Internet banking has become an indispensable necessity to individuals transferring funds. Today, more and more customers are using netbanking or online for sending and receiving payments. The funds transferred through EFT system is not only secure and safe but also reach the concerned party in the shortest possible time, within 24 to 48 hours. The net banking users only required to submit certain facts and IFSC Code of the beneficiary bank branch to complete the fund transfer transaction smoothly.
Whatever be the popularity of online-banking, there are few advantages and disadvantages. The knowledge of these crucial points will surely allow you to transfer your fund safely and securely.
Some of the benefits of internet banking are:
- Online banking is easy to operate and can be operated from any part of the country, and there are no time or distance problems.
- The users can pay their bills, transfer funds, operate accounts and various other remittances through Internet-banking.
- Online banking is open 24 x 7 days, and you can operate your account even if the bank is close, or at night without any hindrance.
- Internet-banking offers fast and efficient services. The funds transferred to customers can reach within 24 to 48 hours through NEFT and RTGS systems.
- You can easily keep tag on your transaction and accounts and check your account balance all time.
- The safety procedures applied by the banks and supervision of the Reserve Bank of India over banks ensures your accounts safety.
- The banks also use the net banking services to promote their products and services among the users.
Disadvantages of Online Banking
Though internet banking offers many benefits, but it is also not bereft of advantages. The disadvantages of internet-banking include:
- Not everybody is proficient in using Internet. New user may find it difficult to use net banking.
- A computer/laptop and Broad Band connection are a must for net banking, because without internet connection, one cannot access his/her account.
- Security of account is a critical issue because there are chances of your account and transaction information to get hacked.
- The knowledge of your Password to any third person may pilferage your account and balance, and someone may misuse it to draw funds from your account or hack your account.
- If the server is down, or there is no internet connectivity, online transactions will fail, or you will not find out if your transaction is successful or not.
The advantages and disadvantages of net banking clearly shows that if you take certain precautionary measures such as keeping your password safe, change it from time to time, hide it or memorize it without leaving any visible password record can be you are your best solution for safe and secure online bank transactions.