerce platforms.
- The user can also book transport, travel packages, and medical packages.
- The user can also check the history of the transactions for a given period by the concerned bank.
Advantages of Internet Banking
- The customers get permanent access to his/her bank anytime and anywhere.
- An online account is simple to open and easy to operate.
- Transactions are safe and highly secure.
- It is fast and efficient.
- Immediate funds transfer helps the user in time of urgent need.
- It saves valuable time of the users.
Disadvantages of Internet Banking
- Requirement of Internet connection.
- Security of transactions is a major issue.
- Password security is a also a big issue.
- Your banking information may be spread out on several devices, making it more at risk.
- Inconvenient to make deposits.