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Types of Transactions conducted through Online Banking

A. National Electronic Fund Transfer (NEFT)

  1. It facilitates one-to-one fund transfer.
  2. Under this, an individual, business or firm can electronically transfer funds to any other individual, business, or firm having an account with any bank in the country.
  3. NEFT transfers have no caps on the minimum and maximum amount that can be transferred.
  4. The customer can also deposit through cash at the NEFT enabled branches. However, such cash transactions are restricted to Rs. 50,000 per transaction.

B. Real-Time Gross Settlement (RTGS)

  1. It is defined as a real-time settlement of funds individually, on an order by order basis without netting.
  2.  The fund settlement takes place in the books of RBI, and it is final and irrevocable.
  3. Minimum amount to be transacted through RTGS is Rs. 2 Lakh

C. Electronic Clearing System

  1. It is another method for effective payment transactions in respect of utility payments like telephone bills, card payments, electricity bills, etc.

D. Immediate Payment Service (IMPS)

  1. It is a tool to transfer funds instantly between banks across India through mobile, internet and ATM, which is not only safe, but also time-saving and economical, both in financial and non-financial terms.
  2. It offers instant, 24X7, interbank electronic fund transfer.

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