Describe the various services offered by e-banking



The services offered by e-banking are as follows :
1.ATM (Automated Teller Machine) : It is a self-service terminal which can be operated at any time i.e. 24 hours a day. To use an ATM, a client has to insert a plastic card in the machine and enter his identification code. If the code is appropriate, the machine would respond by providing cash, accepting deposits, etc.
2. EFT (Electronic Fund Transfer): Under this system,
the fund is directly transferred from one account to another. It is generally used to transfer salaries of an employees by an employer. It saves time and the inconvenience of handling large funds.
3. Debit card : Debit card facility is offered to
the account holders to make payment upto the amount of credit balance available in their account. It is generally located in sale terminals (shop/store) which are tied up electronically to the bank computer. When the customer presents the debit card, the amount is automatically transferred from the customer’s bank account to the seller’s account.
4. Credit card : It refers to a card which permits overdraft facility to the clients depending upon their credit worthiness. Through this the customer can purchase products by presenting the credit card. It is an important type of support service provided by the banks.
5. On-line payment : It also offers the facility of
making online payment of bills, taxes, etc.
6. Real Time Gross Settlement (RTGS) : It allows transfer of funds without any waiting period. RTGS is the fastest possible money transfer services for any amount exceeding 2 lakh.