By signing up for net banking, you are treated to a very different kind of service. You can carry out all kinds of transaction with your bank without even visiting the bank physically. Complex processes that were very difficult before the digital era suddenly became easy. The digital revolution of the early aughts revolutionised the way the banking sector carries out its business.
Net banking by definition is a process in which you can carry out your transactions by sitting in front of a computer screen instead of going to the bank physically. However, if you have not opted to open a new account online, here are four reasons why you should give net banking a chance:
1. Net banking saves time:
While visiting a bank is fine when your work is not urgent, it is not prudent when there is an urgent transaction. Apart from the time taken to commute to the bank, another factor you need to keep in mind is the queue present in the bank at the time of your visit. If you visit the bank the morning, you can expect a long queue. On the other hand, there are none of the aforementioned road blocks if you already have signed up for net banking. All you need is the account details of the receiving party and that’s it. Your money transfer is done in a couple of minutes.
2. You adjust your transaction limit:
Usually banks have a cap on the amount of transactions you can carry out in a day. When you open a new account online with the help of net banking, you can make adjustments on the transaction limit on the card. For example, when you are shopping for something online, you might run into a minor roadblock as the said item might cost more than your transaction limit. With the help of net banking, you can adjust the transaction limit.
3. Offers multiple types of transfer options:
Net banking gives you two choices of money transfer options and they can be classified on the basis of the time taken to complete the transaction. Two of the main ones used are the IMPS (Immediate Payment Service) and NEFT (National Electronic Funds Transfer). With IMPS your money is deposited into the receiving individual’s bank account instantly. On the other hand, an NEFT Bank Transfer takes some time.
4. You can keep track of transactions:
When you have not opted for a net banking service, you have to make sure that you regularly keep updating your passbook. If not, it is impossible for you to keep the track of your expenses. On the other hand, with a net banking user ID and password, you have uninterrupted access to your monthly expenditure, which will ultimately help you to manage bank account transactions.
When you run a search for “open new account online”, you will get a list of different features as well. Different bank apps offer a variety of features. Please contact your nearest bank for more information on net banking services.