Internet banking marked the beginning of a new era in the banking sector as it has revolutionised the way banks operate. With Internet banking and money transfer methods like NEFT, banks have given their customers the right to manage their funds in a simplified manner. You are even able to get complete control over your credit card and bank account, using the online banking facility. A NEFT transaction, or National Electronic Funds Transfer, allows you to carry out a one-to-one money transfer in the quickest possible time. For such a transfer, you’re just required to enter the bank details of the beneficiary and the IFSC code of your bank branch.
One of the major reasons behind the popularity of Internet banking and NEFT transfer is that reputed institutions like ICICI and HDFC too are offering such facilities to customers. For making a transaction, you first need to create a user id on the official website of your banking institution. Once you’ve created an account, you need to add the respective ICICI IFSC code or HDFC IFSC code, depending upon your requirements. After you’ve added the beneficiary, you’re ready to make or receive payments through NEFT and Internet banking.
Benefits of NEFT and Internet Banking:
Disadvantages of NEFT and Internet Banking:
One of the major reasons behind the popularity of Internet banking and NEFT transfer is that reputed institutions like ICICI and HDFC too are offering such facilities to customers. For making a transaction, you first need to create a user id on the official website of your banking institution. Once you’ve created an account, you need to add the respective ICICI IFSC code or HDFC IFSC code, depending upon your requirements. After you’ve added the beneficiary, you’re ready to make or receive payments through NEFT and Internet banking.
Benefits of NEFT and Internet Banking:
- Safe and Effective – For a seamless movement of funds on the Internet, you could opt for NEFT as it helps you transfer any amount of money quickly.
- Low Processing Charges – Internet banking and NEFT are flexible payment options which are very economical. For getting this facility, you don’t have to reimburse a huge sum of money to your bank. The processing charges are quite low and you can transfer any amount of money without any difficulty.
- Highly Dependable – NEFT, an integral aspect of Internet banking, is a highly dependable method of making payments and receiving funds online. Most of the banks in India are regulated under the norms set by RBI and, hence, the Internet banking facility too is quite safe in nature.
- Rapid Settlement – Unlike the regular banking methods of fund transfer, NEFT transfer is really quick and you can enjoy rapid settlement of accounts, thereby improving the overall functionality of your business.
Disadvantages of NEFT and Internet Banking:
- Highly Technical – One of the major drawbacks of Internet banking and NEFT transfer in India is that this is a highly technical method of funds transfer which is not easy to operate for everyone. An individual with little knowledge of computer or the Internet might not be able to operate an Internet banking account easily.
- The Risk involved with Online Payments – Even though most of the banks in India take proper steps to secure an NEFT transaction, it is quite possible that your information might get passed on to a hacker if you’re using an unsecured browser. This is one of the reasons why a lot of people across the country don’t believe in this facility.