Internet banking is a system of banking that enables customers to perform various financial transactions on a secure website via the Internet. There are many banks and credit union that operate websites for internet banking. Internet Banking is basically conducted via a personal computer connected to Internet. Apart from it, people can also do financial transactions using Internet banking on their cellular phones or personal digital assistants.
Internet banking offers large number of benefits for people involved in financial transactions. There is no need to visit your bank every time you need to transfer money. You can do so by internet banking from the comfort of your home. With net banking facility, one can not only transfer money, but also pay bills, check bank statements, check account balance, request for check book and various other financial transactions.
Internet banking has become widely popular among the masses because of its wide array of benefits. All banks offer the online banking facility for their customers nowadays. Online banking has made the lives easier for people who are too busy to go to bank for conducting their financial transactions. Net banking offers the flexibility to do financial transaction on any day irrespective of the time. In today’s fast paced life, people are too much stressed out because of their work pressure and net banking offers them peace of mind as they can pay their bills, book their tickets, do online shopping, etc. by relaxing on couch in their home. Best part of net banking is that it is very easy to do any transaction over the net and highly secure website takes care of all your worries.
All one need is a computer, PDA or cell phone with active internet connection to get going with net banking. Before using net banking, one needs to activate net banking facility with his/her bank. Bank provides a unique user ID and password for its customers to login into the bank website for conducting financial transactions using net banking. For any transaction, one should have an active bank account, appropriate bank balance for transactions,bank account number, customer’s user ID, debit/credit card number,and Internet banking PIN number along with access to the internet.
Banks have designed their websites in a very user-friendly manner for net banking facilities. Most of the banking interfaces are easily viewable and instructions are provided at every step so that people can carry out any transaction almost effortlessly. In case, a person gets stuck in any transaction due to internet failure or any other reason, he/she can take assistance from phone banking facility offered by banks. The phone banking feature allows the customers to call the bank’s toll-free number and get required assistance infinishing their transactions. To avail the phone banking facility customers are provided with phone banking PIN along with their ATM PIN and net banking PIN.
When a customer opens an account with a bank, he/she receives a welcome kit from the bank. This kit contains all the important documents including confidential informationrequired by the customer including document with account number, Debit cum ATM card, ATM PIN, customer’s user ID, online banking password, phone banking password, checkbook, etc. Customer should ensure that all the passwords or PIN should be received in a closed envelope failing which he/she should report to the bank immediately. Customer need to complete a form for activating internet banking facility and submit it in person at a bank’s branch. Only once the net banking facility gets activated, customer can login to the website and enter user ID and password to access his account details and conduct financial transactions.
Banks maintain high security regarding the password authentication and encryption. Moreover, banks suggest customers to keep their password secret and change it periodically. The Internet banking facilities varies from bank to bank. One should read the net banking guidelines thoroughly before conducting financial transactions over the internet.