Net Banking- What are its Advantages, Disadvantages, Features and More

What is Net Banking?

It is simple, quick, and secure to access all banking services online. With the advent of digitalization, almost all banks now provide net banking, allowing customers to conduct all banking transactions online. The online functionality eliminates the need for a customer to physically visit the bank, which is otherwise required. Everything can be completed in minutes through net banking, regardless of the time or location of the user.

This blog will explain everything about net banking, including its features, benefits, and services.

What is Net Banking?

Net banking is also referred to as internet banking. It is an electronic system provided by banks to their customers that allows them to access financial and non-financial banking services in minutes. The net banking system eliminates the need to physically visit the bank. Net banking allows customers to easily access a variety of banking services such as money transfers, the creation of FDs and RDs, the tracking of transactions, and so on.

Any customer who has an active bank account with the bank can use internet banking or net banking. In order to use net banking, a customer must first register. After registering, he or she will be able to use the online banking services.

What are the Features of Net Banking?

The following are some of the features of net banking that make this electronic system so popular:

  • Net banking enables quick access to all banking services
  • Customers can easily check their balance and transaction history at any time
  • Bill payments and fund transfers are simple
  • Net banking provides a safe environment for a variety of banking transactions
  • Every customer has a distinct banking ID and password
  • Customers can even use internet banking to apply for a loan or insurance
  • Net banking allows customers to easily upgrade their debit/credit cards as well as block them when necessary
  • Customers can also easily update their primary and secondary addresses

What are the Advantages of Net Banking?

The following are the benefits of net banking that make it an obvious choice for obtaining banking services online:

  • Net banking facility is available 24*7
  • It makes it simple for customers to transfer funds
  • Net banking facilities offer convenience when it comes to transferring money or performing banking transactions
  • Customers can easily track their transaction history with a single click
  • Net banking is secure and password-protected
  • Non-financial activities such as ordering a cheque book, checking the account balance, obtaining a passbook, and so on are simple

What are the Limitations of Net Banking?

The limitations of net banking are-

  • Net banking can be difficult for beginners to get started with
  • An internet connection is required to access banking services online
  • Changing passwords is a continuous process as the password must be changed every two months to protect the bank account from hackers

How to Register for Net Banking?

If a user does not have access to a net banking facility, the steps he or she can take to obtain one are as follows:

  • Visit your nearest bank’s branch and submit the internet banking application form along with the required documents such as your bank passbook, Aadhaar card, and so on
  • The customer ID and password will be issued by the banking official following the submission and verification of the internet banking application form and documents

Note

  • The Internet banking application form can be downloaded from the bank’s mobile application
  • The credentials provided can be used to access internet banking services

How to Register for Net Banking Online?

Following are the steps to be followed to register for net banking online-

  • Navigate to the bank’s official net banking website
  • Click the login button or the ‘New user/Register here’ link
  • If you have net banking credentials, enter them and continue. If you are not already a registered member, register yourself first
  • Fill out the self-registration form with your account number, registered mobile number, CIF number, debit card information, and other information
  • Then, to authenticate the process, enter the OTP that was sent to your registered mobile number
  • Enter your temporary customer identification number and password
  • Log in to create a more secure password

Bottom line

Net banking is a service provided by banks that allows customers to access banking services online rather than visiting the bank in person. However, it should be noted that net banking facilities can only be accessed via the internet; thus, changing the security password on a regular basis is recommended to keep the bank account secure from hackers. Apart from that, it is advised not to share net banking credentials with anyone as it might lead to account hacking.

FAQs
Can I change my net banking account password online?
Yes, you can change your net banking password online by going to your profile/account/ or related options.
How do I begin using my net banking account?
Log in to the net banking website, enter your credentials, and then proceed to use the banking services.
What should I keep in mind when using internet banking?
Users should keep a few things in mind when using net banking, such as avoiding public wi-fi, never sharing net banking credentials with anyone, changing passwords every two months, and avoiding using public computers, among other things.
How do I obtain a net banking customer ID?
Banks provide net banking customer ID during the account opening process. If you do not have a customer ID, you can contact the bank and request one.
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