Fund transfer by these option in banking system

NEFT, RTGS, and More

The world of banking can be confusing, especially when it comes to the various terminologies used to describe different banking services. Two common banking terms you may have come across are NEFT and RTGS. In this article, we'll explain what these terms mean and how they differ from each other.

NEFT (National Electronic Funds Transfer)

NEFT is a payment system used in India that allows individuals and businesses to transfer funds electronically from one bank account to another. It is a secure, reliable, and fast way to transfer money between different banks.

To use NEFT, you need to provide the name of the recipient, their bank account number, the name of their bank, and the bank's Indian Financial System Code (IFSC). The IFSC is a unique 11-digit alphanumeric code assigned to each bank branch in India. Once you have this information, you can initiate an NEFT transfer through your bank's internet banking or mobile banking service.

NEFT transfers are processed in batches and are settled in hourly intervals during bank working hours. The transfer of funds is generally completed within a few hours, but it can take longer in some cases.

RTGS (Real-Time Gross Settlement)

RTGS is another payment system used in India that allows for large-value transactions to be transferred in real-time between banks. It is a secure and reliable way to transfer large sums of money quickly and efficiently.

To use RTGS, you need to provide the name of the recipient, their bank account number, the name of their bank, and the bank's Indian Financial System Code (IFSC), just like in NEFT. However, RTGS transfers require a minimum amount for transfer, and the amount may vary from bank to bank.

RTGS transfers are processed in real-time, meaning that the transfer of funds is completed as soon as the transaction is initiated. This makes RTGS transfers ideal for urgent or time-sensitive transactions.

Other Banking Terminologies

Here are some other common banking terminologies that you may come across:

EFT (Electronic Funds Transfer): A general term used to describe any electronic transfer of funds between different banks.
IMPS (Immediate Payment Service): A payment system used in India that allows individuals and businesses to transfer funds instantly from one bank account to another, 24 hours a day.
ECS (Electronic Clearing Service): A payment system used in India that allows for the automatic transfer of funds from one bank account to another, for recurring transactions such as utility bill payments.
KYC (Know Your Customer): A process used by banks to verify the identity of their customers in order to prevent fraud and money laundering.

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