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Internet savings accountsThe Innovative Idea of Banking Those days when people have to stand in long queues waiting to do a transaction is long gone. The internet has revolutionized the banking industry. The innovation of online banking has saved so much time for the people . Now every person who holds a banking account can do the bank transactions at the comfort of their home. The account holders can access their internet savings accounts any where in the world at their own comfort .
Net Banking is nothing but conducting bank transactions banking online using a computer and internet connection . Using internet account the account holder can query for balance, account statement, inquire about cheque status, ask for a statement, ask for a cheque book, inquire about fixed deposit, update their profile, inquire about TDS details and also see demat account . The transaction that an account holder can do transactions like paying utility bills, request for demand draft, issue stop payment for a cheque, transfer of funds between the accounts, transfer funds to a third party, request for a new fixed deposit, payment of credit card dues do online shopping. All those who are holding savings account have access to the internet banking . Every account holder when they open a new account will be given a user ID and the internet password is mailed to them for security reasons .
There are pros and cons in internet savings accounts . The pros are more than the cons. Lets look few years back, how the banking was done by an account holder and how they are doing the transactions now. There is a tremendous growth in the banking industry with the help of new innovative technologies. Lets take an example of fund transfer by an account holder from Bangalore ; he does a transaction to another account
holder in Delhi. The account holder has to go to the bank within the transaction time, taking permission from his company where he is employed, then have to wait in the long queues for his turn to complete the transaction. He has to fill in the receipts for the particular fund transfer and give in the counter and the persons who is in the counter asks clarifications if any and makes an entry. And to know whether the account holder to whom the money is transferred has received the funds in his account, the account holder from Bangalore has to call up the account holder in Delhi to inform that he has transferred the funds and then the account holder in Delhi has to go to the bank and find out from the counter whether he has received any funds in his account. If the same transaction has taken place in net then the funda is completely different . The sender sends the amount from the comfort of his home or office or from internet cafe` and get to know the balance cash left in his account immediately and even about any transaction charges and same with the receiver that he can check whether he has received the amount from the sender from his home or office or internet caf. The transaction happens in few hours time and we do get a transaction id with which we can track the transaction in case of a delay .
Everyone save their time spend in long queues at banks . This innovation has moved on to an extent where we do not have to spend time again in queues to pay our utility bills. With the online banking one can pay all their utility bills and there is also an option where you get intimated when your utility bills are due for payment . Instead of To add up it helps us do online shopping and pay for it than to pay with credit cards and get a service charge on it . The online internet savings accounts is one good reason for the beginning of internet savings accounts online shopping . Since we have to pay for the goods that we shop online there should be a method to pay for what you buy . Though credit cards can be used there are many people who do not like to live on credit use their debit cards which is given along with the account . The internet security has grown to the extent that they have made the security so advanced that the hackers cannot get into by which every account holder who is doing the transactions online can have a sigh of relief. Though there are possibilities and cases where the internet banking has been misused or manipulated, it is mostly due to the account holders lack of responsibility. There are many cases where the account holders have given their user names and passwords to some mails pretending to be from the bank which is actually from the people who are trying to get hands on your accounts.
The bank strictly says that at no point of time they would ask the customer for their password and so asks the customers not to encourage any instances where the account holder is asked for their internet password whether through email or through phone. The banks even ask their customers to keep them informed if anything of that sort happens or if they come across such instances. So one cannot blame saying lack of security for their negligence . So always be alarmed in such situations and always logout of the banking site once done with the work. The statistics show that a very few percentage of customers use internet for banking and even among those who use , most of them use it just for checking their balances and only the remaining do transactions in net.
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