Online Banking: A Convenient and Secure Way to Manage Your Finances

What is Online Banking

Net-banking, also known as internet banking, is a digital system managed by banks that allows customers to access financial and non-financial banking services online. In the past, customers had to visit the bank for even minor services. However, with the introduction of net-banking, almost all services and products can be accessed online, including fund transfers and demand draft requests, among others. This method of banking is not only convenient, but also secure.

What are the Benefits of Using Online Banking for Managing Your Finances?

24×7 Availability:

Banking services are typically only available during certain times at the physical bank. However, with net-banking, customers can access their banking needs 24/7 from anywhere. This means that customers no longer need to visit the bank to access services, as everything is just a click away.

Convenient Financial Transactions:

The most commonly used services on net-banking are financial transactions, such as fund transfers, bill payments, and recharges. This is because net-banking has simplified the payment process, making these transactions easily accessible at any time and convenient for the user.

Organized Statements and Transaction History:

Before net-banking, it was challenging for customers to keep track of their transaction history and bank balance. They had to visit the bank, wait in long queues, and update their passbook to check for details. However, with the advent of net-banking, it has become much simpler to monitor past transactions and account balances. Transactions and fund transfers performed through net-banking are displayed in the "Transaction History" section, which includes details such as payee name, bank account number, payment amount, date and time of payment, and remarks.

Secure Banking System:

Net-banking accounts and financial transactions are protected by login and transaction passwords. In some cases, banks may use two-factor authentication to further enhance security. Consequently, internet banking is a safe and secure payment system for customers.

Access to Other Services:

Besides fund transfer, net-banking enables customers to use non-financial services such as balance check, requesting demand draft, issuance of cheque books, applying for a personal loan, tax payment, open FD/RD deposits, start investments, check mortgages, manage a trading account, and more.

Use Zil's online banking account to send payments

Direct Deposit:

Direct deposit is an electronic method of transferring funds to a bank account, unlike paper checks. It requires the use of an interbank electronic network, known as an "automated clearing house" (ACH), for the transfer of funds. Since the funds are transferred electronically, the recipient's account is automatically credited, eliminating the need to wait for the funds to clear. Zil, our platform, offers direct deposit services for all your business needs, including payroll and other purposes.

Debit Card

Debit cards are assigned a 16-digit serial number, which can be utilized to make purchases online or in physical stores. The card also features an expiration date, as well as the cardholder's name. Transactions made using a debit card are funded by the bank account associated with the card. With a debit card, you can send and receive money, and make online or offline purchases.

ATM Transactions

ATMs are devices that enable individuals to withdraw cash from their bank accounts. However, if you use an ATM that is not owned or operated by your bank, you may be charged a fee. You can avoid ATM fees by using your debit card at ATMs.

ACH

To transfer money between bank accounts, the Automated Clearing House (ACH) network is used. ACH transfers can be made for online payments, including bill payments and direct deposits. The Automated Clearing House Network processes transactions three times per day in batches. At Zil, you can send money through ACH transfers.

Wire Transfers

A wire transfer is an electronic way of sending money to another person, utilizing a global network managed by banks and other financial institutions. To receive funds through a wire transfer, the recipient must provide their name and account number. Unlike cash transfers, wire transfers are conducted electronically. With Zil, you can easily make domestic and international money transfers with minimal effort.

Deposit Check

The cloud-based banking platform, Zil, enables users to deposit checks online with just a few clicks. Users can enter the amount, choose the payee, and upload images of the front and back of the check to complete the deposit. Zil's online check deposit feature is quick, free, and convenient, especially for individuals with busy schedules.