The three ways in which e-banking can be conducted are given below
(a) Automated Teller Machine (ATM): An ATM is a computerized machine that provides the bank customers with the facility of accessing their accounts with a magnetically encoded plastic card along with a code number. It provides facility of 24*7 banking and allows customers to make several transactions without the teller, such as- withdrawing cash, making deposits, paying bills, obtaining bank account balances, transaction history, etc.
(b) Debit cards: A debit card is an electronic card issued by a bank that allows the customer to withdraw cash from his account and pay for goods and services. A customer can withdraw cash by swiping the card in an ATM and make payments by swiping the card at merchant card POS machines. The amount utilized gets deducted from the account of the customer.
(c) Credit Cards: It is a plastic card issued by a bank or financial institution, allowing the holder to make payments for goods and services. It has a pre- determined maximum credit limit within which the customer can borrow in a given ** for making payments. A customer can make payments by swiping the card at the merchant POS machine. The customer has to make the payment for the credit limit utilized to the issuing authority after a specified time **.
(d) Internet Banking: It refers to making banking transactions directly with the bank through the internet. This facility allows the customer to carry out their banking transactions such as payments of bills, transferring to other accounts, opening fixed deposits, etc, from the comfort of their homes, using the internet. It is also called web banking or online banking.
(e) Mobile Banking: It is a facility that allows the bank’* customers to perform banking transactions using their mobiles. A user can perform all the transactions as in internet banking, through his mobile. He needs an internet connection on his mobile to access his bank account.
