Advantages And Disadvantages Of Online Banking In India

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xBanks are financial institutions that accept deposit from their customers and create credit. Banks play an important role in economy and financial stability of a country. Therefore, banks are regulated by the government in most developed and developing countries. In India, the primary regulatory authorities are the Ministry of Finance and Reserve Bank of India (RBI).

There are plenty of public sector banks, private sector banks, Regional Rural banks (RRBs), Payment banks, etc. You can choose to open an account with any bank based on your needs. To avail many banking services, you might have to visit the bank first. Make sure to know the bank timings and visit the bank to avail the services you need.

Bank Timings
You need to know the opening
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You can login to your bank’s website and visit the “Payments and Transfer” menu to complete the transaction. It is essential that you have registered for net banking to avail this service.

• Mobile Banking: Using your bank’s mobile app, you can transfer funds online instantly. The main benefit of using online banking option is that you can do it from your home and you do not need to visit the bank. If you initiate a transfer after the work hours of the bank, the transaction is completed on the next business day when the bank opens.

• ATM: You can use the 24x7 ATMs of your bank to transfer money instantly using your ATM card. You will not need to visit the bank to carry out this transaction. There are plenty of other services such as balance enquiry, PIN change, mini statement, etc. that you can avail using your ATM card at an ATM.

• NEFT and RTGS: For small as well as relatively big transactions, you can use services such as the National Electronics Funds Transfer (NEFT), Real-Tine Gross Settlement (RTGS), etc. online as well. Even though you can initiate them online at any time of the day, they are completed only during the working hours of the

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