What is Internet Banking System
To face the competition and be a leader in the market, new products are being introduced in the banking system. Now with the introduction of ATMs it has become convenient for many to withdraw cash at any time and any place. Likewise, almost all leading banks have introduced what are known as internet banking. For this purpose, all one should have computer and internet connectivity. Just by downloading and giving an application to the bank, the bank gives you a user id and password.
Types of Internet Banking Transactions
There are two types of transactions that one can do through internet. One is doing a transaction involving implications such as transfer of money to own account, to another account maintained with the same bank and third party transfer which involves transfer of money to third party maintained with some other bank. Besides this purchase and sale of stocks is also carried out.
Advantages of Internet Banking
The advantage is internet banking can be done from any place and any time. Many of the banks say "Buying and selling of shares is now just a click away" Transactions not having any financial implications like obtaining statement of account, creating fixed deposit account are also done through internet. Also one an check out the latest Bank Rate, saving bank interest rates and rates on deposits, and other matters relating to banks. In other words internet banking allow customers to monitor all their accounts. SBI, ICICI, HDFC, PNB, Corporation Bank, Kotak Mahindra Bank and almost all the banks provide customer with internet banking failities. This service is provided free of cost and the sites are "verisign" certified or secure.
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