Payment Systems In Banking

by Rahul Sharma Finance & Banking Analyst

A few years before peoples had suffered by waiting in the long queue and doing the tedious procedures to transfer money to someone but nowadays the whole thing changed. By a single click they can transfer their money to anyone's bank account. Online transaction is becoming a versatile method in cashless transaction.

How To Online Banking:

Remitter should know these following details which are,

The remitter must have a bank account in NEFT enabled bank branch, As well as the receiver also need a bank account.

Account number of receiver which is a unique number given by the bank branch to every customers.

IFSC Code which is a unique code of every branch, for example  Axis Bank IFSC code Burari Branch branch is UTIB0002750.

Both remitter and receiver get notified through mobile if they provide their mobile number to their respective bank.

NEFT:

NEFT mean for National Electronic Funds Transfer, NEFT is a widely used system to transfer money in banking sector. The account holders can transfer their money to everyone if they has a bank account with a NEFT enabled branches.

NEFT can be used up to transfer 2 Lakhs, the remitter has been charged as per their bank's fee structure.

RTGS:

RTGS stands for Real time gross settlement which has quick transaction time over NEFT.

The transactions are takes place instantly while NEFT works in hourly batch transaction basis.

RTGS hasn’t any upper limit restriction for transfer.

IMPS:

IMPS mean Interbank Mobile Payment Service which is a real time settlement as like RTGS but unlike RTGS it works 24 X 7.

Remitter only can transfer up to 2 Lakhs.

The fee will be charger as per your transferred amount, for example SBI takes Rs.5 per transaction up to 1 Lakhs while Rs.15 for 1-2 Lakhs.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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