Top 10 Benefits of Online Banking For Business

If you are finding the benefits of online banking then this is the right place for you. Here we discussed in details about the advantages of online banking and you should try online banking and get used to. Here we discussed the benefits of the online banking system for business and banks both.  

Online banking changed the traditional banking method in the past decades. Before, you need to visit your bank before you can move or transfer money to other people or even to your other bank accounts.

With online banking, you can do it in the comfort of your own home or office. There are really many benefits of enrolling or having an online banking. Without it, I think you lose the convenience and great benefits of banking any where you are.

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Online banking or others called Internet banking became popular because of the advanced technologies we had today. Because of Internet, we can now send any data like bank information through the cyberspace.

Benefits of Online Banking For Business

In the past, there’s no Internet so customer information are just stored in cabinets or bank’s computers. There is no way to transmit these information to other place, it is situated only in one place.

Online banking is a must-have for all bank account holders because of its benefits and privileges. In this article, you can learn the benefits of online banking.  Here are the benefits of online banking.

1. Manage your money

I think this is the best benefit of having an online bank account. You have the access to your account 24 hours a day, seven days a week. You can know how much is your balance and every details of your transactions through online banking.

You have the knowledge of in and out of your money just by logging in to your Internet banking account.  You have the full access and control of your bank account.

2. Move or transfer money

One convenience of online banking is transferring money to other accounts or to other banks right in front of your computer monitor. You can move your money from one account to other accounts for the same bank. For example, you can transfer some of your money from savings account to your checking account. There’s no need to go to the bank to move or send money since you can do it anywhere with online banking.

3. Pay bills

Paying bills is another excellent benefit of online banking. There are list of companies in your online banking account to which you can pay bills such as credit card companies, utility companies or memberships you have like golf clubs.

You can make scheduled payments for bills that are recurring like utility bills or make an immediate payment for bills you have just recently. Make sure you have enough balance when you are using the scheduled payments.

4. Send money to other people

With online baking, you can send money to other people like friends, family and other people. You may send money to their bank account or if you have a money transfer card that you gave to them, you can send the money through it.

5. Easy to Find transactions

There are no hassles in finding your transactions in the past, you can easily look it up in your online banking account. Just go to transaction history and select the date and type of your transaction. After inputting all details, click search and presto, you have the details of your transaction.

6. Always available statement of account

You don’t need to wait for your bank’s statement of account to mail to you. You can have it immediately after getting it in your online account. Just print it and you have instantly your statement of account.

7. Access to Internet-only products, rates, and services

There are some bank products only available through the Internet, not to customers going to the bank personally. Through your online banking account, you can avail to bank products offered in the Internet. There are also special rates and services given to those clients who use online banking.

8. Update your personal information

Sometimes you need to update your personal data just like when you changed your address or you got married. So through online banking, you can easily update your profile quickly.

9. 24-Hour Customer Help desk

When you encountered problems or difficulties with your online baking, you don’t need to worry because there is always a customer help desk that will assist you in solving your problems. You may call them or send them an e-mail indicating your specific problem about your online bank account.

10. Online security

In online banking, security is very important because it involves money and confidential information. We need to guard our account against hackers or stealer of our money. So online banking has security features like a login ID and password, card security number, secured encryption site those with https site and anti-virus and firewall.

Online banking is a very helpful tool for managing your bank account. It gives many benefits for the account holders so it is much recommended to enroll you bank account to online Internet banking. It is easy to enroll and secured through online application.

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Requirements for Opening a Bank Account in India

It is not difficult in applying a bank account in India provided you have the complete documents and you know some basic procedures. You should choose first which bank will you open an account so that it will be easier for you to gather information.

When opening a bank account in India, there are some certain requirements that you should submit to the bank as a part of their procedure in knowing their customers. All banks require their clients to furnish these requirements when applying a savings, checking or any types of bank accounts.

Normally, it is not hard to open an account at your chosen bank as long as you have the enough money for initial deposit and the required documents for the application. You can see here the most typical requirements most banks are looking for.

Requirements for Opening a Bank Account

Usually, the common requirements in opening a bank account in India are the following. Certified true photocopies of the following supporting documents are required to be attached with the application form and the originals must be shown for validation.

1. For Proof of Identity requirements, you can prepare at least two of any of the following ID:

a. PAN card

b. Voter’s ID card

c. Passport where address differs in the application form

d. ID card of the current employer

e. Driver’s License

f. Government ID card

g. Photo ID card issued by Post Office

2. For validating the proof of address, you must bring any one of the following:

a. Electricity Bill

b. Income Tax

c. Credit card statement

d. Salary slip with address

e. Telephone Bill

f. Letter from a reputed employer

g. Bank Account Statement

h. Letter from any recognized public authority

i. Ration card

3. Two recent photographs with a size of 2.5 cm x 3.5 cm

In case of illiterate customers, left thumb impression should be affixed in the application form and verified by the attending bank employee. For opening of account of minors, where proof of identity and address is not available, the same information as the father, mother or legal guardian should be provided.

4. Initial deposit of your account

Basically, each bank has its own minimum initial deposit for opening a new bank account. Simply visit the website of the bank you want to apply to learn the lowest amount of money you can deposit.

Final Thoughts

If you are planning to open a bank account, make sure you ready and prepare all the needed documents and money before going to the bank of your choice to avoid delays. It is easy to get these requirements and usually it is always available like your IDs, proof of billing and cash deposit.

Bank Of India Overview and Saving Account requirements

India has a diverse banking system with many banks spread across the country. People must learn how to save and it is the obligation of the government to encourage its people to save money by opening a savings account in the bank.

By saving in the bank, depositors can earn interest from their deposits and they can put their money in a secure place.  All deposits in the bank are insured by government, meaning you will not lose money even though the bank went to bankruptcy.

Introduction to Bank of India

Bank of India is a government-owned commercial bank with headquarters located in Mumbai. BOI was founded in 1906 and nationalized in 1969. It is India’s 4th largest bank among the nationalized banks, after State Bank of India, Punjab National Bank and Central Bank of India.

Currently, it has 3358 branches, including 27 branches outside India. BoI is one of the banks in the world who founded of SWIFT  (Society for Worldwide Inter Bank Financial Telecommunications), which carries out requirements of cost-effective financial processing and communication services.

Some of the financial products and services offered by Bank of India are the following: commercial banking, retail banking, private banking, asset management, mortgages and credit cards. Its current managing director is Mr. Alok Kumar Misra.

How to Open a Savings Account at Bank of India

If you want to apply for a savings account in Bank of India, you can see below the necessary requirements in opening a new bank savings account.

Requirements for Opening a Bank Account in India

After preparing your documents and the money for initial deposit, you can now go to the branch nearest to your place to apply for an account. Fill up all forms that will be given to you and then handle it to the bank agent for checking and approval.

Bank of India has many branches all over India so it will not be a problem on what branch to choose from. It would be better to apply a savings account to the branch near your place or employment. In this way, you will be able to fix any problem that may arise in the future concerning your bank account.

Bank Of India Internet Banking Review and Features

Internet banking revolutionized the way we do banking. In the past, a customer must go to a physical branch before she could do a fund transfer or apply for a bank loan. Not anymore these days, thanks to the Internet and computer technology.

There are many benefits that you can get from owning an Internet banking account but you have also the responsibility to protect your account from fraud and scams since it is vulnerable to phishing attacks and identity theft. All banks do countermeasure to make their online banking system 100% secure from any security breach so you don’t need to be afraid using or applying a web banking account.

Valuable Features of Star Connect

Star Connect is the Internet banking service of Bank of India. It allows the customer to do all of her banking needs from the comfort of her home or office through the Internet. Using this service, you can access all of your bank accounts any time of the day from anywhere in the world.

Here are some of the valuable features and benefits that you can get from StarConnect Internet banking services.

1. You’ll be able to view your banking transaction details

2. Third party payments

3. Ticket booking

4. Utility bill payments

5. Transferring of funds to other bank accounts

6. Viewing and printing of statement of account

7. Paying taxes

How to Apply for Internet Banking at Bank of India

Obviously, before you can get the benefits mentioned above, you should first have a savings account at the Bank of India. You may see the procedures on how to get a savings account here. It will be advisable to apply for online banking at the same time you apply for a savings account.

If you want to avail the services of StarConnect Internet banking, you can register by going to Bank of India website and downloading the application form. You can click here to  go on their site or download the forms below:

Request for Availing Bank of India StarConnect Internet Banking Services

Request form for Transaction Password

Acknowledgement of Receipt of Password

You have to fill out and submit the completed forms to your branch. After that, you will receive your user ID and password by mail. You will be needing this information to complete your registration to StarConnect. If you want to know more information about this, you can send an email to them at Boi.Starconnect@bankofindia.co.in or
call Bank of India at 91-22-40919191.

Final Remarks

As a bank customer, you need a tool that will help you manage your money and bank accounts even if you are far away from your branch. StarConnect Internet banking of Bank of India can be a good solution to this problem. It will help you to do banking transactions at the comfort of your own home or anywhere you are in the world where there’s an Internet connection.

Bank of Baroda Internet Banking Apply and Registration steps

Bank of Baroda is one of the biggest banks in India with many branches and ATMs spread in different parts of the country. Last time, I made a post about on how to open a savings account and the requirements that you will need for the application. You can see the article here.

There are various products and services a customer can get when they have their own savings account. They can efficiently manage their money by having a bank account coupled with an Internet banking facility. The online banking service of Bank of Baroda is called Baroda Connect.

Benefits to the Customers of BOB Internet Banking

It is an Internet banking service of BOB given to its customers so they can give effective customer service on 24×7 basis. It is provided to both retail and corporate customers. All customers can view an account summary of all the transactions, deposit and loan accounts that you do with your account. You can also view multiple account information through the Internet with single user information. It will also be easy to get the statement of accounts if you have a net banking facility.

It will not be a problem on sending money to other people once you get your own account. You can transfer funds quickly or  make a schedule and future date transfer of money to other accounts. Paying bills is not a hassle since you can pay through online tax – direct and indirect taxes online.

There are several things that you can also pay through Baroda Easy pay. Some of the bills that you can pay are utility bills like electricity, phone, subscription, ticket booking, subscription, school fees, book rail ticket and a lot more.

For corporate users, you can set up several initiators and approvers on transactions and requests, view all trade-related financial transactions, and upload facility for a single debit or multiple credit.

Please take note that Baroda Connect is free of charge, meaning, BOB will not collect any fee when you register for an account and also when you use it for any transactions. It is very safe to use and it is secured with 128-bit SSL encryption duly certified by VeriSign, the world leader in securing financial transactions over the Internet.

How to Apply for Baroda Connect

Applying for Baroda online banking is not difficult or even complicated to do. Actually, you can register an account via the Internet. You can download the Internet banking forms from their homepage.

When you reached their site, click the tab button under the “Download Application Form” to get the for for retail or corporate users. You should look the form applicable for your status. The forms are located at the Servicessection.

After downloading the forms, print it and you should completely fill out all the needed information, sign all signatories if is a joint account or a partnership. When you completed the forms, you must submit it to your branch where your account is located so it can be processed easily.

When your application is approved, you will receive a customer ID through the address you indicated in the application. You must get your password from the BOB branch where you applied.

Steps to be Followed while Logging for the First time at Baroda Connect

If you already have your own ID and password and you would like to use your Baroda Connect, there are some steps you should follow to make your transactions smoother and safer. First of all, open your Internet explorer browser and type www.bankofbaroda.com.

Next, click on Net Banking and select the country where you are located at the moment. Select whether you are a retail or corporate user. After that, a log in page will be opened. You must type your User Id and password to enter your account and then click the Go button.

A new screen will appear containing the terms and conditions of using the Baroda Connect. You should click on Agree button after reading. After that, a new  screen will be displayed for changing your password. You can change both the sign-on and transaction password in case you have received both.

Make sure that the password should consist a minimum of 8 characters (maximum 16) containing letters, numbers and a special characters. The password should not be the same as your user ID and it is not a wise idea to do. It is also your responsibility to make your account more secure by making your password difficult to guess by other people.

Finally, that’s the information that might you need if you want to get a Baroda Internet banking account. It is really simple and easy to apply, just make sure to get the forms and requirements ready for submission.

Bank of India Overview and Savings Account Requirements

India has a diverse banking system with many banks spread across the country. People must learn how to save and it is the obligation of the government to encourage its people to save money by opening a savings account in the bank.

By saving in the bank, depositors can earn interest from their deposits and they can put their money in a secure place.  All deposits in the bank are insured by the government, meaning you will not lose money even though the bank went to bankruptcy.

Introduction to Bank of India

Bank of India is a government-owned commercial bank with headquarters located in Mumbai. BOI was founded in 1906 and nationalized in 1969. It is India’s 4th largest bank among the nationalized banks, after State Bank of India, Punjab National Bank and Central Bank of India.
Currently, it has 3358 branches, including 27 branches outside India. BoI is one of the banks in the world who founded of SWIFT  (Society for Worldwide Inter Bank Financial Telecommunications), which carries out requirements of cost-effective financial processing and communication services.
Some of the financial products and services offered by Bank of India are the following: commercial banking, retail banking, private banking, asset management, mortgages and credit cards. Its current managing director is Mr. Alok Kumar Misra.

How to Open a Savings Account at Bank of India

If you want to apply for a savings account in Bank of India, you can see below the necessary requirements in opening a new bank savings account.
Requirements for Opening a Bank Account in India
After preparing your documents and the money for initial deposit, you can now go to the branch nearest to your place to apply for an account. Fill up all forms that will be given to you and then handle it to the bank agent for checking and approval.

Bank of India has many branches all over India so it will not be a problem on what branch to choose from. It would be better to apply a savings account to the branch near your place or employment. In this way, you will be able to fix any problem that may arise in the future concerning your bank account.

Different Types of Bank of India Credit Card

The Bank of India (BOI) was first established during the year 1906 by a group of businessmen that lives in Mumbai. This bank was the very first bank that was nationalized and the first to use computerization facilities and ATM in the year 1989.
Today, the bank is offering a wide array of credit cards to meet the demands of people in different sectors of the society. Cardholders can benefit from its services and they will receive much convenience and many financial benefits as they use BOI credit card.
BOI only charges around 1.7% interest rate per month which is the lowest all over India. This is the reason why businessmen and ordinary individuals in India choose this credit card against other competitors in the market.

Kinds of Bank of India Credit Cards

All BOI cards are offering amazing features such as an add-on cards that can offer a very flexible credit limit, insurance policy that can cover accidents and corporate cards. The list below shows some of the type of credit cards you can apply in Bank of India.
Gold International Visa Card
This card is perfect for people who love to travel abroad. It will give you a quick access on VEAC or VISA Emergency Assistance Center in case of lost or stolen card.
You can also withdraw money from their Visa network ATMs and different locations worldwide. You may also pay bills online for easier and faster transactions.
Shatabdi Krishi Vikas Visa Card
This type of card is only issued to agricultural borrowers all throughout the country especially for all farmers who have an agricultural loan accounts. It helps many farmers manage their business and their money at the same time.
Other BOI Credit Cards
Aside from these major credit cards mentioned above, the Bank of India is also offering  Navy Gold card, Navy Classic card and  Navy Silver credit card. These cards have an easy pay-option features, an add-on cards and special security plan that can provide accidental Medi-Claim plus an insurance policies at a discounted rates.
BOI credit card will give you the flexibility and independence because it has 23 branches at different financial and banking centers in Paris, Hong Kong, London, Tokyo New York and Singapore where you can withdraw anytime and anywhere.
Applying for a Credit Card

Credit card application in Bank of India is not complicated and is very easy to carry out as long as you have complete requirements when applying for one. Basically, you can apply by visiting to the branch nearest your place and filling up some application forms. You need to provide some important information about your self and employment details.