1. NEFT (National Electronic Funds Transfer)
NEFT is a widely used electronic funds transfer system in India. It allows individuals to transfer funds from one bank account to another using internet banking or mobile banking. NEFT operates on a deferred net settlement basis, which means that transactions are settled in batches at specific intervals throughout the day.
2. RTGS (Real-Time Gross Settlement)
RTGS is another electronic funds transfer system that enables individuals to transfer large amounts of money in real-time. Unlike NEFT, which operates in batches, RTGS transactions are processed individually. RTGS is typically used for high-value transactions and is known for its speed and efficiency.
3. IMPS (Immediate Payment Service)
IMPS is an instant interbank electronic funds transfer system that allows individuals to transfer money 24/7, including weekends and holidays. IMPS transactions can be initiated through internet banking, mobile banking, or even by visiting a bank branch. It is a convenient option for quick and hassle-free money transfers.
4. Net Banking
Net banking, also known as internet banking, allows individuals to access and manage their bank accounts online. With net banking, users can perform various banking activities such as checking account balances, transferring funds, paying bills, and even applying for loans. It provides a convenient and secure way to handle financial transactions.
5. BHIM Applications
BHIM (Bharat Interface for Money) is a mobile application developed by the National Payments Corporation of India (NPCI). It enables individuals to make quick and easy payments using their smartphones. BHIM applications are linked to the user’s bank account and support various payment methods, including UPI and QR code scanning.
6. UPI (Unified Payments Interface)
UPI is a payment system that allows individuals to transfer money between bank accounts instantly. UPI enables users to link multiple bank accounts to a single mobile application, making it easy to manage and transfer funds. It offers a seamless and secure way to make payments using mobile devices.
7. Aadhaar Enabled Payment Systems
Aadhaar Enabled Payment Systems (AEPS) leverage the Aadhaar card, a unique identification number issued by the Indian government, to facilitate banking transactions. AEPS allows individuals to access their bank accounts, withdraw cash, and make payments using their Aadhaar number and biometric authentication.
8. USSD (Unstructured Supplementary Service Data)
USSD is a technology that allows individuals to access banking services through a simple GSM mobile phone. It does not require internet connectivity and can be used for various banking activities such as checking account balance, transferring funds, and even availing banking services in remote areas with limited connectivity.
SUMMARY:
Disclaimer: The information provided in this blog post is for informational purposes only. Users are advised to consult their respective banks or financial institutions for specific details and guidelines related to online banking services.
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