What are the benefits of Online Banking?

The various advantages/benefits of Online Banking are:

  1. 24×7 Availability: Online banking is not time-bound, and is available throughout the year all time. Even some of the services provided online aren't time-restricted. Account-holders can check their bank balance, account statements, and transfer funds anytime instantly.
  2. The convenience of initiating financial transactions: Online banking is now more preferred mode due to the convenience it provides while making fund transfers, bill payments, EMI payments, loan and tax payments, and various other financial transactions as per their convenience anytime. Account-holders can use most of the banking services without making a trip to their banks and stand in queues. 
  3. Keep Proper Track of Transactions: Usually, after making transactions, acknowledgement slips are given by the bank, and these slips might get misplaced. However, with online banking, one can easily track the history of all transactions that have been initiated by the individual. When transactions and fund transfers have been made online, they get organised in the ‘Transaction History’ section along with other vital details like the payee’s name, bank account number, the amount paid, the payment's date and time, and remarks. 
  4. Secure and Quick: Net banking users can promptly transfer funds between accounts. They get transferred via NEFT, RTGS, or IMPS as per the convenience of the individual. Every transaction and the bank account itself is secured with a password and unique User-ID.
  5. Non-financial Transactions: Online banking enables you to obtain non-financial services like balance check, account statement check, order for cheque books, etc. 

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