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e Banking And Its features For The Bank Exams

e banking also known as electronic banking is the banking done by the means of internet. A lot of people use to bank over the phone a few years ago after this the sms banking started on the standard charges and now when the data rates have been normalized and a lot of band width is available for the everyone, the banks have come in their power by introducing the e banking concepts and they have really made a lot of profit and business from this. All the candidates must be aware of the basic concepts of e banking which are often asked in the competitive examinations mainly in Banking. There are a lot of terms which are associated with it and we are covering some very important terms in connection with the e banking which the candidates must learn for the examination which are asked in different ways. In banking awareness sections such questions are often asked.

Important terms related to e Banking:


This stands for Automated Teller Machine. This is a big computer which has its memory, processing capability and storage for the information. It directly access the server based on the input provided to it by the customers and then it can use for the transaction of money (only withdrawal) this time. This has been a big benefit to the bank customers. They are not required to got the bank branches to fill up their withdrawal forms and then to wait in the queue to withdraw their money. They can simply insert their cards and withdraw the amount of money from it. There is a limitation on how much a customer can withdraw in a day which depends on the Bank.

Credit Card:

It is a service which is provided by the banks to those customers which fulfill certain eligibility criteria of earning and income. This card ensures that you can buy and shop items over internet using e banking service or you can use this at any shop/ outlet which is giving you the facility to use your card for the substitute of the paper money. It is safe and secure transaction and use the protocol designed by the Master card or Visa which are accepted world wide. Currently Repay has been introduced in India by NPCI and now you can have the card of your own country too. You can shop/ buy items also when you do not have sufficient balance in your account. The bank recovers this amount later when you deposit the sufficient amount in the bank.

Debit Card:

It is similar to the credit card. This service is given by Banks to each of its customers. When you have sufficient balance in your account, you will be able to shop or buy items from this using your debit card. Debit card can only be used to withdraw money and it cannot be used to ask for the credit from the Bank. Only debit from the current account/ saving account is allowed on this from the available balance in the account.

Smart Cards:

These are the services being provided by any institution/ company or banks. There are small cards made of magnetic materials on the card which are capable of storing large amount of data and you only have to insert the data and a machine reads that so you do not need to enter the details each time manually. This has improved the secure and efficiently in various services. These must be known to the candidates who are often asked in the interviews also. Good luck!

Services provided by e banking are:

o   Bill payment service

o   Fund Transfer

o   Credit card customers

o   Investing through internet banking

o   Recharging prepaid mobile

o   RTGS fund Transfer

o   Shopping

o   Online payment of taxes.

o   Electronic funds Transfer

o   Internet banking

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