Net Banking – Benefits, Drawbacks & Features

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Net banking

Net banking is a simple, quick, and secure process to access your banking services through online mode without the need for visiting any financial institution. For instance, suppose you hold a PNB bank account or Bank of Maharashtra account, then you do not require visiting as per the PNB bank timings or Bank of Maharashtra timings, respectively to perform your financial transactions physically. You can simply conduct any of your banking-linked transactions by using the respective net banking or mobile banking. 

Note that, there are many banks that have taken up digitalization and now provide online banking solutions, which permit you to finish all your banking-linked transactions from the convenience and comfort of your office or home. With online banking, as mentioned above, there are zero requirements to visit the financial institution in person, saving a lot of effort and time from your end. Net banking provides a wide range of benefits and features, involving the potential to manage your bank accounts, pay bills, transfer funds and much more, all through electronic devices. 

Here in this blog mentioned is a comprehensive overview of internet banking involving its benefits, features, and services. 

What’s internet banking?

Internet banking is the service provided by financial institutions that permit you as a customer to access distinct banking services and conduct financial transactions through online mode. Using your internet banking, you can conduct a wide range of financial and banking activities including creating recurring deposits and fixed deposits, money transfers and tracking of your transactions without the requirement of visiting the physical branch. This is the same as mentioned above i.e., if you hold a Bank of Maharashtra bank account, then you do not require visiting as per Bank of Maharashtra timings to perform any financial or non-financial activity. You can simply perform the activity by signing into your Bank of Maharashtra net banking. 

So, if you hold an active bank account, then by using your net banking, you can conduct banking services with ease. 

What are the crucial features of using internet banking?

Listed here are some of the important features of using internet banking – 

  • Net banking permits convenient and easy access to a wide range of banking services. 
  • You can simply check out your account transactions and balances simply. 
  • Online bill payments as well as fund transfers are efficient and simple. 
  • Net banking offers a secure environment for making your banking transactions. 
  • You hold a login ID as well as a password, which are unique using which you can log in to your bank account. 
  • Net banking allows you as a customer to place an application for insurance or loan through the online mode. 
  • You can simply manage your credit card and debit card as well as update your addresses via the net banking services. 
  • It is simple to block your card or update your addresses using your internet banking service. 

What are the benefits of using an internet banking account?

Mentioned here are the advantages of using an internet banking account that make it a must-choice for you to get banking services through the online mode – 

  • Internet banking is available 24X7
  • It permits simple fund transfer
  • It provides the convenience and comfort of performing banking transactions with ease
  • You can simply track your transaction record with just a click on the screen
  • Internet banking is secure and needs a passcode for the access
  • Non-financial transactions or activities like ordering cheque books, obtaining passbooks, and checking your account balance can be performed with ease using internet banking. 

What are the restrictions on using internet banking?

Restrictions of using internet banking are –

  • Internet banking might be challenging for the ones who are new to it. 
  • An internet network is a must to use banking services. 
  • It is crucial to periodically change your login credentials to make sure your bank account’s security and protect your account from any hacker. 

How can you register for internet banking?

If you as a user do not hold access to an internet banking facility, then you must ensure to follow the listed measures to obtain access. 

  • To begin with net banking, visit the bank’s branch, next submit the application for internet banking with the asked documents like an Aadhaar card and bank passbook. 
  • Post submitting the application form as well as your documents, they will be verified and your customer ID, as well as a passcode to log in to your internet banking, will be created by the financial institution. 
  • Once the financial institution has created your internet banking login credentials, the institution will hand you the same in the form of a document. 

Remember – 

  • If you do not want to visit the financial institution’s branch physically for the form, then you can download the net banking application form by visiting the institution’s official website. 

How can you register for internet banking through online mode?

Mentioned here are the crucial measures you must follow to register for internet banking through the online mode – 

  • Visit the financial institution’s official net banking site. 
  • Hit on the sign-in button or the link “new user or register here”. 
  • If you already hold the internet banking information, input them and sign in. If you are not a registered member yet, fill out the self-registration form. Here, in this form, you may require filling out your account number, CIF number, registered mobile number, debit card details and other important information. 
  • For online verification, input the OTP that was received on your registered mobile number. 
  • Use your temporary customer credentials i.e., your customer ID and passcode to sign in to your internet banking. 
  • Once signed in, you must form a new secure passcode and customer ID for future use. 

Ending note – 

Net banking is a simple and convenient mode to access your bank account through the online route and conduct your distinct banking transactions, without the requirement for visiting the bank branch physically. However, it is a must for you to note that net banking can be accessed using the internet only and it is recommended to periodically change your password to safeguard your bank account from cybercrimes.