Types of Transactions conducted through Online Banking
A. National Electronic Fund Transfer (NEFT)
- It facilitates one-to-one fund transfer.
- 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.
- NEFT transfers have no caps on the minimum and maximum amount that can be transferred.
- 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)
- It is defined as a real-time settlement of funds individually, on an order by order basis without netting.
- The fund settlement takes place in the books of RBI, and it is final and irrevocable.
- The minimum amount to be transacted through RTGS is Rs. 2 Lakh
C. Electronic Clearing System
- 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)
- 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.
- It offers instant, 24X7, interbank electronic fund transfer.
