What is internet banking?

What is internet banking?

Internet banking, also known as online banking or e-banking, is a service provided by banks and financial institutions that allows customers to perform various banking transactions and activities using the internet. It allows customers to access their accounts and carry out financial transactions through a secure website or mobile application, from the convenience of their own device, without needing to visit a physical bank branch.

Through internet banking, customers can check their account balances, view account statements, transfer funds between accounts, pay bills, open fixed deposits, and perform other financial activities. Some banks also allow customers to apply for loans and credit cards online, as well as to invest in mutual funds and other financial products.

Internet banking is typically accessed through a user ID and password, and in some cases, two-factor authentication or other security measures may be required to ensure the safety and security of the customer’s account. Internet banking transactions are also typically secured using encryption and other security protocols to prevent unauthorized access or fraud.

Internet banking has become increasingly popular in recent years, due to the convenience and flexibility it offers to customers. It allows customers to carry out their banking activities from anywhere and at any time, without needing to visit a bank branch or ATM. However, it is important for customers to take appropriate security measures, such as using strong passwords and not sharing personal information, to protect themselves against online fraud and identity theft.