What Is Internet Banking | Advantages And Disadvantages Of Internet Banking

What Is Internet [net] Banking

In Simple Words Internet or Net Banking is a facility provided by bank to its cutomers who find don't have much time to visit bank again and again.
Let me explain Little More... Internet or [net] Banking refers to the banking services provided by the banks over the internet. Some of these services include paying of bills, funds transfer, viewing account statement, etc. Banks also deliver their latest products and services over the internet. Internet banking is performed through a computer system or similar devices that can connect to the banking site via the internet. Nowadays, you can also use internet banking on your mobile phones,PC,Laptops etc using a Wi-Fi or 2G/3G/4G connection. With the ease of availability of cyber cafes in the cities, it has become quite popular.
Banking is now no more limited in going and visiting the bank in person for various purposes like depositing and withdrawing money, requesting for account statement, stop a payment, etc. You can do all these tasks and many more using the online services offered by the banks. You can also keep a track of your account transactions and balance all the time. Now getting passbooks updated to know the total account balance is a matter of past.

Internet Banking Offers Various Online Services

Online banking account is easy to open and operate. The online services offered might Different from bank to bank, and from country to country. To know about the various services, always go through the welcome kit that you get at the time of opening the account. You also get the password like Your Atm cards to access your online account, which you are supposed to keep with great care for security reasons.

The common online services offered by banks are:-

1. Transactional activities like: Funds Transfer, Bill Pay, Loan Applications and Transactions.
2. Non-transactional activities like: Request for Cheque Book, Stop Payment, Online Statements, Updating Your Contact Information.

How to Use Internet Banking?

I'm Going With SBI Procedures. Keep in mind diffrent Banks has different procedures But some Steps are same .

Activate Online SBI Internet Banking

Activate Online SBI Internet Banking: Are you a SBI Customer (Account Holder) ? If you are and if you still do not have SBI Internet Banking then hurry up as we are living in era where time is money and if you still do not using the internet banking facility and still standing in long queue for making bill payment, funds transfers then activate your Online SBI Internet Banking and save your time and energy. In this tutorial we are providing you step to step guide to setup and activate your Online SBI Internet Banking.

Steps To Activate Online SBI Internet Banking

To activate Online SBI Internet banking, first you to visit your SBI Branch and register for Online SBI Internet Banking Service. Once you will register for online SBI Internet Banking then you will receive a first time login details of Online SBI via post. If you already received your Online SBI Login Details then follow the simple steps given below to activate your Online SBI Internet Banking Service.
For First Time Login ( New User Login), you need to take care for following things :-
You need to create a New User ID
You Need to Create a New Login Password
Also Create a profile password.

Step 1) Visit the official website of Online SBI Login Internet Banking https://www.onlinesbi.com/ and then click on the Login Button as shown in the image below.

Step 2) Then a new window will appear with some messages on it. You should read the messages “Please Ensure the following before logging in” and then click on the Continue to Login Button as shown in the image below.

Step 3) When you will click continue to login button then a new window will appear where you need to insert the User name* and Password* which is provided to you by the State Bank of India (Online SBI Internet Banking Kit). Then click on the Login button.
Step 4) Once you will be logged in then you need to re-create your desired Username* and your desired login Password* and save it.

Step 5) Also you need to enter (create) your desired Profile Password Hence your Online SBI Internet Banking Service will be activated
Note : You should memorize the Login Username* and Password* for future login. Profile Password is very important to change any profile details so you should memorize it too.

Source
onlinesbi.io

Advantages of Internet Banking.

Internet Banking has several advantages over traditional one which makes operating an account simple and convenient. It allows you to conduct various transactions using the bank's website and offers several advantages. Some of the advantages of internet banking are:-
👍 Online account is simple to open and easy to operate.
👍 It is quiteconvenientas you can easily pay your bills, can transfer funds between accounts, etc. Now you do not have to stand in a queueto pay off your bills; also you do not have to keep receipts of all the bills as you can now easily view your transactions.
👍 It is available all the time, i.e. 24x7. You can perform your tasks from anywhere and at any time; even in night when the bank is closed or on holidays. The only thing you need to have is an active internet connection.
👍 It is fast and efficient. Funds get transferred from one account to the other very fast. You can also manage several accounts easily through internet banking.
👍 Through Internet banking, you can keep an eye on your transactions and account balance all the time. This facility also keeps your accountsafe. This means that by the ease of monitoring your account at anytime, you can get to know about any fraudulent activity or threat to your account before it can pose your account to severe damage.
👍 It also acts as a great medium for the banks to endorse their products and services. The services include loans, investment options, and many others.

Disadvantages of Internet Banking.

Though there are many advantages of internet banking, but nothing comes without disadvantages and everything has its pros and cons; same is with internet banking. It alsohas some disadvantages which must be taken care of. The disadvantages of online banking include the following:-
👎 Understanding the usage of internet banking might be difficult for a beginner at the first go. Though there are some sites whichoffer a demo on how to access online accounts, but not all banks offer this facility. So, a person who is new, might face some difficulty.
👎 You cannot have access to online banking if you don’t have an internet connection; thus without the availability of internet access, itmay not be useful.
👎 Security of transactions is a big issue. Your account information might gethackedby unauthorized people over the internet.
👎 Password securityis a must. After receiving your password, do change it and memorize it otherwise your account may be misused by someone who gets to know your password inadvertently.
👎 You cannot use it, in case, the bank’s server is down.
👎 Another issue is that sometimes it becomes difficult to note whether your transaction was successful ornot. It may be due to the loss of net connectivity in between, or due to aslow connection, or the bank’s server is down.

Tips For Safe online Banking

Online banking is nice and convenient. But it does come with certain risks. Just as you hear of people being robbed at ATMs, or having their cards cloned, so online accounts are also a point of vulnerability. Finally am sharing some useful tips for safe Online Banking.

Follow These Tips:-

1. Choose an account with two factor authentication.
2. Create a strong password.
3. Secure your computer and keep it up-to-date.
4. Avoid clicking through emails.
5. Access your accounts from a secure location.
6. Always log out when you are done.
7. Set up account notifications (if available)
8. Monitor your accounts regularly login at least once in a day.
9. Always use https:// link Not http:// to log in your Account e g.
✔ https://https://www.onlinesbi.com
X http://www.onlinesbi.com