What is e-banking? What is online banking or internet banking? We will try to know everything through today’s article. Net banking, e-banking, internet banking, or online banking are different words, but they mean the same.
Internet banking has never been so popular because people in earlier times had very little access to the Internet.
However, when the use, circulation, and popularity of the internet have increased, almost everyone can benefit from e-banking or internet banking.
Nowadays, each of us is depositing some or all of our earned money in one or another bank account.
When we need money in a bank account, we have to go to an ATM or bank branch to withdraw money.
This is where we need to understand the issue of internet banking or e-banking.
There are different types of banking transactions, for which we do not have to go to the ATM or bank branch again and again to withdraw money.
Such as sending money from your bank account to another person, making bill payments, online shopping, DTH or mobile recharge, RTGS, NEFT, checkbook apply, etc.
In the case of these types of payments, you can do everything online from your mobile or computer using the facility of online banking.
And this facility of making online transactions from any place using your mobile or computer device is called e-banking or internet banking.
Today, as a result of online banking, many people’s work is being done at home through their mobile and the internet.
In addition, through online banking (online banking), you can see and know all your bank account statements, bank balance, recurring deposit account, etc., sitting at home.
Let’s know what online banking is and what is meant by e-banking in detail below.
What is e-banking?
Many of us do not understand the difference between e-banking and internet banking.
Because the two names are the same, we think e-banking and internet banking have the same meaning.
So, what does e-banking mean?
E-banking means ” electronic banking, “where cash, checks, or paper documents are not used to transfer funds.
Because, in the case of electronic banking, electronic signals or electronic means are used to do fund transfers or banking transactions.
Whenever you withdraw money from your ATM or make payment through your debit card or credit card as opposed to shopping, your money is transferred through electronic banking.
The term e-banking refers to banking transactions made using any computer device, electronic device, telephone, or telecommunications.
Therefore, e-banking does not mean just online banking, internet banking, or net banking.
However, online banking or internet banking is but a part or type of e-banking.
I hope you understand the meaning of e-banking.
Now let’s know what online banking is.
What is internet banking
In the case of internet banking, every banking transaction is done using the online internet.
And so, internet banking is called online banking or net banking.
Using online banking, individuals can make various types of financial transactions through the internet.
For example, fund transfer, checkbook application, NEFT, RTGS, balance check, account statement, start a new fixed deposit or other investment, online bill payment, etc.
In addition, through internet banking, you can deposit money in your bank account from home.
So, deposits, transfers, bill payments, etc., to enjoy the emergency services that we used to go to the bank’s branch, all of them can be done at home through online banking.
Internet banking or online banking is a modern banking service provided by almost every bank to its customers so that customers can make financial transactions related to their bank account through the internet from anywhere.
Hopefully, you understand what it means to be online.
What are the benefits of internet banking?
Today’s modern times, the popularity, importance, and use of net banking are much higher.
Today everyone has mobile, computer and internet in their house.
Therefore, it is more convenient to do the work through the internet at home than going to the bank for small and big tasks again and again.
If I talk about my own experience, then internet banking but in many cases, has made our life much easier and simpler.
Let’s take a look at the benefits and uses of internet banking one by one.
- It is very easy to activate net banking service of any bank and use net banking.
- DTH, broadband and many other emergency bill payments can be done online at home.
- It is possible to send money from one’s own account to another’s bank account without visiting the bank’s branch.
- Check book, debit card, credit card etc. can be applied through net banking at home.
- There is no need to update the bank’s passbook because you can download the account statement at any time through net banking.
- Complete work can be done online from home so you will save a lot of time.
- If you want to start a fixed deposit or recurring deposit, you can start online from your net banking account.
- You can apply for a loan from a net banking account.
The disadvantages of internet banking
There must be some disadvantages and problems to the thing that has advantages or disadvantages.
So, there are some disadvantages to online banking that are important to know.
Any bank’s online banking platform is more secure and secure, but if you do not pay attention to some general issues, it can be a risk.
- Internet and a computer device or smartphone are essential in online banking. So, if there is a problem with the internet or if there is a problem with the device, net banking is not possible.
- Thus the bank’s online banking platforms are completely secure and safe. However, many people do not trust these modern banking services or are a little hesitant to use.
- If anyone knows your Net banking login information, it is possible to make non-recognized transactions through it.
- If you do not use your online banking service carefully on the Internet, there is an opportunity for others to know your login id and password through various means.
- When using the online banking portal, check the bank’s website well. Many times there may be other fake websites in the name of your bank which are active in stealing your account details.
- Do not open your own net banking account in other people’s mobile or computer. Just try to do online banking on your mobile or computer.
- It is important to have a good antivirus software on mobile or computer to use online banking. Otherwise , you do not understand when a spyware or other computer virus will steal your account details.
- When the net banking account is done, log out and turn off the computer.
So friends, through today’s article, I told you what online banking is and the advantages and disadvantages of internet banking.
I hope you understand everything about e-banking and internet banking.
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