Generation of Online Banking
Now a days the banking system in India has changed a lot. There is no need to visit a bank for most of your banking transactions. Computers and Internet has made cyber banking easy and accessible to majority of us.
Transfer Money Online
You can even log on to your banking website from any part of the world. Online banking has become very popular among our young techies as well as many others. With online banking, we can now transfer money, pay our utility bills, get a credit card or debit card and even cheque. You can also modify your account information. Now a days, we can even apply for a loan through online banking. The online banking services provided by our Indian banks are not always same. It varies from bank to bank.
Bank from Home
Online banking helps us to perform the transactions from the comfort of our home or office. It saves our time of going to bank and standing in long queues. One of the biggest benefits is bill payment. To pay utility bill by going to an Electricity office will eat up half of our day. Now with online banking it takes less than 2 minutes to do the same.
Save Time and Money
Here you are saving time and money. Many Indian banks offer calendars on their online websites to make a scheduled payment of our bills. This help us to have timely payment without any dues. It also helps us to avoid fines, due to delayed payments. Please note that all transactions cannot be done online. Some of them still need personal interaction with the banker.
Free Online Banking
Online services by banks are provided free of charge. In India it is being adopted to attract more customers to online banking. In the coming times, there may be a small amount of fee chargeable for using online banking services. Still online banking is much helpful and cheaper as compared to normal physical banking.
Open Account with Core Banking
Whenever you are opening a new account please check and confirm whether your bank is providing online banking or not. Core banking has become an integral part of the Indian Banking system today. Most of the branches of the State Bank of India are now planning to get into Core Banking. After the implementation of Core banking to all its branches, SBI will be one of the largest banks in the world with an integrated online banking system.
Investment done Online
Caution has to be taken while performing online banking or making online investments. Investing in shares of a comapany or buying mutual funds can also be done online banking by merely creating a Demat account. It is essentail to be well versed with the entire system and procedure of online banking. Investing small amounts initially helps to reduce the risk factor. Once you are confident enough, the amounts can be gradually increased.
Disadvantages of Online
Online banking and investment have disadvantages also. Your information is online, which is a security concern. Some consider online information to be insecure. If your bank or investment company websites are available online, you can be sure that all information on your investment is secure. Read How Safe is Net Banking?
Protect your login details
You must take extra precaution while creating password for online banking accounts. The passwords must be at least six or eight characters long and alphanumeric in structure.. Avoid duplicating or keeping the same password for all accounts. Even though there are many benefits of Internet banking and investment but due to hi-tech cyber crimes these days, it is always advisable to proceed with caution while doing online transactions.
Little Caution can protect you
Online investments in India can be beneficial if done with caution. Understanding the system and procedure of online investments in India is necessary. Investing in small amounts in the beginning helps to reduce the risk. Once you are confident, the amounts can be gradually increased in your financial investments.
Do Simple research to Grow your Money
It is advisable to do a thorough research before investing online. Online informations on investments is available 24 hours a day and 365 days a year. Resources, like newspapers and financial magazines also offer assistance in tracking best investment opportunities in India. Informations available online is usually accurate and reliable. Investment websites provide updated information that can cater to all your investment needs. Reputed financial websites offer quotes that very quick.
Get help from Websites
There are financial websites that allow you to customize the information you want to see. By signing up with them you would be presented with selective information that you want, every time you access your account.
Recommended Read :
- What is Net Banking?
- How Safe is Net Banking?
- Why is Internet Banking Safe?
- How does Net Banking work?
- Safety Measures for Net Banking
- ECS Electronic Clearing Service
- Benefits of Net Banking
- Online Investments
- Benefits of Online Application of Fixed Deposits
- What is E Commerce?
- Kerala Banks Websites Online Banking