question_answer

Explain the functions of e-banking.

Answer:

Ans.     E - banking means banking transactions carried out with the help of computer systems (i.e., banking over the internet).

1. Electronic Fund Transfer (EFT): Under this system, a bank transfers wages and salaries directly from the company's account to the account of employees of the company.

2. Automated Teller Machine (ATM): It refers to an electronic terminal that allows people with plastic card to perform simple banking transactions like withdrawal of cash 24x7 without any help of human teller.

3. Debit Card: It refers to a plastic card that allows the bank to take money from the customer's account and transfer it to a seller's account.

4. Credit Card: It refers to a plastic card that allows the customer to buy now and pay back the loaned amount to bank at a future date.

5. Online Banking: Under this system, when the customer gives instruction on his computer, the bank computer transfers money from customer's account to biller's account.