Keywords – IOB Balance Enquiry Number, Bank of India Balance Check
Let’s first understand what’s Internet banking. In simpler terms, we can easily monitor the bank account through the online platform and even conduct transactions using Internet banking. Such an electronic payment system frees you of the task of visiting the bank physically. You can conduct multiple transactions on the site of the financial institution with just a click on the button.
Banks and financial institutions have designed their own site, which is built well in a user-friendly manner. Using such sites, you can easily fetch your balance details, conduct transactions, transfer funds, make bill payments, etc. So, if you hold a Bank of India account and an Indian Overseas Bank account or any account with any other bank, then you do not require visiting the banks physically to make a Bank of India balance check or fetch the IOB balance enquiry number. Instead, you can just visit the online net banking account of such banks to make the required transactions quickly.
So, the true essence of “time is money” applies here. Internet banking helps save plenty of time and money.
The advantages of Internet banking are endless. This may be beginning a new bank account online or beginning a retirement account or moving money to a holiday account or placing an application for a new loan, every is simple and accessible with Internet banking. Many banks also offer live customer service via Internet chat. Even pre-loaded debit cards and gifts can be ordered using your Internet banking account. Ways in which Internet banking saves you a lot of time are as follows –
You do not require encircling dates on the calendar for going to the local financial institution.
Visiting the bank results in transportation expenses. However, with Internet banking in place, you can transfer funds, pay bills, and simply manage all your expenses with ease from your home.
With Internet banking service, you will not require standing in long queues waiting for other individuals’ work to be done so that your banking activity can be processed. Using Internet banking, you can conduct any of your transactions online mode at the blink of an eye.
Your monthly bills can be paid on time. Financial planning is simpler now. There is a choice for automated payments on Internet banking. By setting up the vendor details and selecting the monthly repayment date, you now will not miss out on any important payments.
The requirement for conducting any paperwork is nil. Crossing checking envelopes, writing cheques, filling out forms on a manual basis, etc., all of which are not needed when using your net banking service.
For a few of your payments you may require addressing a cheque. Now, if your cheques are over, then to order new cheques, you do not need to visit the bank branch. To avail the cheques, you can simply place an order through your net banking account. And within a few days, your chequebook would be delivered to your registered residential or office address.
Internet banking is a service available to you round the clock. You do not require racing to the financial institution before they shut down. Also, you would not be disappointed on occasions of bank holidays as with net banking you can access any service at any time.
Transferring funds from one bank account to another now is way simpler. You can do so within a day in just a few hours or even minutes based on the transfer mode and the bank’s policies.
Quick transfers on Internet banking can be conducted through RTGS, IMPS and NEFT facilities. Read on to understand what they are –
NEFT or National Electronic Fund Transfer is generally used for transferring small amounts. The minimal amount that could be transferred is Re 1 but the maximum amount that can be transferred is Rs 10 lakh. The transfer procedure is managed by the Reserve Bank of India (RBI). Here in this process, the funds are transferred in small batches.
Operational hours for batch transfers are between 8 AM and 6.30 PM on weekdays and between 8 AM and 12.30 PM on Saturdays. Timings may differ slightly based on the bank. Transactions conducted during the time period are settled on the same day and the ones conducted later are settled the next day. So, when an individual transfers funds from one bank account to another bank account, it is not carried out instantly in the case of an NEFT bank transfer. It is done based on the settlement cycle.
RTGS stands for Real Time Gross Settlement. This is a fund transfer process that happens between the bank accounts on a real-time basis. RTGS is nothing but a quick process and gets handled by major organisations on a real-time basis. So, basically, whenever you make the transaction of a fund to a beneficiary, the Reserve Bank of India (RBI) manages the transfer request. Here, the minimum amount to be transferred must be Rs 2 lakh and the maximum amount must be Rs 10 lakh.
IMPS full form is Immediate Payment Services. Using this mechanism, you easily can transfer funds using your phone. Various financial institutions permit transactional transfer via this mechanism. Also, it is extended via other channels like Internet banking, ATMs, etc. Here the minimum amount allowed for the transfer is Re 1 and the maximum amount is Rs 2 lakh.
Automatic savings
Online banking allows you to activate automatic transfers. You just require deciding how much you require to move from your bank account to the instrument of savings. Once done, your transfer will happen instantly. This allows you to make timely payments and even removes the need for remembering the date by which you must make the payments. However, you must always ensure to keep the contribution amount available in your bank account so that your transfers are not delayed due to inadequate funds. So, if you hold a Bank of India account, then you may not just use your net banking account of the bank to conduct a Bank of India Balance Check but use the same to automate your periodic payments towards your investment account.
