Internet banking, often known as net banking or e-banking, is service banks provide to access various banking services online. You can manage your money quickly and easily with online banking. Banking services are more affordable thanks to internet banking, and decisions are more data-driven. Banks’ various degrees of facilities serve as the foundation for the many sorts of net banking registrations.
What is internet banking?
Internet banking means banking online. It enables financial transactions between bank customers and other financial institutions. Other names for net banking include virtual banking, online banking, and e-banking.
A private or public network, including the internet, enables people, organisations, and companies to access their accounts, conduct business, or gather information about different financial goods and services.
Features of internet banking
- A convenient and safe banking method
- Non-financial and financial banking products and services are readily available
- You can access your bank account wherever you are
- Keep tabs on and manage your bank statement, most recent transactions, statements, etc.
- Transfer money online using NEFT, RTGS, or IMPS
- Track payments for credit cards, personal loans, mortgages, business loans, and other types of debt
- Redirect or stop automatic payments
Here are the different types of online banking:
- IMPS
Immediate Payment System (IMPS) is most frequently used to send money immediately between banks in India while using a mobile device, the internet, or an ATM. Using only the beneficiary’s mobile number, you can send money via IMPS.
- NEFT
NEFT stands for National Electronic Funds Transfer. It is a nationwide payment technique that makes one-to-one fund transfers possible. Individuals, corporations, or organisations can complete an NEFT from any bank branch. Any bank branch can help you transfer money to another bank account.
You can use NEFT even if you don’t have a bank account. You must make a cash deposit and include NEFT instructions. You can do it at branches that offer the NEFT service. However, the maximum cash transaction value is restricted to Rs. 50,000.
- RTGS
The Real-Time Settlement (RTGS) of individual financial transfers without netting is referred to as RTGS. Real-time refers to following instructions at the same speed as they are given. The fund transfer settlements based on an order-by-instruction process are referred to as “Gross Settlement.” The payments are completed and settled at the Reserve Bank of India (RBI).
It is mainly employed for transactions with high dollar amounts. Through RTGS, transactions must be for a minimum of Rs. 2 lakhs. An RTGS transaction can be for any amount.
- ECS
The Electronic Clearing System (ECS) is an innovative option if you are employed. With the help of this service, your credit card bill is automatically deducted from your savings account, relieving you of the worry of making late or missing payments.
Online or digital financial transactions have many benefits. They offer convenience, enhance privacy, and reduce cash demand. You can use thebest mobile money transfer app at IDFC FIRST Bank without leaving your house, just like a traditional bank. With IDFC FIRST Bank’s e-banking features, you can access each banking service you’ve ever required with a single click.
