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Friday, 22 December 2017

What is Net Banking?? It's Advantages, Disadvantages and Uses

What Is Net Banking? It's Advantages, Disadvantages and Uses

In this article you will come to know about Net Banking, it's Advantages, Disadvantages etc.

Net Banking allows for customers of financial institutions to perform transactions online through a website interface. If you have an account in any bank then you want to know what is Net Banking? First introduced in 1994 by Stanford Federal Credit Union in 1994, Net Banking is now available across the spectrum of the financial industry, from traditional institutions to banks that exist only online.

Net Banking

Net Banking is a facility i.e., given by a bank to it's customers through which the customers can access to the details of it's account with the help of internet from any where in the world. Net banking is changing the ways that people interact with financial institutions by enabling transactions to be performed through personal computers and mobile devices. This access allows customers to be in virtual contact with their banks on a regular basis, while minimizing the time spent in a physical location. For example, smart-phone apps allow customers to make deposits by taking pictures of the front and back of checks, which eliminates the need to go to a brick and mortar location. Online banking also enables paperless bill paying, record keeping and money transfers between accounts. Net banking is very helpful to the people who can't go the bank for their busy schedule and the people having very important work in bank but they can't go to the bank because of their residence is far away from the area where the bank is located in this situation Net Banking is very useful and helpful. Every bank creates their own Websites and Mobile Apps (Application) in Net Banking and provides services to their customers. Net Banking is also known as Online Banking, Web Banking, Mobile Banking, E-Banking etc. but all of them have the same function's providing Banking facility through internet to their customers.
Main feature of Internet Banking is that you deposit or transfer money online only. Even you pay bills or pay fees online. Therefore you do almost all things sitting at home or office. Transferring money from one account to another account is also easy with the help of Net Banking.

Benefits Or Advantages of Net Banking
  1. Net Banking provides services same as bank. With the help of Net Banking we can apply online Passbook, Credit Card, Debit Card, Check Book etc. without visiting bank and it does not take more time.
  2. With the help of Net Banking we can transfer money immediately to another account and to our friends, relatives and to anyone.
  3. Net Banking provides Account information like Account details, Account statement etc.
  4. Net Banking helps at the time of Online Shopping for payment and it also helps to Mobile Recharge, DTH Recharge etc.
  5. Net Banking also provides the facility of opening an Account like FD (Fixed Deposit), RD (Recurring Deposit) etc. and good thing is that at the time of money depositing there is no need to go bank because Net Banking provides us Auto Cut Payment facility through which automatically balance cut from our Account and deposit in this Account.
  6. Transaction costs are very less or even other costs decrease.

Disadvantages on Net Banking?

Some of the disadvantages of Net Banking depend on whether the institution has brick and mortar locations or is online only. For banks that have only a virtual presence, disadvantages include the absence of face-to-face conversations for customer service issues or special situations such as applying for business loans. Example of this type of disadvantage would be a situation that requires the customer to provide documentation, such as when overdraft fees are being contested. Instead of being able to walk in a bank branch and present paperwork in person, the customer would need to print out the documents and either fax or scan and email them.

Precautions of Net Banking, At the time of using Net Banking we should remember the following things
  • Never use Net Banking in Public Places like Cyber Cafe because there is chances to leak the details of your Account.
  • Always use Net Banking  alone and do not share your password with anyone and always keep your password hide.
  • Always keep a unique password in which both number and alphabet are there. If you have this type of password then your is will be totally safe.
  • Always keep in mind through which device you use Net Banking that device must  installed a good anti-virus that is why because of virus and malware your Account do not get hacked.
  • After using Net Banking logout your Account because many of the people after getting their work done Computer or Mobile closed directly. 
Which Bank's Provides Net Banking?

  • State Bank Of India
  • Central Bank of India
  • ICICI Bank
  • Punjab National Bank
  • Axis Bank
  • Union Bank
  • HDFC Bank
  • Bank of Baroda
  • Canara Bank
  • United Bank Of India
  • Bandhan Bank
There are many bank's which also provides Net Banking facilities at free of cost. If you have an Account with any bank and still you did't use Net Banking then use it without investing your time and enjoy it's facilities.

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