Banking

#GoodToKnow: Different Ways To Do Online Money Transfer

Ashu Parmar

April 5th, 2016

SHARES

ICICI-LogoGood To Know | Banking: This series is presented in association with ICICI Bank – a collaborative effort to educate the netizens about safe and smart banking practices. With this series, we aim to provide answers to all banking related queries and encourage a greater number of people to opt for paperless and secured transactions.

India has one of the largest markets of Internet in the world. In the present age, the Internet has saved our time, money and also has been able to restrict the usage of paper. With e-mails, we don’t have to send hand-written letters anymore, with the boom in e-commerce websites, we don’t have to go to the market to buy our favourite dress or shoes. But however, we haven’t fared well in the section of banking. Imagine, if everyone chooses to shift to online or digital banking, how much time, energy and paper can be saved? India has a poor percentage with respect to the usage of the digital banking system, because of the prevalent misconception that online transactions aren’t safe. We want to assure you that digital banking is as safe as performing transactions by going to banks. And also, this system is way easier. Go ahead, switch to digital!

Why is this information #GoodToKnow?

Despite a good reach of Internet connectivity across India, people are shying away from using digital banking, feeling that it is not safe. We want our readers to be aware that digital banking is safe. And it saves labour, time, money and most importantly papers. If transactions become entirely online, it will restrict the huge usage of paper. And fewer trees will be cut down. We can switch to digital at least for the sake of our environment.

Gone are the days, when one had to be physically present in the bank, stand in the long queues, fill up several documents for carrying out the required transactions. And today, like every other thing you can avail from the comfort of your home, bank transactions have also become a cake-walk. The Internet has been able to revolutionise everything. So just sit back and relax, because all your banking requirements are now at your fingertips. Don’t worry, avail hassle-free transactions with the help of online banking.

Electronic Fund Transfer (EFT) can be availed by anyone who has a bank account and a working internet connection. You can choose from a set of options on how you want to complete . The options that are available are — NEFT, RTGS, IMPS and EFT Cheques.

AVENUE 1

NEFT

National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme.

  • Log In to your Internet Banking Account using your User Id and Password
  • If you are sending money to a particular beneficiary for the first time, then enter that person’s account detail under “Add Beneficiary” tab.
  • Click on “Select Payee”
  • Enter the amount you want to transfer
  • Click On Proceed
  • You will get an OTP on your registered mobile number, Put the OTP and Your Card details on the website
    And click on “Submit”.
AVENUE 2

RTGS

RTGS stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds individually on an order by order basis (without netting). ‘Real Time’ means the processing of instructions at the time they are received rather than at some later time.’Gross Settlement’ means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis).

(We will add all the steps involving the procedure of completing RTGS in bullet points like above)

AVENUE 3

IMPS

The IMPS (Immediate Payment Service) helps you access your bank account and transfer funds instantly and securely. You can send money using Netbanking on an internet-powered laptop or PC. The beneficiary account is credited immediately when a fund transfer request is made from your side.

(We will add all the steps involving the procedure of completing IMPS in bullet points like above)

AVENUE 4

EFT Cheques

It enables quick, convenient and secure transfer of funds to a beneficiary, while maintaining the cheque writing experience. Additionally, you can deposit a cheque, check the status of your physical cheques and a lot more.

(We will add all the steps involving the procedure of completing EFTCheques in bullet points like above)

The Logical Indian promotes the usage of Digital Banking for all financial transactions. This is a major progress in the entire banking system. Going digital saves a lot of energy as well as resources. Besides, it’s absolutely easy to use. We urge our readers to think about switching to Digital.

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