The popularity of Internet Banking

Updated on 20 February 2021

By Bcom Exam Guide

7 min read 153 views

Updated on 20 February 2021

Share this article

Copy Link Link Copied

Online or Internet Banking is an online payment method used by millions of people around the globe to conduct financial transactions through a website. The Internet Banking has enabled the customers to use cards and go cashless. Therefore, the transactions are completed with ease without any chaos. Internet Banking is also known as the ‘Direct Bank’ as people frequently use it to make payments anywhere and everywhere.

However, the banks decide the kinds of financial transactions a customer can make. Bill payments, salary, fund transfers and applying for loans are some of the transactions that customers can make. Online Banking has many features. Some of the features are:

Customers can view their account balances and recent transactions.
You can now download the bank statements right on your mobiles.
You can order cheque books and give applications online directly to the bank manager.
You can pay bills or make any investment using online banking.
You can also apply for credit cards and other related loans.
Online banking is authenticated and consumers can be sure about their security regarding transfers and payments.

Internet Banking Services

There are various internet banking services which are provided to the customers for a better experience in online transactions.

Attracting new customers:

When the old customers are happy with the services, they will bring in new customers. Online banking attracts new customers thereby, increasing the online transactions and investment of various kinds.

Improve Customer Access:

With the improved services, customers can now pay bills and do various transactions anywhere. Customers find it easy to go cashless and make payments anywhere. Therefore, the customer access has been improved through services of online banking.

Increase Customer Loyalty:

With appropriate security measures, the customers do not find it difficult to trust these online sites. Online banking has good security so much so that customers are assured of their transactions and other payments. The transactions are confidential and are kept between the bank and the customer.

Offering of more Services:

Online Banking enhances and develops their services from time to time. They make changes time to time in their technology of conducting transactions. Customers become satisfied with more and updated services which are offered to them.

These are some of the internet banking services which customers have an advantage of. Online services not only provide a sense of satisfaction, but they also make transactions easier for the customers. Therefore, there are many benefits of online services.

Internet Banking of SBI

There are various banks which provide online banking services so that customers can make payments online without chaos. These banks include Bank of Mysore, Union Bank of India, State Bank of India, City Union Bank, HDFC Bank and Kotak Mahindra Bank to name a few.

Internet banking is provided by SBI and therefore, it is one of the most popular banks in terms of online banking. SBI is one of the oldest banks which have been providing satisfactory services to its customers. Since the charges are less and the services provided are good, SBI is ranked as the most popular bank in terms of internet banking. Therefore, SBI offers various services and there are charges applied for net banking. Below are the details of charges applied for online banking in SBI

S.NO	AMOUNT	CHARGES APPLIED
1	Up to Rs. 10,000/-	Rs. 2/-
2	From Rs. 10,000/- to Rs. 1 Lakh	Rs. 5/-
3	From Rs. 1 Lakh to 2 Lakh	Rs. 15/-
4	Above Rs. 2 Lakh	Rs. 25/-

Internet Banking has provided various services to the customers for easy payments and online financial transactions. Internet banking services not only make transactions easier, but they also upgrade their technologies so that the customers do not suffer any technical glitches. Therefore, internet banking is one of the good options of going cashless and making payments online. For more related enquiries, you can log on to www.onlinesbi.com.

B.COM