Internet banking, even called online banking or e-banking is a facility provided by the financial institutions and banks that permit you as a customer to use the banking services over your internet. You as a customer do not need to approach your bank’s branch office to avail every small little banking service. Not all account users get access to the net banking. If you are looking to use the internet banking, you must ensure to register for this facility while opening the bank account. You must use your registered customer ID and passcode to sign into your net banking account. So, for instance if you have a bank account with Union Bank of India, then you do not require visiting the financial institution as per the Union Bank of India timings for checking your bank balance or check number. For doing so, you can simply login to your bank account to know your Union Bank balance check number.
What are the features of online net banking?
· Make merchant payments
· Open an FD (fixed deposit) account
· Check the bank account statement online
· Pay utility bills like electricity bills and water bills
· Transfer funds
· Purchase general insurance
· Order for the cheque book
· Recharge prepaid DTH/mobile
What are the benefits of an internet banking account?
The benefits of net banking account are as follows –
Simple to operate
Using the banking services provided by the online banking account is easy and simple. Many find transacting through the online mode a lot simpler than approaching the bank branch for the same.
Availability
You can use the distinct banking services throughout the year, round the clock. Most of the offered services are not restricted by time; you can review your account balance any time and then transfer the funds without the requirement to wait for your bank to open.
Simple to operate
Using the services provided by online banking is easy and simple. Many find transacting through the online mode a lot easier and simpler than approaching the branch physically.
Convenience
You do not need to leave your work behind and stand in a long queue at the bank branch. You can finish your transactions from anywhere at any time. You can pay your recurring deposit instalments, utility bills, transfer funds and others using the online net banking platform.
Time efficient
You can conduct any of your transactions in just a few minutes through the net banking. Funds can get transferred to any other bank account within India. Also, you can open your bank fixed deposit in no time using the online net banking account.
Activity tracking
When you make the transaction at the bank branch, you get an acknowledgement receipt. There are high possibilities of losing out the same. In contrast, all transactions that you conduct through the bank’s net banking platform are recorded. You can show it as proof of transaction if the requirement comes up. Details like payee’s name, amount paid, bank account number, time and date of payment and other remarks, if any are recorded well.
Secured security
As online banking is an important service provided by financial institutions, it is even a highly secure platform. Financial institutions usually use the encryption devices for ensuring that all the information of the client is protected and that there are zero security breaches. It even offers you security from account hacking and online frauds.
Access – Zero issue
Even if it’s the last day of making your due payment and you are just a few minutes away from levying a penalty, you can depend on online banking. You can perform online transactions anytime from any location from the convenience and comfort of your home. Not just this, instead of being present physically for a massive transaction amount, you can safely transfer the funds at any time, with zero hassle.
Zero hidden fees
Despite the convenience offered, there’s zero hidden fees linked with making the online transactions. All you are levied is a nominal transaction fee and the remaining is taken care of by your financial institution.
Convenience assured
While simple access is one of the various advantages of online net banking, it even makes banking very convenient and comfortable. The need of standing in a long queue at the financial institution is thoroughly eliminated. Additionally, with mobile banking systems available for many financial institutions, transferring funds have become simpler. Transactions can be done on the go, no matter if you are stuck in a jam or are in the middle of an important work. This makes it easier for you to check out your balance before making the cashless transaction to avoid any embarrassment if your bank account does not have the required balance to buy everything on your list.
So, as mentioned above, if you hold an account with the Union Bank of India, then you do not require visiting as per the Union Bank of India timings to conduct your banking work. You can easily complete your banking work by logging in to the net banking of Union Bank of India and conducting all the required banking activities you want.
Drawbacks of net or online banking –
Drawbacks of net banking are as follows –
Internet need
An uninterrupted net connection is one of the important requirements of using the net banking services. In the case you do not hold any access to the net, you cannot make the use of any of the facilities offered online. Likewise, if the servers of the bank are down owing to technical glitches, you may not be able to access the net banking services.
Transaction security
No matter how much precautions a bank takes to offer a secure network, online transactions are vulnerable to hackers. Regardless of the encryption methods that are used for keeping user data safe and secure, there may be scenarios where the transaction data may get compromised. This might result in a major threat.
Tough for the beginners
There are individuals in India who are living their lives far away from the internet. It may appear to be a whole new process for them to learn and understand how the internet functions. Worse still would be if there’s no one who can explain how net banking functions and works. It may be highly tough for inexperienced beginners to understand the usage of the internet on their own.
Securing the passcode
Every net banking account needs the password to be inputted to access the banking services. Thus, the passcode plays a very important role in maintaining the integrity. In the case the passcode is revealed to anyone, they might use the information to conduct some fraud. Also, the selected passcode must comply with rules mentioned by banks. Individuals must ensure to change the passcode constantly to avoid any passcode theft which may be a big hassle to remember by account holders.
