Introductions to Electronic Modes of Payment :-
As the Internet has increased the speed of business and transacting, electronic modes of payment have gain importance.
Benefits
- Payment on due date
- Effortless receipt - No need for visiting Banks for depositing payment cheques
- Avoiding loss of instruments & fraudulent encashment
Three of the most contemporary and popular electronic modes are:
- Electronic Clearing Service (ECS)
- Electronic Funds Transfer (EFT)
- Real Time Gross Settlement (RTGS)
- National Electronic Funds Transfer (NEFT)
Electronic Clearing Service (ECS)
Electronic Clearing Service is a method of payment where a large number of payments can be made/ received through a single instruction by electronically debiting/ crediting bank accounts. ECS is provided either by Credit Clearing or Debit Clearing.
Our RTGS Charge Structure
RTGS Card Rates have been revised with effect from 1st January 2007:
-
Outward Transactions
Retail & Corporate
Rs.1.5/1000, Minimum: Rs.100 Max: Rs.1500 per transaction
- Inward Transactions
Retail – FREE
Corporate - Rs.100/- Per Transaction
Timings for Transactions :-
Cut off timing for Branches: Transactions can be sent through the RTGS system within following time schedules:
- On Weekdays – 9.15 a.m. to 2 p.m.
- On Saturdays – 9.15 a.m. to 11.a.m.
NEFT
National Electronic Fund Transfer (NEFT) is one application to enable you to transfer funds from your accounts in one bank to beneficiaries with accounts in other banks.
RBI has notified the discontinuation of EFT in favour of NEFT wef 31/08/2006
NEFT Card Rates
The following pricing will be applicable with effect from 1st February, 2007
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