#NEFT, RTGS, IMPS, Internet Banking

 

NEFT

It stands for national electronic fund transfer , it is the most prominent inter-bank electronic funds transfer systems of India. Which provides facility to bank Customers to transfer the funds easily and securely on a one to one basis. Which saves the time and is done via electronic messages .

 It’s speed is slow and transactions are completed in batches at specific times. it is used for small money transfer and minimum amount to be transfer Rs.10000 to Rs. 2 Lakh. And Maximum amount to be transfer to be Rs.2 Lakh.

RTGS

It stands for Real Time gross Settlement , inter-bank transfer systems, which transfer money, from one bank to another on a “real time” and on “gross” basis. RTGS System is used for high-value transactions which require an immediate clearing. 

It’s speed is so fast. It’s transactions are completed on a one to one basis . it is used for large money transfer and Minimum amount to be transfer Rs.2 Lakh. And Maximum amount to be transfer –No Limit.

IMPS

It stands for Immediate Payment service for cash transfer in Indian banking industry terminologies.it’s a money transfer mechanism made available by the most of the banks of the country, the reserve bank of india and therefore the NPCI(National Payment Corporation of India).

 it is initiated in 2010 by the NPCI by for a pilot program with four banks and now it’s grown up with 150 countries.

Internet Banking

It is the system that gives the ability to the client to conduct the monetary and non-financial transactions from his internet banking account . The user will transfer funds from his account to alternative accounts of similar to different bank by using a website or web application .

 The client uses a resource and a monetary transactions . the resource that a client uses may well be a device a mobile, a desktop , a Laptop, a Tablet etc.

Features of Net Banking

• The client will invest and conduct trade.
• The client can purchase and sell e-Commerce platforms.
• The client will read account statement s.
• The client can check the history of transactions .
• The client can transfer money, recharge mobile, Pay bills , etc