Which one of the following is not the form of e-banking services?
(a) ATM
for Cheque
(c) NEFT
(d) Pos
Answers
Answer:
ATM for cheque
Explanation:
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Answer:
The answer is Option B Cheque
Explanation:
Cheque
A cheque is a negotiable instrument that instructs a financial institution to pay a specific amount of a specific currency from a specified transactional account in the drawer's name with that institution. Drawer and payee can both be natural persons or legal entities.
E-Banking Services
e-Banking is a service provided by banks that allows customers to conduct transactions over the internet. It is an electronic payment system that enables users (customers) of any financial institution (banks, insurance companies, brokerage firms, and so on) to conduct financial transactions over the internet.
This service is provided by banks that provide their customers with online banking services that allow them to access their accounts in a matter of seconds and clicks. Account Statements, Fund Transfers, Account Opening, Financial Product Information, and other services are available through online banking.
Given below are a few common e-banking services:
Electronic Fund Transfer (EFT): When a fund(money) is transferred from one bank to another bank electronically, it is called an electronic fund transfer. For example- Direct deposit/debit, Wire transfer, NEFT, RTGS, IMPS, etc.
POS – Point Of Sale: As the name suggests, Point Of Sale usually refers to a POINT(Retail Outlet) in terms of date, time, and place where a customer can make payment using plastic cards for the purchase of goods & services.
Credit Card: Credit cards are used for online and POS outlet payments, and it is issued by the banks to their customer at their request, after checking their credit scores. This provides the customers to borrow funds to a certain limit and make transactions. The cardholders are required to pay their debt within a time period with some charges.
ATM (Automated teller machine): It is one of the oldest and most common e-banking services. They provide 24×7 banking at all major locations. ATMs are not only used to withdraw cash whenever required, they can also be used to check your account statements, fund transfers, PIN and mobile number, etc.
Electronic Data Interchange (EDI): EDI is used in the banking industry to improve operational efficiency and reduce the cost of banking services. It also helps in efficient and faster process management.\
Benefits of e-Banking to customers
- e-banking covers digital payments, which have transparency.
- It usually supports 24×7 access to banking services. So customers can avail services as per their time.
- It is a very convenient and easy to use service for customers as they do not have to visit the bank branches every time.
- It provides the best features, such as notification services which inform customers of anything and everything happening with their banking services.
- Financial discipline is inculcated as each and every transaction is recorded.
Benefits of e-Banking to banks
- It reduces banks’ transaction costs. Operation cost per unit service decreases.
- It is completely electronically managed, which reduces the chance of mistakes in the transaction.
- Banks can easily attract customers for various offers via phone calls, emails and apps, as the customer doesn’t have to visit the branches anymore for any product specific information.
- Banks have to hire less people and also it will reduce the branch size and area, which helps in overall revenue growth.
- It provides a competitive advantage to the banks.
- With the help of e-banking, banks have a wider coverage area as banks are now not limited to the number of branches.
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