Advantages of Internet Banking

Internet banking provides wide range of advantages for customers as well as banks. With easy accessibility to the internet, the reach of internet banking has extended to even remote villages of India. Nowadays, many bank customers are increasingly availing net banking facilities. Internet Banking is all set to bring revolution in Indian banking industry and it has changed the way people do financial transactions in India. Life has become much easier and stress free with net banking at hand.

Advantages of Internet Banking Some of the benefits offered by Internet Banking are as follows:

(1) Easy to use: Internet Banking facility is extremely easy to use. You just need to be know, how to use internet for opening the bank site and login to your online bank account. You can also get the netbanking facility activated easily by submitting a simple form along with your photo and signature for verification. To access your account, you need to remember your username and password. It is easy to do all the transactions with detailed steps and instructions available over the internet.

(2) Cost Effective: Internet banking is very cost effective for not only the customers but also for the banks. Banks need to maintain few buildings and employ less staff as there is very less involvement by salaried employees. It greatly reduces the working load of bank and savings made by the bank allow them to provide lower lending rates, low service charges and higher interest rates on savings accounts.

(3) Bill payment services: Now you need not worry about pending electricity bills, telephone bills, DTH bills, etc. You can pay them by sitting comfortably in your home with few clicks on your PC. Moreover, to encourage customers to do online banking, more customers are being offered free bill paying services.

(4)Check the services and facilities online: Internet Banking allows you to visit the entire bank website and comfortably read all the services and facilities offered by your bank. You can even compare the best deals offered by various banks easily. You can also check various details such as interest rates on savings and checking account, credit card interest rates, loan terms and the bank rating with the FDIC.

(5) Easy monitoring: You can easily monitor your account balance by logging into bank site anytime and anywhere. Thus, you can never face issue of bounce check. It is very easy to track your balance every day and see if your payment is received or check is cleared.

(6) Easy to reconcile account: Internet banking allows you to manage your account balance easily using your monthly statements. You can download your bank account information into Microsoft Money to easily reconcile your account. with just a few mouse clicks. The online data capture makes it easier to track the movement of money.

(7) Catch unauthorised usage: As you can access your account anytime and track your balance, you can easily point out any fraudulent activity related to your account. You can see all the transactions that happened to your account and you can pick if you have not done it. If it happens you can make the correction immediately, change your password or trace the origin where the transaction happened.

(8) Anytime andAnywhere Banking: Internet banking gives you the freedom of banking from bank working hours. Now you can enjoy anytime and anywhere banking transactions. It not only saves your time but also keeps you away from stress.

(9) Get best deals: Internet Banking offers best deals on various banking products and services such as Credit cards with low rates, impressive rates on Savings, rebates on ATM surcharges, etc.