Thursday, June 11, 2020

What is Internet banking explain

Internet banking

What is Internet banking explain

What is Internet banking explain?

Internet banking is known with other names as online banking, e-banking or virtual banking, is an electronic payment system that allows customers of a bank or other financial institution to conduct a series of financial transactions through the financial institution's website Enables. 
  Internet banking is a system that allows a customer to conduct financial and non-financial transactions from his net banking account. The user can transfer funds from his account to other accounts of the same bank / different bank using the website or online application. For financial transactions, The customer uses resources and media. For Internet banking customers can use an electronic device like a computer, laptop, or mobile phone. The Internet is the medium that makes technology possible.

Different type of Safe Internet Banking methods

Different type of Safe Internet Banking methods :-

National Electronic Fund Transfer (NEFT)

NEFT stands for National Electronic Fund Transfer. NEFT is an easy and simple method of fund transfer. By the use of you can send money to any bank account across the country. NEFT was started by the Reserve Bank of India in November 2005 and this service is currently available in almost every bank.
To transfer money through NEFT, You need beneficiary(in which account you want send money) Account No., Name, IFSC Code and Branch Name.

There is no restriction on the minimum amount in NEFT. There is a transferring fee for NEFT which depends on the amount being sent.
 There are two ways to send money in NEFT 

1. Offline :-

In this way, You should go to your bank branch and receive the form of NEFT, fill it carefully then submit it to the bank.

2. Online :- 

If you use online banking, then you can send money through NEFT sitting at home. For this, you have to activate a third party transfer service. In this, you have to go to add a new beneficiary and add details of the beneficiary. Now you select the NEFT option for fund transfer and select the account to send money to, after which enter the amount you want to send and submit it.
In NEFT, you can send maximum Rs. 50,000/-.

NEFT Timings :-

It operates in hourly batches - 
1. Settlements from 8 am to 7 pm on week days (Monday to Friday)
2. Settlements from 8 am to 1 pm on Saturdays.
Charges for NEFT depend on Bank Policy. It varies from bank to bank.
It is safe for fund transfer.

➧Also Read :- Electronic Technologies

Real Time Gross Settlement (RTGS)

RTGS stands for Real-Time Gross Settlement. RTGS is the fastest money transfer service. The money is transferred to your account within 30 minutes through RTGS.

For RTGS, minimum transaction should be Rs. 2 Lakhs. If for some reason the money does not reach another's account, then all the money is sent back to your account. The benefit of RTGS service can be availed by any person who has an account in the bank. 

There are two ways to transfer money by RTGS:-

1. Offline:- 

You should go to your bank and receive RTGS Form, fill it properly and carefully then submit to the bank. 

2. Online:- 

If you have online banking, you can do instant money transfer from home. In online fund transfer, you select the option with RTGS and add the bank details of the beneficiary and then add the amount you want to send and submit it.  

To transfer Money by RTGS, we need to know the beneficiary's bank account no., bank branch name, IFSC Code, and a cheque (signed by own).

RTGS Timings :-

The RTGS service is available to banks for settlement at the RBI end are:- 
1. From 9.00 hours to 16.30 hours on week days (Monday to Friday) and 
2. From 9.00 hours to 14:00 hours on Saturdays . 
However, the timings may vary depending on the customer timings of the bank branches.
Charges for this service is depending on bank.

Immediate Payment Service (IMPS)

IMPS stands for Immediate Payment Service. IMPS is operated by NPCI (National Payments Corporation of India).
By IMPS, You can transfer money 24*7 hours and also in bank holidays, whereas in NEFT and RTGS you cannot do so.

To use IMPS, you have to activate mobile banking. Mobile banking You can also apply by visiting the ATM machine or by submitting the form in your branch. On applying for mobile banking, you will be provided with MMID and MPIN using which you can use IMPS.

After registering for mobile banking, you have to download your bank's mobile banking app or you can also use it through USSD code.

There are two ways to send money by IMPS:-

By bank account number and IFSC code -

For this, you should know the beneficiary's bank account number and IFSC Code
1. Login in the mobile banking app
2. Select the option with IMPS using account no. and IFSC Code
3. Enter the beneficiary's account number, IFSC Code and amount
4. Then click submit. 
5. At last, put your MPIN.
Then you receive a message of fund transfer.

By mobile number and MMID -

You can send money to the beneficiary through his mobile number and MMID
1. You have to choose the option with IMPS using mobile and MMID
2. Here you have to enter the beneficiary's mobile number, MMID and amount 
3. Submit it. 
4. Then you have to put your MPIN and the money will be transferred.

Queries :-

What is Internet banking explain?
What are the types of internet banking?
What is online banking with example?
What is the difference between net banking and internet banking?

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