Benefits ,Drawbacks & facilities of Internet Banking

Internet Banking means banking through Internet. It gives you the facility to access your bank account in real time and to make full control over your bank and credit card account. By using Internet banking, you could access your bank account from anywhere means you could access your bank account from home & office also.

You could use the following facilities through Internet banking

  • It gives the facility to make and receive payments to all bank’s bank account , to open Fixed and Recurring Deposits, to view account details and to request a cheque book etc.
  • You could receive & transfer funds from anywhere across the country and abroad on 24*7.
  • You could donate online and also send money order.
  • It provides online shopping facility. By using Internet banking, you could recharge prepaid mobile, DTH Connection, Data cards etc.
  • One could also book flights, train, bus, movie tickets and also pay bills.
  • Online tax payment facility
  • It also provides facilities to buy shares, bond, mutual funds, and insurance products etc. at a click
  • It gives the benefits of trading and Demat also.
  • You could store your documents online and access them from anywhere you want

Benefits (Advantage) of Internet Banking

  • Easy to access and gives you convenience.
  • 24*7 Service hours
  • Less paper work means less use of paper. So, it is good for the environment.
  • Through internet banking, banks give a lot of extra services to their customers. These services include financial planning capabilities, functional budgeting, forecasting tools, loan calculators, investment analysis tools, equity trading platforms, online tax preparation and payment etc. . . .All these facilities are available on the bank’s website. 

Drawbacks (Disadvantage) of Internet Banking

  • Difficult to use (for the person with no computer knowledge)
  • Requirement of internet
  • Anyone’s account information might be hacked by unauthorized people present on internet. So, security of transaction is a big issue.
  • You could not use this facility if the bank’s server is down
  • If any specific issue arises during the transaction then to complain your issue, you require physical visit to the bank