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Services Available On Internet Banking

Banks design their internet banking portal by integrating a number of services that you can access anytime, anywhere. Moreover, special emphasis is laid on the user-friendliness of the interface, ease of navigation and the processing speed of requests when an online banking portal is being designed. This approach makes internet banking a very convenient mode of banking for customers.
Here are some of the Services offered on Internet Banking:

Managing your Bank Account

Internet Banking gives you much better visibility about your Bank account and the accompanying details.It allows you to check and update your account details. You can also check the transactions made during a specific time frame and download e-statements of your account.

Looking at the number of services available, Internet Banking gives you better control of your Bank account and the financial transactions made.

Fund Transfers

With this facility, you can register a beneficiary account and transfer money to that account through NEFT (National Electronic Fund Transfers) or RTGS (Real Time Gross Settlement). For registering a beneficiary, you will require the account number and the IFSC code of the Bank branch in which the account exists. Once you put in these details, the system will auto-populate the complete details of the account which you can then save within your Internet banking account.

While this works for all accounts within India, some Banks also provide Outward Remittance facility through which you can transfer funds to beneficiary accounts located outside India.

*IFSC or Indian Financial System Code is an 11-digit alphanumeric code which helps identify a Bank and its branch.

Paying Bills

Keeping track of different bills and making sure that these payments are made on time can be a bit tedious when done separately. To make it easier, Banks have tie-ups with multiple service providers which allows you to make payments towards utility and other bills from the internet banking portal. The dedicated section will show you an index of all the supported service providers which you can select and save to your internet banking account and then pay your bills systematically.

The bill payment facility include standard utilities like electricity, water and gas along with many essential services like life insurance, broadband/Wi-Fi, credit cards, DTH (Direct to Home) connections, mutual funds, mobile, donating to charity as well as paying your credit card bills.

And since there is a wide majority of people who use prepaid mobile connections, many Banks also have Prepaid Recharge services available within their Internet Banking portal to make mobile recharge easier for its customers.

 

Other Benefits

Internet banking provides an array of other services besides the above mentioned points. The most common ones are: –

  • Make online purchases, book tickets for movies and other events.
  • Buy air or train tickets online.
  • Request for Cheque books and demand drafts. You can also put stop cheque requests in case there are insufficient funds in your account.
  • Initiate requests for opening or closing a Recurring Deposit or a Fixed Deposit as well as keeping up to date about these deposits.
  • In case you have taken a loan from the Bank where you have Internet banking access, you may also get a dedicated tab for checking your loan details and plan your spending accordingly.
  • On similar lines, Banks also have separate tabs that provide information about any investment products that you have with them.
  • There are also some unique features provided. For example, some banks also offer the option of buying insurance products through their internet banking portal.

Convenience with a Click!

Considering the number of services that can be availed through the internet banking portal, there are ample reasons for adopting this convenient mode of Banking. Banks take extra care of having the right security standards in place for you to have a worry-free online banking experience which just adds further merit to the option of internet banking. The only thing you must ensure is that you understand some of the good practices to be kept in mind while banking online.

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