Electronic Banking : Meaning, Types and Features

Net banking or the electronic banking system is an excellent way to complete your bank-related activities from the comfort of your home. With e-banking, you can conduct a wide range of banking activities online. These include transferring funds, accessing account information, paying bills, and more, all from the comfort of your home – anytime and from anywhere. 

This is an excellent way of banking due to the numerous benefits, such as:

• Time efficiency
•  24X7 access
• Secure and convenient

Continue to read to understand what is e-banking and how to leverage it optimally.

Electronic Banking Types

E-banking options have made your life easier and better. You can save your time and get your work done at any point of the day. There are various types of e-banking you will find in India. Here are some of these:

• Online Banking

Online banking allows you to manage your accounts easily. You can check your account details, make payments, view transactions and transfer money through online platforms. You can also invest, take a loan, order a debit or credit card and more. 

• Mobile Banking

Mobile banking is designed for convenience on the go. You can check your account details, transfer money, and make payments anytime using a smartphone or other mobile device. You can link your cards to UPI too and increase your convenience. 

• ATM Banking

ATMs are also a part of e-banking services. You can go to your nearest ATMs to withdraw funds using your debit or credit cards. You can also use ATMs for various other services.

• Electronic Data Interchange (EDI)

EDI is mainly used for business transactions. It helps businesses process transactions with ease.

• Electronic Fund Transfer (EFT)

EFTs help transfer money electronically between bank accounts. Here are some examples:

1. NEFT (National Electronic Funds Transfer)
2. IMPS (Immediate Payment Service)
3. RTGS (Real-Time Gross Settlement)

Also Read : How Net Banking Can Save Time?

Features of E-banking

Every e-banking option comes with different features and benefits. The following features of e-banking are some standard facilities you may find:

• Enhanced security with a unique ID and password, biometric scans, PINs and more 
• Easier access to customer support 
• Instant reporting of lost cards and fraud 
• Easier tracking and monitoring of financial transactions 
• Instant bill payments or transfers of funds
• On-the-go access to exclusive offers and deals 
• Alerts and notifications about due dates, loan EMIs and more

Safety Measures of E-banking

Now that you know what electronic banking means, you can use the facilities better. Ensure you keep in mind the following safety measures:

• Set a strong password
• Log out from your e-banking accounts properly
• Never share your e-banking login credentials with anyone
• Do not use public Wi-Fi, if possible 
• Use strong passcodes that are hard to crack or guess 

E-banking helps you gather information and take action instantly and in a way that benefits your financial health. As you navigate your financial resources, ensure you have funds on hand when you need them. Be it for a medical need or a vacation, you can get quick funds on Fibe. 

Apply for the Fibe Instant Personal Loan to get up to ₹5 lakhs at affordable interest rates. This application process requires minimum paperwork. You also get a flexible repayment tenure of up to 36 months. 

Additionally, there are no foreclosure charges associated with this loan. This enables you to be debt-free when you have the funds to repay the amount fully. To learn more and get started, download our Personal Loan App or register online.

FAQs on Electronic Banking

How can I reset my electronic banking password?

To reset your net banking password, you can follow these steps.

• Step 1: Go to the official website of your bank or open the banking app and log in
• Step 2: Go to the option that allows you to change your account settings
• Step 3: Enter details such as your username, account number, etc.
• Step 4: Follow the prompts to create a new password and ensure it is secure
• Step 5: After successfully resetting your password, you will get a confirmation message via SMS or email

What should I do if I suspect unauthorised activity on my account?

If you suspect any fraudulent or unauthorised access to your account, you can take the following actions:

• Block your account
• Change the password
• Call customer service and ask them to block your card/s

How do I transfer money between my accounts using electronic banking?

The best way to do it is to have your other accounts as beneficiary accounts with the functions of e-banking. Say you have three accounts, two for savings and one for salary. Add your savings accounts as beneficiaries in your salary account. For this, you will need to:

• Step 1: Log in to your bank’s app/ website
• Step 2: Go to add beneficiary
• Step 3: Add the details of your other accounts
• Step 4: Enter the amount you need to transfer and other details
• Step 5: Validate the transaction

Can I access electronic banking if I have a joint account?

Yes, every account holder has access to joint accounts. However, the process might be different from bank to bank. You need to contact your bank’s customer care to learn about its details.