What is telebanking with example?

What is telebanking with example?

Telephone banking is a service provided by a bank or other financial institution, that enables customers to perform over the telephone a range of financial transactions which do not involve cash or Financial instruments (such as cheques), without the need to visit a bank branch or ATM.

Is telebanking and telephone banking same?

The device used for this purpose is called tele banking. This is a fast and convenient way of obtaining services from the banks by using a telephone. One can receive the services such as information about account, conduct of selected transactions, report of loss of ATM card, debit card, credit card or cheque book, etc.

What are the advantages of telebanking?

Among the advantages of telephone banking include:

  • It saves time and transportation costs.
  • It is important in emergencies, such as credit cardtheft , which must be reported immediately.
  • The danger of theft or loss of cashis avoided .

What is the meaning of telebanking?

noun. a facility enabling customers to make use of banking services, such as oral payment instructions, account movements, raising loans, etc, over the telephone rather than by personal visit.

What is Ebank?

Electronic banking, Use of computers and telecommunications to enable banking transactions to be done by telephone or computer rather than through human interaction. Its features include electronic funds transfer for retail purchases, automatic teller machines (ATMs), and automatic payroll deposits and bill payments.

What is eBank transfer?

Electronic banking is a form of banking in which funds are transferred through an exchange of electronic signals rather than through an exchange of cash, checks, or other types of paper documents. Transfers of funds occur between financial institutions such as banks and credit unions.

Is PAN card mandatory for KYC?

Possessing a PAN card is made mandatory for all the income-earning individuals and non- individuals by the Government of India. PAN is one of the important documents that individual must provide during the KYC process.