​Don’t Know What’s Net Banking? Read Here to Know

In India, the banking industry plays aggressively an important part in the development of our country. Over time, the banking industry has taken up distinct banking methods and even diversified to make our financial lives stable, simple, and easy. From the system of age-old barter to the nationalism of the commercial banks to the liberalization of our country’s economy around 1991, there are extraordinary changes that ​has​ occurred in this banking industry. All this is possible owing to the introduction of the internet and the development of this asset, which encouraged banking to explore the online vertical and take the route of net banking to enhance the consumer base and provide more financial products and services. Yes, you read it right, net banking, banks came up with net banking and mobile banking services, which focused on making banking simple, easy, and friendly. This specific development allowed you to eliminate the need to visit the bank branch on a regular basis for bank transfers and other banking-related work. Still not clear?

Suppose you hold an HDFC account and an Axis bank account and from both accounts, you want to transfer funds to some other account. Now, if you belonged to the era of the 1990s, then you would have visited HDFC bank during the HDFC bank timings and Axis bank during the Axis bank timings to make the transaction. However, as you do not belong to that era, you have access to the net banking service and hence you do not require visiting the bank physically. Just by opening your HDFC net banking account, you can conduct the money transfer instantly. And the same is true for the Axis bank accounts too ie, with the Axis net banking account, you can easily transfer the fund with a single click on your phone or desktop.

Read on here to know in detail about the benefits linked with net banking.

What’s net banking?

Net banking, even called internet banking, is nothing but an electronic route to access different non-financial and financial services provided by the banks in our country. With this route, you as a customer can conduct different banking transactions through the online route using the desktop or mobile phone, irrespective of the location and time. The major purpose of online banking or net banking system is to reduce the requirement to approach the bank physically for meager banking or non-banking transactions like transferring funds, opening a recurring deposit, or fixed deposit, placing a request for check book, passbook, debit card or credit card, etc.

You as a customer with an active account must ensure to register with the internet banking service to begin using this system through your customer identity detail and passcode.

What are the important features of using internet banking?

Read on here to know some of the important features of using net banking or online banking in India –

• Instant, hassle-free and easy access to different banking services.
• Simple and easy to check the balance in the account. Also, checking your transaction history or payment history is simple by using internet banking.
• Simple to transfer funds using any of the banking modes like NEFT, IMPS or RTGS. Now you also get the facility of UPI to make the payment on the go instantly like IMPS.
• Secure accessibility to your account using a different banking ID as well as a passcode.
• Ease of making bill payments, upgrading your credit card and debit card, submitting loan requests of your choice, avail pre-approved loan offers, etc.

What are the benefits of using an internet banking facility?

• All-time availability of the banking services

Now with internet banking, it is simpler for you as an account holder to get banking services round the clock at any time of the day from any location. You do not need to wait in long queues at your bank premises for conducting the money transfer or to avail any other banking services of your requirement. For example, now you do not require visiting your Axis bank during the Axis bank timings to transfer your fund from your account to another individual’s account. You can do this instantly by using your Axis net banking app. For this, open your Axis net banking app, search for the appropriate transfer option and once you get this option, select it. Write in the required details of the beneficiary whom you want to transfer, and select the transfer mode, whether RTGS, IMPS or NEFT. Once done, hit on transfer. Your amount will be deducted instantly from your account once you hit on the transfer option. So, you see, to make the transfer now you do not require visiting as per Axis bank timings to the bank, you can conduct the payment at any time in your free time. The same is true not just for Axis bank but for all other banks in India.

Additional convenience

Standing in long queues in the bank branch to get banking services is something which was acceptable in the past. Now through your net banking, you can instantly transfer your funds and simultaneously concentrate on your important work without the requirement of leaving it behind to visit the bank to make the fund transfer.

Saves adequate time

The next vital advantages of net banking are it assists you to save plenty of time. You can conduct transactions instantly through net banking without the requirement of visiting the bank branch physically. This specific act saves a lot of your precious time.

Tracking service request

Just like you receive an acknowledgment receipt on conducting banking transactions or making use of any of its services offline, you can even check all your transaction history as well as your status for your service request online through the net banking application. Note that all your crucial information linked with transactions and your available and used services are recorded in the net banking facility.

So why wait? If you are not using this service, enroll for it today to make the most out of the net banking facility.

Interesting Related Article: “4 Reasons Digital Lending Is Future Of The Banking”