The Indian banking sector got a huge boost in terms of speed, convenience and use-friendliness with the introduction of personal internet banking services. Earlier, you had to visit the bank for availing any banking service. However, today, you can carry out all your banking transactions from the comfort of your home with various bank money transfer options online. Go through the following article to learn about the various features of online banking:
- Two-factor authentication
Another major advantage of online internet banking is that this service generally comes with good security. Those who are concerned about the safety of using online internet banking should know that banks offer their accountholders encrypted security. Ideally, a banking app should have features such as two-factor authentication and fingerprint unlock. One of the banking apps that offers these features is IDFC FIRST mobile banking app.
- Auto-pay facility
Auto-pay is a major highlight of internet banking. In this facility, a certain sum will be deducted from your bank account on a specific date. For utilising the auto-pay feature, you need to leave a standing instruction for debit. Time efficiency is one of the best features of online internet banking. With the help of this banking facility, you can complete all kinds of transactions in a matter of a few minutes. Funds can be transferred to any account very quickly or even activate a fixed deposit account in no time through personal internet banking.
- Convenient to use
Mobile banking services also ensure that you can leave your chores behind and wait in a long queue at the bank branch. It is possible for you to complete transactions from wherever you are. Paying the recurring deposit account instalments, the utility bills, and downloading the account statements, all can be completed from your house. Moreover, net banking services have no limitation of time. You could enjoy banking services 24×7 through the banking app.
- Managing expenses
Apart from providing detailed account statements, online internet banking also provides you with the option of managing impending expenditures. You can analyse the account statements and go through all the expenses, which can help in setting a proper budget to tackle future expenses.
- Activity tracking
While making a bank money transfer through offline mode, the bank official will provide you with an acknowledgement receipt. Now, there have been cases where people have misplaced their receipts. This problem is effectively handled with internet banking since all financial transactions are carried out online are recorded. Whether you are shopping for groceries or investing in mutual funds, all of your transactions can be tracked. If the need ever arises, you can always check the history of your previous transactions. Details such as the beneficiary’s name, the sum paid, the date and time of payment, and bank account number will be documented too.
Internet banking services allow you to manage your finances very easily and conveniently. However, before signing up for personal internet banking please make sure that it is secure and has the best response time for money transfers.
2018 ·