Internet banking or online banking is now used for all your swift banking transactions. Owing to their drastic growth, now they are not considered a digital luxury. Instead, they are looked upon as a financial necessity for conducting all your internet-linked banking transactions. Thus, we can state that internet banking through any of the banks, may it be DCB netbanking, CUB net banking, or Axis Bank net banking, is an extremely useful facility to manage your bank account easily and seamlessly.
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Read on here to know the top reasons why you must use online net banking.
Digital payments
India is transitioning steadily into a digitally strong economy. Now, the exchange of currency takes place via digital modes instead of physical ones. You can make payments to distinct merchants, vendors, businesses, suppliers, etc. via different digital modes like internet banking. Not just is this way more convenient, but it is even safer than keeping a bundle of cash with yourself. In the case you have a business, you can accept all kinds of payments including digital for higher sales.
Control over the account transaction
Internet banking platforms facilitate simpler access to your bank account. Most banks offer you the facility to see your mini statement (past 10 transactions or previous 1-month transactions), fixed deposit interest statement, historical statement, TDS deduction details and others via its website.
Also, you can view distinct transactions that are deducted from or credited to your bank account. Thus, any unauthorized or suspicious activity may be instantly detected. Moreover, also you can request a demand draft and chequebook via your internet banking.
Online transfer of money
Money transfer via cheques is slowly decreasing as online money transfer takes place efficiently and quickly. You can use the NEFT (National Electronic Fund Transfer) or RTGS (Real Time Gross Settlement) and make the most of the convenience of transferring money online. Also, from December 2019 onwards, NEFT is made operational round the clock by the RBI (Reserve Bank of India), which permits you to easily access your internet banking via NEFT.
Setting automatic payment of bill
Most banks offer you the facility of payment of bills via the net banking platform. As per this facility, you as an account holder must submit all the required details of the billers.
Making online investments including registration for SIP
You can easily open an online FD account directly via the internet banking portal and few banks even permit you to make premature withdrawals via net banking for your fixed deposits done online. Furthermore, like net banking allows you to make distinct payments through the online podium, this option can even be used for you to make investments with just a click. You can even begin your SIP (Systematic Investment Plan) in mutual funds and add in a fund house as a biller to allow SIP deduction. Such bill payments may even be scheduled for automatic payment and hence you can make consistent and regular savings.
Pay your taxes via income tax income e-filing account
IT department has collaborated with different banks to provide access to your e-filing account directly through your internet banking portal. This specific facility particularly comes in handy when you do not remember the passcode to your e-filing account and are looking to regain access. Moreover, at the time you log in to your e-filing account via net banking, you can even e-verify your ITR (income tax return) online with just a click with no further requirement to send physically the signed copy of the ITR to the ITD CPC (Income Tax Department Central Processing Centre).
Placing an application for IPOs
Various banks have introduced a transaction interface in their net banking portal to permit you to apply for IPOs online. Also, note that SEBI has discontinued the manual application route to place applications for IPOs. With access to net banking, you can make your IPO application and generate gains from stock investment for long-term wealth formation.
Access to personal loans
Most of the new-age digital startups and even private sector banks or public sector banks allow you to apply for a personal loan through their internet banking facility. Also, having an internet banking account allows you to set up the standing instructions for the repayment of loans. Thus, your access to internet banking might assist you to regulate your access to credit. For instance, suppose you use CUB netbanking facility. Thus, through CUB net banking, you can easily place an application for a personal loan and even put up a query on the portal in case you have one. Using the CUB net banking portal, you even can get to know by when your applied application for a personal loan or any other loan may be approved and disbursed.
Assured security
As online banking is one of the crucial services provided by banks, it is a platform, which is highly secure. Usually, banks use encryption devices to make sure that all your details are protected and there’s no kind of security breach. This ultimately offers you security from account hacking and online frauds too.
Zero problems in accessing
Even if you are on the last day to make the repayment of the bill, the payment can be made in minutes without incurring any penalty using the online net banking facility. An online transaction can be conducted at any time from the convenience and comfort of your home. Not only this, in place of being physically present for the massive transaction amount, you can transfer safely at any time, without any hassle.
Zero hidden charges
Despite the convenience that the net banking facility provides, there are zero fees charged for the same.
Convenience assured
While simple and easy accessibility is one of the crucial benefits of net banking, it even makes banking very convenient. The requirement for waiting in long queues at the bank can be eliminated thoroughly. Additionally, with the net banking option, you can also transfer and make payments easily with just a click. Transactions can be made on a go of any amount. Also, by visiting your net banking account, you can also check your balance present in your account.
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