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Banking on the Internet

Facilities such as ATMs and internet banking, that are offered by most banks have changed the way a person does his or her banking transactions, reports Ramesh Palan.

business Updated: Mar 06, 2008 00:57 IST
Ramesh Palan

It is rare to see a person going to a bank for everyday transactions today. Facilities such as ATMs and internet banking, that are offered by most banks have changed the way a person does his or her banking transactions—by logging on to the bank’s website in the comfort of their home or office.

To protect the online banking environment and ensure safety of their customers’ information and transactions, banks use the best available security channel—124 bit encryption—which makes it almost impossible for a third person to obtain or modify information exchanged between the bank and the customer.

Internet banking offers you a range of financial products and services. Most of the services are available without even giving a visit to the bank. You may need to go to the Automated Teller Machines (ATM) only to withdraw or deposit cash. In fact, when huge sums of money are involved, some banks have started to provide pickup and delivery services inclusive of cash withdrawal or deposit. You can avail number of services by using online banking:

Pay utility bills online
Request for new cheque book
Order Demand Drafts
Open a Fixed Deposit account
Receive Statement of accounts via email
Apply online for credit card
Send Money Orders
Trade in shares online and open a demat account
Invest in IPOs, Mutual Funds
Purchase National Savings Certificates and Kisan Vikas Patra
Register for mobile or email alerts
Apply for home/car/personal loans.

You can even give standing instructions to the bank and stop cheque payment at the click of your mouse. Another important online service given by the bank is electronic fund transfer. You can transfer funds using National Electronic Funds Transfer (NEFT) - a nationwide funds transfer system which facilitate transfer of funds from any bank branch to any other bank branch. Today, many banks also

provide wealth management planning services by advising their customers about how and where to allocate their money in different investment channels.