Which of the following is not an electronic banking service? - Infinity Learn by Sri Chaitanya (2024)

FAQs

Which of the following is not a part of electronic banking? ›

Cash is not an electronic banking service. Electronic banking is a common term for services through which customers can carry out commercial or personal banking transactions using the internet and telecommunications network. Banks offer these services to facilitate online banking.

Electronic banking includes features like electronic funds transfer (EFT) and mobile payments for retail purchases, automatic teller machines (ATMs), automatic paycheck deposits, and automated bill payment.

Electronic Banking is more commonly referred to as internet banking or simply netbanking. It is an electronic payment system supported by a website that offers an array of products and services of any bank that is possible to work electronically, like payments, transfers, deposits and more.

There are three key aspects of electronic banking: automated teller machines (ATMs), direct deposits and debit card purchases. Most people are familiar with ATMs as a method for withdrawing and depositing money quickly and easily. ATMs give you the flexibility to withdraw cash at almost any time.

The term Zero hour is NOT used in the banking field.

A payday lender is not a bank. Short-term borrowing is characterized by a high interest rate where the lender provides loans to the borrower. It helps to cover immediate cash needs until we get our paycheck.

Common electronic banking services include automatic teller machines (ATMs), point-of-sale payments, direct deposit, and automatic bill payments. E-banking also includes electronic payment options such as debit card transactions, online payments, stored-value cards, and smart cards.

Services offered include savings and checking accounts, mortgages, personal loans, debit or credit cards, certificates of deposit (CDs), and more. Retail banks can be local community banks or the divisions of large commercial banks.

Electronic banking includes various transaction services such as internet banking, mobile banking, telebanking, ATMs, debit cards, and credit cards.

The major types of E-banking are online internet banking, mobile banking, automated teller machine (ATM), and debit and credit cards. There's a good chance you've already heard about most of these. However, let's understand each and how they cater to different customer requirements.

What is electronic banking services or e-banking? ›

E-banking, also known as electronic banking, revolutionises traditional banking by integrating technology into financial services. This digital evolution allows customers to conveniently use banking services through the internet using net banking or mobile apps. So, how does it benefit the customer?

The 5 most important banking services are checking and savings accounts, loan and mortgage services, wealth management, providing Credit and Debit Cards, Overdraft services. You can read about the Types of Banks in India – Category and Functions of Banks in India in the given link.

E-Banking offers discounts, convenience, speed, transferring services and the management of the funds, 24*7 facilities and the liquidity of the funds to its customers. Answer. It provides quick services because individuals do not have to wait in lines to pay their bills or transfer payments.

The bank has to hire less staff, as many traditional banking tasks can now be done on line when ever the customer finds it convenient. Customers are more likely to track there own accounts closer so fraud is reported sooner, less over drawn account, less time tracking down why a customer account went negative.

Conclude which option does not come under e-banking. Based on the analysis, the correct answer is d) Overdraft. While it can be associated with e-banking in terms of management and oversight, it is not inherently an electronic or digital banking service but rather a financial service or feature offered by banks.

Final answer: Emailing a bill for your services is not an electronic transfer of money.

Expert-Verified Answer. Option b)Provides a competitive advantage to the bank is not the benefit of e- banking to the customers. Electronic banking, Use of computers and telecommunications to enable banking transactions to be done by telephone or computer rather than through human interaction.