E-Banking: Definition, Benefits and Much More

by Shivani Singh

As the name suggests, here in this article we would be getting to know about the basics of E-Banking, its uses and how it make banking services more accessible to both rural & urban population worldwide.

What is E-Banking?

E-Banking or electronic banking is a product or service that has been designed to make banking facilities easier to access, irrespective of bank customer’s location and also overhaul its security features in complete.

Benefits of E-Banking

You can access your bank account online equipped with internet access:

  • 24 hours a days
  • 7 days a week &
  • Both At Home or Office

No more banking business or activities coming to a standstill during public holidays or any other holiday.

Some of the popular Devices that support E-Banking

  • Smartphones
  • Laptops
  • Desktops
  • ATM (Automated Teller Machines) &
  • CDM (Cash Deposit Machines)

E-Banking enables its users to

  • Have a look at your bank account statement in paperless mode on the go.
  • You can have look at the statement of your Current Account, Credit, Overdraft Accounts & Fixed Deposits.
  • You can do both local and international transactions in both local & international currencies respectively.
  • Pay Utility bill payments like electricity, water supply & telephone bills, etc.
  • Credit card management
  • Receive e-confirmation of all E-Banking transactions via text messages on mobiles and emails.
  • Making custom payments & much more.

Security Precautions while using E-banking services

To have a safe and secure online banking experience follow the below precautions whenever you are online:

  • Always create a password i.e. alphanumeric, at least 8 characters long.
  • It should be hard to guess or unable to be generated by persons with ill-will.
  • Never share your passwords with anyone, not even with the bank employees.
  • Disable save password option in your browser.
  • Never access your online banking services on public systems or public WiFi.
  • Never keep your e-banking login credentials written on a paper.
  • Always access only those banking portals that have a digital security certificate on the top-right corner of your browser. &
  • Access your bank’s portal for more security advisories.

To conclude, E-banking revolutionized the way the world does banking and it is still re-inventing itself.


Read More: Brief information about E-Banking!

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