Modern banks provide superior level of services for their customers. Many online banking solutions have been eliminating queuing system at bank branches. Internet banking or online banking is a core banking solution; which allows users to perform transactional and non-transactional banking activities. In the hustle and bustle of daily life, no one has sufficient time to visit a bank branch to perform a banking activity. Banks have taken this issue into account and introduced many online baking solutions to offer more freedom to customers. Internet banking is a one stop solution for all banking needs; with online banking or internet banking, customers can perform transactional and non-transactional banking anytime, anywhere.
Just like Mobile Banking, Internet banking also allows you to carry out your banking anywhere, anytime. Indeed, internet banking is safe, secure and time saving service; which can save your precious time. In traditional banking, customers have to visit their respective bank branches to perform transactions and manage their finances; whereas, internet banking fulfills all their banking demands online. Many banks offer such value added services free of cost or with reasonable service charges. Almost all banks are promoting digital banking to enhance their customer experience. Indian banks are shifting from conventional banking to digital banking; banks are increasingly adopting digital banking solutions.

In this post, we’re highlighting some benefits of having internet banking service. Internet banking can be very beneficial in urgencies like; to send money to loved ones when they need money in an emergency, when you’re away from your home and want to know your bank account information, to block a credit card or debit card (if lost) etc. Scroll down to know more about the benefits of having internet banking;
Advantages of Online Banking or Internet Banking-
1. Fund Transfer
Internet banking offers fund transfer facility; through which you can transfer funds; within your own bank accounts, to third party accounts. You can transfer funds electronically from your account to the account of the beneficiary. You can also transfer funds to mobile numbers; furthermore, you can request money from friends or loved ones. Some banks’ internet banking service also allows international funds transfer.
2.Open or Close Fixed and Recurring Deposits
Banks offer high rates of interest on fixed deposits or recurring deposits; to encourage customers to keep their funds in long term deposits. Online banking provides you the facility to open/close fixed deposit or recurring deposit accounts. You can open a fixed deposit or recurring deposit account to earn lucrative interest on your account balance. Normally, you get 4 percent interest rate on your saving account.
3. E-commerce
Online banking services provide e-commerce facility. You can use this facility to pay credit card bills, utility bills, postpaid mobile bills etc. You can also pay your insurance premiums with the help of this service. This facility allows you book railways tickets, air tickets, and bus tickets. Some e-commerce websites give huge discounts if you pay through online banking services. E-fixed deposit and e-tax services are also part of e-commerce. Electronic commerce allows you to pay for following services;
- To pay credit card bills, utility bills, postpaid mobile bills
- To pay insurance premiums
- To book railways tickets, air tickets, cinema tickets, and bus tickets
- To recharge DTH
- To do online recharge for mobile number etc
4. Link Investment Account, Insurance, and Loan Account
To enhance user experience, many banks offer to manage all accounts (investment account, loan account, insurance policy) at one place. You can link your investment account with your internet banking account to track the performance of your investment account. You can also link your loan account and insurance policy with your internet banking account.
5. Apply Credit Card, Debit Card, and Cheque Book
Modern banks provide many advanced features in online banking services. Users can apply for new credit cards and debit cards through internet banking. Users can also request new cheque books without visiting their respective bank branches. If your credit card or debit card gets lost then you can block your credit card or debit card with this fabulous service.
6. Time Saving
Internet banking gives you 24 hours online access to your account. You can check your account balance, mini-statement, last transaction details and status of an issued cheque etc, right from your home or office. Furthermore, with this service, you can also
view your account statement and tax statement. You can perform all these activities without visiting your bank branch. It is indeed a time saving service. Isn’t it?
7. Safe and Secure
Internet banking is becoming more and more popular; and to provide safe and secure online banking services, banks implement high levels of security systems to detect any unauthorized activity. Security of a customer’s account is a prime motive of any bank; therefore, banks take every precaution to secure a customer’s personal or financial information. Banks also issue guidelines for customers to safely use online banking services. In this era of online banking, almost all banks cover all kind of online banking fraud losses; so enjoy a worry-free banking experience. It is remarkable that your bank may not take action until you inform about any fraudulent activity; and also you may not entitled for indemnity, if you report fraudulent activity after expiration of report time period. (Read terms and conditions)
8. Reward Points
Many banks give loyalty points (when you pay for a service through online banking, you get reward points; that can be used for online purchases etc) and lucrative offers (Like; cash back) to encourage customers to use online banking solutions. Banks also offer huge discounts if you make a purchase through their e-commerce facility. Online banking services give the customers several opportunities to earn loyalty points.
9. Miscellaneous Services
Internet banking comes with a bunch of other features like;
- Decrease or increase credit limit for debit cards or credit cards
- Download bank statement
- Stop a cheque payment
- Change nominees
- Link other accounts
- View and change account details
- Link Adhaar Card
- Link LPG number
- View tax statement
- At the top, all these facilities are available without any extra cost.
10. Wire Transfer
You can use wire transfer method to send/receive funds internationally. A wire transfer is a simplest method of funds transfer. Many banks provide this facility to send/receive wire money through Western Union or MoneyGram or some other method.
Disclaimer: Benefits listed herein are for educational purpose only. Your bank may or may not provide some facilities listed herein.