Oct 6, 2011

Essay on Internet Banking | Internet Banking in India | e-Banking | Online

What can be done by online banking:
System needed for internet banking (My recommendation as per my experience):


There are many things to know about the Internet banking system, especially if you are just now wanting to get involved with online internet banking system.
One of the main reasons that people decide to begin using Internet banking over regular banking is in reference to convenience. Everybody wants methods that are going to save them time and make daily tasks easier on them, and that is exactly what Internet banking does.

Internet banking was introduced in the early 80s. Many people have started availing to its facilities. Now, one does not have to wait in long queues at the bank nor to pay bills at some shopping center and Non of us want to stand in the queue for hours and hours also.
You can notify the bank of your change of address directly over the computer . Many other services that you would typically have to pay for are free as well when you complete them online with Internet banking, and this is primarily due to the fact that by completing Internet banking services you are saving the bank from having to use bank tellers, or manpower, to do the work for you.
 The best thing about Internet banking is that it is fast and is available to a person in any part of the world, at anytime he or she needs it.
I have written this article only because to share my Internet Banking experience with all new users. Almost I have used maximum internet money related activities and sensed much more comfort. From money transfer to money deposit through ATM (available in few banks in Durgapur), I realized that it has become necessary to tell all in and outs of the internet banking facts. For last five year I never stood at teller window of any bank or any financial institution except extreme face-to-face requirement of the bank.

What can be done by online banking:

  1. Money transfer from one account to another account of same bank.
  2. Money transfer from one account of a bank to another account of other bank. This is also known as NEFT OR RTGS .

[**NEFT - The acronym “NEFT” stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI's NEFT service. RBI acts as the service provider and transfers the credit to the other bank's account.

RTGS –The acronym “RTGS” stands for Real Time Gross Settlement. The RTGS system facilitates transfer of funds from accounts in one bank to another on a “real time” and on “gross settlement” basis. The RTGS system is the fastest possible inter bank money transfer facility available through secure banking channels in India. ]
  1. Rail ticket booking on www.irctc.co.in
  2. Equity (Share), mutual fund, and IPO purchasing.
  3. Hotel booking.
  4. Online PPF deposit electronically if the PPF account is in the same branch.
  5. Fixed Deposit , Recurring  deposit, Term Deposit, Demand Draft making can be controlled with your finger tips round the clock.
  6. Account statement checking round the clock.
  7. Mobile recharging. Prepaid or Postpaid.
  8.  Insurance premium payment.
  9.  Status of the insurance  can be viewed any time round the clock.
  10.  Electronic product like music , ebooks etc can be bought .
  11.  NSTSE (National Science Talent Search Examination ) form filling and its payment  can be done in a minute.
  12.  Job form filling and its payment if any.
  13.  Tax payment.
  14.  News  paper advertising payment.
And many more services can be availed. I can’t mentioned all . I have mentioned the above point only because we generally need these types of services.

System needed for internet banking (My recommendation as per my experience):
  1. A computer.
  2. Internet connectivity.
  3. Original Operating System.( e.g. XP PROFESIONAL ).
  4. Original Antivirus, Not a free version.

Before going ahead I want to clear one thing that Indian banks are paying biggest priority on the security issue. The security issue is equally matters for the customer and the bank. I feel they are doing extraordinary innovation to give better and better service to the customer.
I feel , It is the only gift of electronic banking which had boosted Indian economy at faster rate than any other economy in the world. It is because of the acceptance and great know how of electronic media of Indian educated person.

  • Tell no one your password or other confidential information unless you are sure of their identity. Hackers sometimes impersonate technical support workers or others over the phone to obtain private information
  • Keep your password out of plain sight in your work area.It is better to maintain password in a diary.
  • I use Keepass (https://keepass.info/) software a freeware to control my all passwords with a master passwords. 
  • Select a password that is hard to guess; avoid social security numbers, birth dates, PINs, or other obvious choices.
  • Never use your banking in cyber café, unless you know the machine physically and electronically.
  • Don’t allow all to use your computer. Make your computer personal if you use internet banking.
  • When your computer prompt to save password. Never give “yes” option. Always opt for “NO” or “NEVER”.
  • Make sure your browser supports secure transactions using up-to-date security features like encryption.
  • Take advantage of security and virus protection software that protects your computer from intrusion. (Intrution means act of coming uninvited or unwanted.)
  • When you walk away from your PC, turn it off, or turn on the screensaver password feature.
Good passwords are unique. Try using capitalization, non-letter characters, and other symbols with significance only to you. Instead of "carrot," for example, use "caRrOt8." Also, be sure to change your password periodically. Another example G?|1k<&L3/0(f .This password will be rated as Strong.
Use all security measures provided by your bank. Banks in India are providing various security and security measure is their top priority. Almost all the banks in India providing world’s most security feature of 128 bit encryption and SSL. If you don’t know about  the security features available in your bank then ask your bank managers about all security steps.

For learning Internet Banking, open an account with internet feature enabled. Keep minimum required fund for which amount you are scaling your risk at safe level. As the saving deposit amount is minimum therefore your risk is also minimum. This is only for reducing  mental fear of beginners. Actually nothing is of fear but I am mentioning these things only to achieve experience  with mental comfort. Now you can feel relax because your main bank account is safe. Suppose you want to transfer fund to your relative/ son / or others who is at another place ( far from you) you can drop one cheque  to your internet enabled bank and transfer the fund.By doing this you will acquire more experience and at one day you can keep bigger amount in your a/c and will become proficient with online system.  
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