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What Is Internet Banking? 8 Reasons For Its Rise

By Author: neha sharma
Total Articles: 1245

"Money is becoming increasingly electronic. We do not find long queues at the cash counter in bank branches anymore. You can now access your accounts and get done financial transactions instantly through his/her tablet, computer or smartphones. Internet banking has become an acceptable norm for millions of Indians for a decade.

What is internet banking?

The internet has changed the way we shop, eat, cook and interact. It also controls the way we save and invest. Internet banking, a concept established in India in 1999, allows the users to check their recent account operations, schedule bill payments, apply for loans, transfer funds and lots more. In short, internet banking has changed the face of the banking industry as well as banks services towards customers.
We give you 8 reasons why more and more users are increasingly using this approach:

1) Effective management of cash flow: You are the master of your expenses. For example, you can arrange for alerts for impending responsibilities catering to the banks services.

2) Control of government remittance: Filing tax returns or government remittance manually is time-consuming. With the help of online banking, you can fill the form then and there as well as schedule your outflow. That way you can avoid late payment charges.

3) Easy access to accounts: One of the significant benefits of internet banking is easy access to accounts. You can check your bank balance or recent transactions anytime from morning to night or during holidays as well.

4) Application for loans: It is an intensive and lengthy process. It also involves plenty of paperwork. However, loan applications are not a task anymore. Provide all the information regarding your account and the bank will check your credit score, helping you get the loan instantly.

5) Making online bill payments: Another practical use of managing expenses online is paying mobile or utility bills in hassle-free fashion. You can set up automatic bill payment for the ones that do not change. You can even catch hold of deals and offers to receive discounts at the time of making payment.

6) Transfer of funds: You can save your trip to banks by merely transferring money from one account to the other quickly. When accessing accounts online, ensure all your bank accounts are listed. This makes it easier to move the funds swiftly. This way you can also check the available funds before the outflow of funds.

7) Mobile apps: It is not humanly possible to carry your laptops or computers wherever you go. Just like online recharge portals, banks too have their mobile applications. In fact, some of the banks have synced their apps with smartwatches as well. This way, you can carry your bank in your pocket or on your hand.

8) Deposit cheques: Cheques can be deposited in many ways apart from visiting the bank branch or dropping it in the drop box. One of the fastest and comfortable options is the remote cheque deposit. Here you take a snapshot of the cheque and submit it to your bank manager.

Just like a 24-hour medical shop aids a patient at any point of the hour, similarly, internet banking comes to the rescue for those who cannot physically visit a branch at the time of emergencies.

Author Bio:- Neha Sharma is an aspiring student in the field of finance. She spends her free time reviewing the latest apps introduced into the market. Check out her work as she talks about internet banking.

Total Views: 10Word Count: 575See All articles From Author

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