In today’s world, where technology is consistently evolving, banks have also become a part of this fintech boom. All the banks in India now provide net banking facilities, allowing you to do all of your financial activities from the convenience of your own home.
You need not visit banks for small tasks, saving time and effort. Net banking offers various benefits, like paying bills, transferring payments, and more from the comfort of your own home.
This blog will discuss the meaning of net banking, its features, advantages, and services.
What is Net Banking?
Net banking or Internet banking is a service provided by banks and financial institutions that allows customers to transact via the Internet. Customers do not need to visit their bank's branch office for every little service. To use net banking facilities, you must register for it when you open your bank account or later. Logging into your Internet banking account requires a registered customer ID and password.
Features of Net Banking in credit card payment
Net banking provides various easy credit card payment options. The Internet banking features may vary based on the bank and the individual net banking platform, but they often include:
Account Overview
Users can view their credit card details, balances, available credit limits, recent transactions, and past credit card statements online.
Security
The net banking platform employs advanced security measures to ensure the safety of credit card payments. These measures include encryption, two-factor authentication, and more.
Automated payments
Users can schedule one-time or recurring payments for their credit card bills, utility bills, etc. You can cancel the payments anytime if your preferences change.
Round-the-clock customer support
Net banking platforms often include customer care, allowing consumers to seek help with credit card payment questions and concerns via chat, email, or phone.
Compatibility with Mobile Banking
Many net banking platforms also have mobile banking apps, which allow customers to make credit card payments on the go using their smartphones or tablets.
Advantages of net banking in credit card payment
Net banking provides various benefits for credit card bill payments, making the procedure efficient and secure for customers.
Availability
One of the primary advantages of net banking is that it is available 24/7. Users may now access their accounts and execute transactions wherever they choose. It increases flexibility and accessibility, particularly for consumers who may not have easy access to traditional bank branches. Net banking ensures the ability to initiate credit card payments at the user's convenience.
Convenience
Physical bank visits are no longer necessary with net banking. It saves time and effort. Users may complete transactions from the convenience of their own home or business. The convenience of net banking also extends to credit card payments, allowing customers to pay their bills quickly and conveniently from the comfort of their homes.
Easy to operate
Another advantage of net banking is that the platforms are user-friendly. The straightforward interfaces make it simple for users to traverse the site and conduct transactions. The digital interface makes credit card payments simple by taking users step-by-step through the process. Most platforms also offer lessons and customer assistance to help consumers utilise the service efficiently.
Real time tracking
Net banking capabilities allow customers to follow their account actions in real-time. Users may access their transaction history, account balances, and other account information on the go. This gives individuals better visibility and control over their finances. Credit card payments also benefit from an additional layer of security and transparency.
Transferring funds
Internet banking enables consumers to send cash rapidly. With a few clicks, funds may be effortlessly moved between personal accounts or to other accounts, including accounts from other banks. It reduces the need for bank visits, making financial transactions more convenient and efficient. With the help of this tool, consumers can avoid late penalties and maintain a clean credit history by never missing a payment due.
Ways to transfer money using net banking
Net banking offers three methods for transferring funds between accounts: NEFT, RTGS, and IMPS. Let's consider these methods:
NEFT
- NEFT stands for National Electronic Funds Transfer. It is an electronic payment system in India that allows people, businesses, and organisations to move money from one bank account to another.
- The funds are credited to the beneficiary's account. It often occurs on the same day or the following working day.
RTGS
- In an RTGS system, funds are moved from one bank to another in real-time, which means that the transaction is completed instantly, usually within seconds or minutes.
- RTGS transactions conducted through a bank branch often have no maximum restriction, making them appropriate for transferring both small and large amounts of money within the real-time gross settlement framework.
RTGS services are accessible 24x7, including weekends and bank holidays in India.
IMPS
- IMPS allows one to send or receive funds immediately and conduct inter-bank transactions using mobile or Net banking. IMPS services are accessible 24 hours a day, seven days a week, making them highly flexible.
- Mobile banking services are required to transfer funds using IMPS. Also, if somebody uses IMPS online to transfer payments, they must have both parties' MMIDs.
Conclusion
Net banking is a quick, inexpensive, and simple way to handle everyday financial transactions. You most likely have Net banking if you already have a bank account. If not, then simply sign up.
You may also utilise Net banking from traditional banks, although certain online-only banks may provide higher interest rates on deposits.
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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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