Internet banking is an incredible invention. While it is available in almost all fields and industries, its presence in the banking sector has proven to be a game-changer. Internet banking has indeed transformed the way we conduct our bank transactions as we can avail of almost all kinds of banking facilities online. Let us assess the many wholesome benefits of internet banking along with a few limitations.
With internet banking, you can transfer money from one account to another. You can initiate inter and intrabank fund transfers, domestically and internationally. You can send funds to beneficiaries within an hour using money transfer channels like NEFT, RTGS, and IMPS. Another benefit of internet banking is that you can conveniently open fixed and recurring deposit accounts online. You can choose your preferred deposit type (cumulative or non-cumulative), amount, and investment term.