NET BANKING
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Net banking, also known as internet banking, enables users to conduct banking transactions online 24/7, allowing activities like fund transfers, bill payments, and account management from various devices. It includes services such as NEFT, RTGS, and IMPS for transferring funds and features like checking balance, managing debit cards, and booking tickets. The convenience, accessibility, and time-saving aspects make net banking a favored modern banking solution.
NET BANKING
- 1. NET BANKING SUBMITTED BY: SWATHI C S 1ST YEAR M.COM
- 2. Net banking meaning • Net banking also known as internet Banking, is a digital method to conduct banking transactions by the means of the internet, it is a time savvy facility offered by all standard banks individual can conduct banking activities from home through their smartphones, tablets, laptops and desktops. Net banking is a 24 7 facility which facilitates checking account balance, making fund transfer, managing debit and credit cards, opening fixed deposit and recurring deposit account, paying bills, doing online shopping, ordering chequebooks buying general insurance, and much more.
- 3. What is net banking? Net banking, e-banking, internet banking, mean the same it is one of the modern digital banking method. It is an evolved banking facility and can be called one of the major boons of this century. The ease of banking without having to visit the branch for majority of services. However, for availing of the internet banking service at the time of opening their account or have this facility incorporated into the account later.
- 4. How to use net banking? • With net banking, you can transfer funds between bank accounts without having to visit the bank. The transaction can be made through the NEFT,RTGS and IMPS facilities between banks. Net banking offers a ‘Transfer Funds’ option, while doing so you need to choose either of the three options mentioned above.
- 5. How to use net banking 1.National electronic fund transfer (NEFT) National electronic fund transfer (NEFT) is a nationwide centralized payment system owned and operated by Reserve bank of India. individuals, firms and Corporates maintaining accouts with any member bank, participating in the NEFT system, can electronically transfer funds to any individual, firm or corporate having an account with any other bank in the country participating in the NEFT system. 2.Real-time gross settlement (RTGS) The acronym ‘RTGS’ stands for real time gross settlement, which can be explained as a transfer mode where money is transfferred in real-time. The RTGS transaction can be performed by visiting branch or through internet banking. It is a credit-push system. RTGS is a safe and secure system for funds transfer. RTGS transactions do not have any upper amount limit/ cap set by RBI. 3.Immediate mobile payment services (IMPS) Immediate mobile services is an instant transer facility managed by national payment corporation of India. IMPS provides robust and real time fund transfer which offers an instant, 24 7, inter bank electronic fund transfer service that could be accessed on multiple channels like mobile, internet, ATM, SMS.
- 6. The IMPS CAN BE PERFORMED BY USING; • IFSC code and account details: the sender needs to enter the beneficiary details like his name, account number and IFSC code. Ofter adding the beneficiary, the user can performe the transaction. • MMID (mobile money identifier): for making an IMPS transaction using MMID the remitter needs to add beneficiary with following detains beneficiary name, beneficiary nick name, benificiary’s MMID and his mobile number.
- 7. Features of net banking Checking balance and bank statements Funds transfer through IMPS/ NEFT or RTGS Easy tax payment paying for utilities Paying tuition fees Booking rail and air tickets Multiple workflows for corporate user accounts Bulk payment option Opening fixed and reccuring deposits Stop payment of cheques IPO subscription Debit card management-for card issuance, set limit, PIN and block for debitcards Quick fund transfer Registration for mobile banking Sovereign gold bond subscription
- 8. Advantages of net banking 1. Accessibility: The advantages of being a 24/7 service offers freedom for customer to perform and make use of any service at any given time. Most services are available round the clock, while those which are not, have alternatives to support that facility customer ease is given primary attention. 2. Convenience: the simplicity of using the service from anywhere with smartphones, making this facility irreplaceable. While the option of visiting the branch is always available, services at non- banking hourse, which net banking meets. 3. Easy to use: the simple banking app enables banking through a comprehensive interface. Users mostly understand the usage of the applications at a go
- 9. 1. Time-saving: banking trabsactions take place in minutes through internet banking.transferring funds, themost extensively used feature in net banking, happens within seconds. 2. Tracker: Each time a customer making a transaction, it is recorded in the bank;s portal. Owing to this, accessiblility to the tracker is possible at any time of the day. When transferring funds to someone, you can send a copy of the receipt to the receiver, validating your action.
- 10. How to register for net banking? At Branch: Through HDCR Menu in finacle: application fors is available in banks website www.bankofbaroda.in and in internet banking portal. www.bonibanking.com • Costomer is required to submit duly filled and sighned application form at their base branch. Depending upon the requirement of the custpmer, they must submit retail or corporate form. • For issuance of bob world inyternet E-mail ID and mobile number is mandatory. • For retail customers, date of birth is mandatory. • Branch is required to verify details mentioned in application form with the details available in system. Any change should be entertained with supporting document. • Branches are required to process application through HDCR menu in Finacle. • HDCR Retail requests will be processed at Ebanking end on T basis
- 11. • HDCR Corporate requests will be processed at ebanking end on T+1 basis • After successful processing of request, an email containing user ID of the customer will be sent automatically on the registered email ID along with steps for setting the bob world internet passwords. • The physical application submitted by customer is to be retained at branch. Through tab banking while opening account: • The request will be submitted through tab banking while opening of the account.
- 12. • The retail request submitted through tab banking will be processed atinternet passwords. By customer: Through bob world • Bob worlds customer can submit their bob world internet registeration request directly through their app. • The rquest submitted through bob world will be processed at Ebanking end on T basis. Using active debit card and pin( this is instant pin) Retail customers having our bank’s active debit card, cam registered themselves instantly for bob world internet at their convenience without visiting branch.
- 13. Internet banking facility of bank of baroda • The corporate form is for companies, partnership firms, HUFs, sole proprietors etc. • Fill out the form and sign. If the account is a joint account, all account holders must put their signatures on the form. • The form needs to be submitted in person at the branch where the individual holds an account. • The user ID will be sent to the registered Email ID and mobile number provided by the user to the bank. • The user sets passward upon receiving the ID • Retail customers with the bank’s debit card can register for bob world internet banking facility through the bob world internet application. Click on the link, available on the login page for online registration using a debit card. • Bob world internet benefits are packed with user comfort in mind.
- 14. • Quick Fund transfer by IMPS/NEFT or RTGS • Pay your IT returns easily • Pay your IT returns easily • Pay for utilities • Tuition fees payment • Book train and air tickets online • Open FDs and RDs online and hasslefree • Manage debit card • Make quick fund transfer without adding beneficiary