Online Banking: A World of Convenience

Internet Banking or online banking as it is commonly known had become so popular that for many of us, it is hard to remember when it was the last time we visited a bank branch. There were many reasons to visit a bank like to make deposits or withdrawals, confirming the balance in the account. In addition, even the smallest of the task took a lot of time. It is how the banking system worked previously. Not anymore. Online banking provided by all banks makes the transfer of funds to anyone very convenient. Search for the ifsc code finder on the internet for the branch to which you have to transfer funds. That is all; it is so easy, fast, and convenient.

Online banking has become such a dominant part of our lives that, it is now difficult to imagine doing business transactions without it. It fits perfectly in our fast-paced life, providing certain convenience. The ifsc code finder helps the online banking users by providing the code that is in 11-digit alphanumeric format. It identifies all the bank’s branches that support NEFT (National Electronic Funds Transfer) facility.

This code is well known to people who quite often do online banking transactions. The code is necessary for all the banking transactions. Technology is a great enabler making our lives easier and convenient. In very less time, one can transfer a huge amount of funds. Consider this code a gift of technology, and if you are not aware, it is best to use the ifsc code finder on the Internet. It makes banking simple and hassle-free.

The code also dramatically reduces the possibilities of any fraud. Every bank and its every branch have its unique code assigned by the Reserve Bank of India. Since the time these codes have come into use, the instances of frauds have reduced to the minimum. These codes are printed on the chequebooks as well. You can otherwise find it through the ifsc code finder easily, by logging on the Internet. Just provide the bank name and the branch name; the ifsc code finder will do the job for you.

These codes are not only beneficial for customers like us; it helps in the banking system of India in a big way. Not only it reduces the paperwork, but it also requires the minimum involvement of bank employees, the technology does it all. Not only does it reduces errors and omissions it also makes the full banking fast and instantaneous.

Online transactions are easy and convenient – know how

Online shopping and funds transfer are terms that even a six year old school lad knows these days. The better security solutions and encrypted communications have made it easy for the people to switch to the internet for making payments and transfers online. Top notch banks like State Bank have computerized all its branches and made it possible for its clients to transfer money using state bank ifsc code. Here is why online transactions are as easy as taking a walk in the garden.

Online transactions can be done without disrupting schedule

Now you need not set aside a few hours of your day to pay visit to the bank for making payments. All you need is information like state bank ifsc code etc and you can transfer the money online, right from the conference room or the workstation of your office, or while watching TV at home. This availability of the bank account right at the finger tips has made life easier and the people depending upon the payment maker feel more secured and very much financially secured.

Online transactions can be done at any point of time

You can login to, say your SBI bank account for instance, use state bank ifsc code of the payee account and transfer funds instantly, no matter which hour of the day it is. Online transactions are possible throughout the 24 hours of the day, thus, you are able to enjoy the power of your money in a better way using netbanking. Your purchasing power is shot up by many times as you need not carry loads of cash to shop, which is considered the main hindrance in shopping.

You are saved the bravery of dealing with cash

Cash is the riskiest of all the ways of making payment, and if the amount is huge, then the risk increases manifold. Even the bank officials do not like the site of people coming with lot of cash at the counter. As a layman, it is quite likely of you to miss any of the currency bills or get a fake one. So, by using online transactions involving state bank ifsc code, you can save yourself from all these mishaps.

You are dealing with a verified individual

While making transaction in cash, you are not sure of the origin from where the cash is obtained. Thus, the transactions may give rise to suspicion and you may be asked a variety of questions if the amount is huge. All these hassles are not experienced in online transactions.

Advantages of using electronic transfer for making transactions

Electronic transfer is one of the most prevalent modes of making transactions; all thanks to the internet boom that we all are witnessing! This mode of payment is carried put using certain code called IFSC code that helps identify the account holder and at the same time, keeps the transactions secured too. The word IFSC stands for Indian Financial System Code and is an instrumental code in making the electronic transactions possible.

How electronic transfer of funds is useful

To understand the advantages, let’s understand the clearing process of electronic funds transfer. All electronic transactions are done through a system called National Electronic Funds Transfer that uses IFSC code. In this system, following steps are followed:

• The remitter visits his bank account and fills an electronic transfer form or NEFT form. He mentions the details of the beneficiary such as his name, account number in the destination bank, amount, and IFSC code of the destination branch. People availing internet banking visit their netbanking’s funds transfer page and fill these information fields.
• The originating branch prepares a message and sends it to NEFT pooling center.
• The pooling center passes on the message to NEFT Clearing centre operational at National Clearing Cell, RBI.
• The clearing center sorts the messages and then arranges the payments list to the payee branches destination wise. And after this, the remittance messages are sent to the respective receiving branches and relevant debit/credit entries are made.
• Then, destination banks receive the messages and ultimately pass the credits to the respective beneficiaries’ accounts.

Advantages

The process is literally as swift as it is explained in the section above, and so, the transactions are all the relatively faster. There is not float time of three working days as in case of cheque transactions; in fact, the whole process takes not more than 2 business hours. Thus, the users of NEFT enjoy the advantage of same day transactions. It is advisable to initiate the transfers between 8am and 7pm to enjoy the swiftness of this mode of making payment using IFSC code.

Another advantage is that the transactions are super safe. You are using no instruments like cheque which are likely to get lost by the payee or even at the payer’s end. The response time of NEFT transactions is quite less, thus, the user is able to find the result of the effort made in minimal time. If the payment is rejected, he gets the information same day and gets the chance to make the payment again. Thus, it helps him remain fair in the practices.