Various digital banking products
It allows the customer to perform banking activities through the bank’s website/ application. It is also called e-banking, virtual banking, or online banking.
Some of the types of transactions done through internet banking are-
a. National Electronic Funds Transfer (NEFT)
NEFT is a payment system hosted by the RBI and available throughout the country. The system uses Indian Financial System Code (IFSC) to identify the participating banks and allows customers to perform bank transfers through physical forms or online modes like internet banking. The transactions are executed in forty-eight half-hourly batches throughout the day. In other words, the money you sent from your account will reach your friend’s account within half an hour.
Maximum Limit- No limit, Minimum limit- No limit
b. Real-Time Gross Settlement (RTGS)
RTGS is also a funds transfer system primarily intended for large value transactions. Unlike NEFT, in RTGS, the trades are settled immediately. So, there is no delay in the money transfer.
Maximum Limit- No limit, Minimum limit- 2lakhs
c. Immediate Payment Service (IMPS)
IMPS is an instant electronic bank transfer system operated by the National Payments Corporation of India (NPCI) that uses the combination of account number and IFSC or Mobile Money Identifier (MMID) to transfer money in real-time.
Maximum Limit-2lakhs, Minimum limit- NIL
An act of making payment remotely through your mobile devices like phone, tablet etc.
The advantages to mobile banking include the ability to bank anywhere and at any time. Disadvantages have security concerns and a limited range of capabilities compared to banking in person or on a computer.
It is a virtual wallet that stores individual payment card information on a mobile device. An Individual’s account is required to be linked to the digital wallet to load money in it. Most banks have their e-wallets and some private companies. e.g., Paytm, Freecharge, Phonepe, Mobikwik, Oxigen, Airtel Money, etc.
4.Micro ATMs Micro ATM meant to be a device that is used by the Business Correspondents (BC) to deliver essential banking services. The platform will enable Business
Correspondents (who could be a local retail shop owner and will act as micro ATM‘) to conduct instant transactions.
5.Aadhaar enabled payment system (AEPS)
Aadhaar Enabled Payment System is a payment service empowering a bank customer to use Aadhaar as his/her identity to access his bank account and perform basic banking transactions like balance inquiry, cash deposit, cash withdrawal, remittances through a Business Correspondent.