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Internet Banking: Banking Services At Your Fingertips

By Author: Neha Sharma
Total Articles: 1215

The world has gone digital, and the banking sector in India has rightly followed suit. Internet banking has become an all-inclusive solution to everyday banking needs and has brought the bank to people's fingertips. How many people nowadays have the time to be physically present at a bank during its designated working hours? More than 65% of India's population is under the age of 35 and find it seemingly impossible to interrupt their hectic schedules to be at the bank. Online banking has proved to be a boon for the elderly too who find it very convenient for the obvious reasons. Internet banking provides every transactional and non-transactional banking solution at your doorstep and makes an important aspect of daily life work seamlessly. There are many advantages of internet banking.

Convenience

This is probably the one benefit that outweighs all possible drawbacks of online banking. You get to
make payments and transactions just by clicking a few buttons and without having to step a foot out of your home or office. You can keep a track of all your bank accounts through internet banking in a much more convenient and faster way. Online banking also makes non-transactional provisions like updating accounts, requesting for new chequebooks, enquiring about the rates of interest etc. much easier.

Better Rates

With lesser people physically visiting the banks, lesser number of employees and relatively smaller spaces are required by the banks to manage customers thus making it financially advantageous for them. Then a percentage of the amount saved and accumulated over time can go to the customers in the form of lower rate of interest on a loan or higher rate of interest on a deposit, thus making internet banking not just convenient but also profitable for people. Often banks propose minimum or zero balance accounts for e-banking and lower penalty on premature withdrawal of a fixed deposit.

Services and Security

The Internet has made it so much easier for both the customers and the bank to access so many services such as loan calculators, financial planning and tools for investment analysis, forecasting and functional budgeting. Many banks also offer the provision for online tax sheets. Online banking has become so popular also due to the undisputable security measures implemented by the banks. The secure servers keep all the customers' financial and personal details confidential. Most banks also cover any e-banking fraud loss of any customer and have systems in place to identify an unauthorized activity.


Author Bio:- Neha Sharma is an aspiring student in the field of finance. He also spends his free time reviewing the latest apps introduced into the market. Check out his work as he talks about how internet banking has revolutionized banking as a whole.

Total Views: 53Word Count: 452See All articles From Author

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