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What Are Its Benefits, Features & More?

by Sneha Shukla

Internet banking is a fast, easy, and secure means to access all your important banking services through online mode. Many financial institutions have adopted digitalisation and now provide online banking, which permits you to finish all your banking-linked transactions from the convenience and comfort of your home or office. With online banking, there are zero requirements to approach a bank directly, saving adequate time and effort. Internet banking provides a wide range of important benefits and features involving the potential to manage your bank accounts, pay dues, transfer funds and much more, all by using your electronic device i.e., mobile phone or computer. So, in the case, you have a bank account with the Bank of Baroda, then you do not require visiting as per BOB timings to conduct your financial transactions. This is because you can conduct transactions online with just a few clicks. For this, you just need to install a BOB World app or open your BOB net banking and next search for the appropriate options and make the transaction online. The transaction will be conducted instantly. 

You can read here to get an overview of Internet banking facilities. Discussed here are all about net banking features, services, and benefits. 

What’s net banking?

Net banking also called Internet banking is a crucial service offered by financial institutions that permit you to gain access to distinct banking services and conduct financial transactions through online mode with ease. With Internet banking, you can complete a wide range of banking activities, involving money transfers, recurring deposits and fixed deposits and tracking bank transactions without the requirement for visiting a bank branch physically. 

Any customer with an active bank account can use internet banking provided they have registered to avail the services. Once registered, you can make use of the online net banking services provided by the bank. 

What are the crucial features of Internet banking?

Listed here are some of the crucial features of using Internet banking that make this system highly popular – 

  • Internet banking permits you convenient access to a vast range of banking services. 
  • You as a customer can simply check your bank account balances as well as transaction past records. 
  • Online bill payments as well as fund transfers are efficient and simple. 
  • Internet banking offers you a secure environment for making quick banking transactions. 
  • You hold unique login credentials for your account. 
  • Internet banking allows you to place an application for insurance or a loan through the online platform. 
  • You as a customer can easily manage your credit card and debit card and update the addresses using the Internet banking facility. 
  • It is simple to update addresses or block your debit or credit card using your Internet banking. 

What are the benefits of using an Internet banking account?

Listed here are some of the crucial benefits of using a net banking account that makes it a perfect choice for many to obtain this service – 

  • Internet banking service is available round the clock i.e., 24 X 7. 
  • It permits you to make simple fund transfers. 
  • It provides you with the convenience to conduct banking transactions. 
  • You can simply track your transaction past record with only a few clicks. 
  • Internet banking is a secure service and requires a passcode and apt login ID to access.
  • Non-financial activities like ordering a chequebook, reviewing your account balance, and getting hold of a passbook can be performed easily via net banking. 

What are the drawbacks of using an Internet banking account?

The drawbacks of using an Internet banking account are as follows – 

  • Internet banking might be challenging for the ones who are totally new users. 
  • An internet network is a must to use online net banking services. 
  • It is crucial to periodically change the passcodes to make sure the security of the account is protected from hackers. 

How can you register for an Internet banking service?

If you as a user do not hold any access to an Internet banking facility, then you must follow the steps mentioned below to obtain access – 

  • To get going with an Internet banking account, first visit the financial institution’s branch and then provide an application for internet banking along with the required documents such as an Aadhaar card and passbook. 
  • Post you have submitted the application form and your documents, the financial institution will issue you the customer credentials i.e., customer ID and passcode. 

Remember – 

  • You can download the form for Internet banking application from your bank’s mobile app.

How can you register for the Internet banking service through the online platform?

Listed here are some of the important steps you as a customer must follow to register for an Internet banking account. These include – 

  • Visit the bank’s official Internet banking site. 
  • Hit the login option or the link “new user/register here”.
  • If you already hold Internet banking credentials, input them, and then sign in. In case you are not a registered member, then fill out the registration form with the required details like your account number, CIF number, registered mobile number, debit card details and other information. 
  • To verify the procedure, input the OTP that you received on your registered phone number. 
  • Make use of the temporary customer number and passcode to sign in. 
  • Once signed in, ensure to create a secure passcode periodically to protect your important personal details from theft and hackers. 

Ending note – 

Internet banking is a very convenient mode for you to access your bank account and conduct distinct banking activities through the online platform without the requirement for visiting the bank branch physically. However, it is crucial for you to note that Internet banking can just be accessed via Internet network, and it is recommended to periodically change your security passcode to safeguard your account from any cybercrime or threats. Moreover, it is vital to keep your internet banking login info private as sharing the same with others can put your bank account at high risk of getting hacked. 

So, as mentioned above while net banking prevents you from visiting your bank during BOB timings, you must ensure to always follow certain measures to protect your account from fraud and scammers.


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