Online banking: hassle-free banking with comfort and satisfaction : WebArticleWorld.com

Online banking: hassle-free banking with comfort and satisfaction

29.12.2009 | Author: addivardhaman | Posted in Finance

There was a time when personal banking required a trip to the bank, standing in often long lines and making a transaction via a bank executive. Access to one’s money was dictated largely by the bank’s hours of operation.

Times have changed. Today, with the advent of the Internet, accessibility to one’s finances is more convenient than ever. With online banking there are no long lines for withdrawing the money from the bank. Transactions, bill payment and ordering new checks can all be accomplished with the click of a button in the comfort of one’s own home.

The advantages of online banking are obvious. One can check his balance amount whenever he need to, even if the bank is closed. You can make a demand draft through your transaction accounts and select the branch at which DD is payable. There is no commission fees charged up to Rs.10,000. After 10,000 to 1,00,000 , commission fees will be Rs.50 and in the slab of Rs.1,00,000 to 5,00,000 , commission would be Rs.100.

You can apply for the fixed deposit through online banking and can renew their policies at the expiry date. You can also get free alerts and updates regarding the new offers and interest rates on fixed deposit. The nomination details can also be changed during the subsistence of the account relationship by filling up the form prescribed under the Banking Companies Nomination Rules 1985. A wide range of tenures, ranging from 15 days to 10 years, are available to suit your investment plan. There is a provision of partial withdrawal in units of Rs.1,000 and the balance amount earns the original rate of interest. You can get an immediate fixed deposit receipt whenever required through your Internet banking account.

Internet banking is also beneficial for current account holders as one can transfer funds from account to account between two other banks, can access their account from anytime, anywhere, giving complete control over your finances. Through registering for InstaAlert service, you can get latest updates on your online current account as and when the transaction happens-all this without visiting the branch or ATM.

Through your online saving account, you can pay your bills online as well, which saves both time and money on postage. It allows users to instantly view their accounts, balance the books, and monitor spending.

Another advantage of Online banking is the ability to easily compare services offered by different banks. You can buy financial products and apply for loans online, and in doing so, you can compare your options to ensure that you get the best possible services. You can even buy insurance online through Internet banking services. Stocks and bonds and other investments can be managed with online saving account from your home or office independent of a financial intermediary like a stockbroker.

Indeed, the Internet has proven to be a powerful and growing tool for today’s consumers. Through it, online banking has provided customers more control over their finances and freed up time that would have been spent standing in a bank line. But as with many things, precaution and education are important elements for online banking customers. At the end of the day, online banking succeeds only with the vigilance of the banks and their customers.