Net banking

Meaning :

Net banking refers to an online banking service that enables customers to perform financial transactions through the bank’s website or mobile application without needing to visit a physical branch. This service includes checking account balances, transferring funds,  paying bills, opening deposits, and applying for loans digitally.

Importance in Finance :  

Net banking saves time by allowing customers to manage their finances from anywhere.

It provides 24/7 access to banking services, making it convenient for users.

It reduces reliance on physical bank branches, streamlining banking processes.

It enhances financial transparency by offering instant access to transaction records.

Types/Uses  :

Fund transfers between different accounts.

Making utility bill payments, such as for electricity or water.

Managing account activities online, including checking balances and statements.

Facilitating payments for online shopping purchases.