India has advanced in various fields, including in the banking sector. Indian banks over these years have made tremendous success in launching their internet banking and mobile banking websites that facilitate their customers with the online availability of all banking products.
Online Banking known as Internet Banking or Web Banking is an electronic payment system, which enables a user to conduct financial and non-financial transactions from your account online via a Bank's website or an application. Every Banking Institution designs its virtual form of online banking, maybe through desktop version or mobile applications or both.
We all are used to going to a bank to deposit money, generate a statement, fund transfer, bill payments, etc. With the internet reaching everyone’s home, we can do almost all of those things with the click of a button. Online Banking allows bank account holders to manage their account and payments online. With this feature, the bank account holders aren’t required to visit a Bank Branch to conduct any of their banking transactions. They can do all their work at their suitability, wherever they want i.e. home, office, or on the move.
Online Banking can be accessed by those who have registered for this facility at their bank, having active bank accounts, or any financial institution. After registering, the customer isn't required to visit the bank every time for availing a banking service. Online Banking is a convenient and secure mode of banking. This mode is secured because the portals of net banking are protected with unique User/Customer IDs and passwords.