In the age of the internet, we cannot think one single thing without internet. It makes our life more comfortable, more convenient. In this 21st century, we rely on Alexa. It books the meetings on behalf of us. So you can understand where we are standing now. In earlier days people used to visit the bank for money transfer, withdrawal, or for deposit. Now you do not have to go anywhere. You can do everything from. How? Simple with the help of internet banking. Check Federal Bank Net Banking Advantages and How to use It below.
Internet banking is the most common thing in recent days. With every passing year, it becomes more popular. Almost every bank offer internet banking facilities with some additional features like FD, tax-paying, mobile recharge, order cheque book, etc. If you move to net banking from conventional transaction method, you should understand what is net banking is, its uses, facilities, etc.
What is Net Banking?
Net banking is also known as internet banking or online banking. Through this method, you can make different types of transaction via the internet. You can do it easily from your home. You can transfer the fund to other bank account or if you want to check e-statement, all you can do via net banking. Through a website, the bank customers can make the transaction online. Net banking was introduced in the year of 1994. In the financial industry, net banking is a most common thing now. If you have internet and accessible device, you can easily. With these facilities, the bank allows the customer to be in the virtual contact with the bank on a daily basis and simultaneously the physical visit has reduced. For example, if you have smartphone and internet access, you need to download the federal bank net banking application from the app store. Now put all the necessary details, and it’s ready for the transaction.
How Does it Work?
Now you know what is net banking. Now let’s move on to how it works. If you want to make any financial transactions through online banking, you need to login to the website of the bank where you have an account. Things you would require are computer/ laptop/ smart phone/tablet etc. and obviously an internet connection so that you can log in to your account very easily. Once you log in to the banking website, you can choose any services offered by the bank.
Read More – How to Login to SBI Net Banking
Federal Bank Internet Banking Set up:
Is this your first time? Don’t you use internet banking in the past? Then this article will be very beneficial to you. Nowadays, most of the bank offers internet banking facility with every new account. If you have a savings account with the bank for a long time, you can ask the bank to open an internet banking account for you. After opening the account, the bank will provide you the password and the user id of the internet banking account.
Important work is done by the bank through internet banking
You can make both financial and nonfinancial transactions with the help of internet banking. Other popular important tasks are,
- Check the account statement
- Fund transfer
- Open a fixed deposit account ( FD)
- Apply for the new cheque book
- Apply for new Debit card
- Loan apply
- Pay insurance premium, utility bill and paying taxes
Advantages of internet banking
E-banking or net banking provides every type of banking solution through the internet.
Federal Bank net banking services are available 24/7. In earlier days banking timings was 10-4 for public dealings. Now the customer can access the service any time. It is one of the significant advantages of internet banking. You can make the transaction from home or the office or from anywhere. You will be in your comfort zone. No one will poke you, neither you need to stand in the long queue. Multiple non-banking facilities like inquiry about the interest rate, order cheque book online, update account these also you can do through net banking
Read More – How to Check EPF Balance
Many financial institutions or bank provide convenient and dedicated tools to make financial management more effortless. Services like money monitoring tool, tools for investment analysis, and sweep in the facility, online bill payment, loan calculator all are available. You can get tax preparation services and tax forms too.
Once the net banking has been introduced the huge office space, excess staffs to deal with customers has reduced. The overhead cost and infrastructure absence allow the bank to pay a higher rate of interest. Previously if you withdraw the fixed deposit before tentative schedule, bank charges a handsome penalty. But now if you withdraw before the time the penalty charges are low. Some bank charges zero cost for RTGS or NEFT transfer.
Another significant advantage is, it is user-friendly. The procedure is easy. You don’t need to devote much time to understand the process. It is a simple process that can be operated from a laptop, computer as well as from mobile too
Essential tips for safe internet banking
Internet banking is 100%safe. You do not have to worry about that. Still, you need to follow some tips to make it more safe and secure.
Change your password
When you are going to login to the internet banking account, you need to put the password that is provided by the bank. Everyone should change the password provided by the bank, to keep your account safe. It is advisable to keep improving the password every three months. The most important thing is to keep the password confidential. Do not tell anyone your password.
Never use a public system to log in
Do not use cyber cafe computer or any general computer to log in to the account. Use your network. In public place, your password can be traced or can be seen by strange. So be aware of that.
Do not share the net banking details with anyone. If you get any call from anyone, be it from the bank itself and ask you for the OTP. Never share that to anyone. Bank will never request their customer’s personal information. So be aware of that.