- The Concept
Online banking is all about viewing account status and conducting transactions over internet. It is distinct from traditional banking in that it saves you from the rigors of visiting branches, filling out lengthy paper based requests, waiting for your turn and interacting with tellers in order to get transactions completed. It just requires an internet connection to freely operate your account 24 hrs a day, 7 days a week from anywhere. Your account moves with you wherever you go. Here you are just a click away from viewing account balance, transaction history, paying bills online, ordering demand drafts, telegraphic tranfers, requesting ATM / Debit Card, Credit Card, Personal Loan, Auto Loan etc.
- Features
Online banking gives you an ID, password and a secure interface to operate your account. You can view the balances and transaction details, submit request for financing and avail subscription of various banking services as well as order the remittances and internal transfers.
- Balance Information and Transaction History
You no longer have to wait for delivery of account statements through mail. You just log in and view account balance and transaction details / history from a secure website of your bank. Transaction history can be viewed for any period, unlike printed monthly statement you receive in mail that only shows transaction history of past one month
- Submission of Request for Financing and Services
Many banks offer you to use online banking facility to submit requests to obtain financing such as Personal Loans, Auto Loans, Credit Cards, Running Finance etc. instead of visiting branches to look for the right person to guide you through the whole process. Upon online submission of request, bank will itself appoint its officer to visit you with all the necessary documentation required for processing of the financing requests..
- Executing Remittances
You can remit money using online banking service by filling the pre-formatted funds transfer application templates available online. Banks will effect TT (Telegraphic Transfers), SWIFT Payments, Issue Pay Order, Demand Drafts etc upon receipt of your online requests.
- Online Trading (Import and Export)
You can initiate import and export related transactions via online trading services offered by some banks. For issuing letter of credits, fill out LC issuance forms available online containing all the fields for entering date and terms and conditions that are to be incorporated in LC.
- Paying Bills Online
Banks offer you the services of paying your bills online which is much safer than mailing checks. By paying bills online, you can escape from the risk of frauds associated with cheques
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