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Assessing the various features of internet banking
Internet banking or net banking is an online facility that allows you to access your bank account 24x7. Like a traditional brick-and-mortar bank, internet banking lets you transfer funds, book term deposits, apply for bank cards and get account statements. You can register for this facility at the time of opening your bank account and enjoy the following features of internet banking.
Internet banking, also known as net banking, is an online banking facility that allows you to access your bank account 24x7. Like a traditional branch, net banking lets you transfer funds, book term deposits, apply for bank cards, and view account statements. You can register for this facility when you open a bank account and enjoy the convenience and features of online banking anytime
With Internet banking services, you can conduct an array of banking transactions. The prominent ones are as under.
You can log into the internet banking account to check your account balance at any time. You can check for recent transactions or download statements from years ago.
You can transfer money within the same or different banks through internet banking via facilities like RTGS, IMPS, NEFT, and UPI. You can also initiate overseas fund transfers.
You can pay various utility bills like electricity, landline, gas, property tax, etc., and set up standing instructions for automatic payments. You may also recharge your DTH and mobile phone connection, pay credit card bills and loan EMIs conveniently.
Another benefit of net banking is the provision to place orders for new cheque books and bank cards. You can apply for primary and add-on debit cards and credit cards online and get swift delivery.
Banks also allow you to open fixed and recurring deposits through the internet banking platform. You can choose your preferred type of term deposit and tenure, and earn higher interest rates than those provided on your savings account.
You can apply for personal loans, home loans, and auto loans through the net banking portal. You can also access all the necessary information about the loan before sending your loan application.
Whether you wish to invest in mutual funds, bonds, shares, or other market products, you can do so through internet banking. You can also link your bank account to your investment accounts for instant credit and debit of funds.
Banks take various measures to ensure you enjoy a secure internet banking experience. Security features of internet banking systems include multi-factor authentication, virtual keyboard, spending limits and session timeouts. You also receive SMA and email alerts when you log into the internet banking platform to ensure your account is secured from fraudulent activities.
Some banks also allow you to file your income tax returns on their internet banking platform. All you need to do is log in, select the income tax e-filing option and file your taxes.
Internet banking helps in online shopping by enabling direct and secure payments from your bank account. Instead of entering card details, you can use net banking to complete purchases instantly. This adds an extra layer of safety, ensures faster checkouts, and provides real-time confirmation of transactions, making online shopping more convenient.
To use net banking, you need to register and activate the service. Here are the steps:
Step 1: Visit your bank’s website or branch and apply for net banking.
Step 2: The bank will provide you with a user ID and temporary password.
Step 3: Log in to the net banking portal using these details.
Step 4: Change the default password and set your own secure password.
Step 5: Configure security questions and additional verification, if required.
Step 6: Once activated, you can start using net banking to access your account online.
For DBS Bank customers, the DBS digibank app provides savings account holders access to over 250+ banking services through mobile, making it even more convenient than traditional net banking.
The advantages of net banking include convenience, time savings, cost-effectiveness, and enhanced security, making banking easier and more efficient.
One of the key advantages of net banking is convenience. It gives you 24x7 access to your bank account, letting you check balances, transfer money, pay bills, and manage deposits without visiting a branch. An example of net banking is using your bank’s online portal to pay bills or transfer money instantly.
Most banking tasks can be done online in just a few clicks. Whether it’s transferring funds or downloading account statements, net banking saves you valuable time compared to traditional banking.
With net banking, you avoid costs like branch visits and paperwork. Many banks also offer lower service charges or free online transactions, making it a cost-effective choice.
Banks use advanced encryption, OTPs, and multi-factor authentication to ensure your online transactions remain secure.
Always use strong passwords, avoid public Wi-Fi for transactions, log out after each session, and monitor your account regularly for any unusual activity.
The above-mentioned features of internet banking indicate that it is an incredibly convenient facility. However, you require a stable internet connection to enjoy uninterrupted services. Internet banking reduces your dependence on your bank branch, saves time, and allows you to conduct most transactions remotely and securely.
Open savings account online with DBS Bank to earn attractive interest rates of up to 5% p.a while enjoying secure and fast transactions
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.
