Internet Banking (E-Banking)

What is Internet Banking- 

Internet banking is an electronic system which enables the customers to conduct transactions on bank's website and perform activities like maintaining his account, transferring funds, paying utility bills, etc. It is safe and secure. In internet banking system the bank has a centralized database that is web-enabled. The RBI constituted a working group on internet banking. The group divided the internet banking products in India into 3 type based on the levels of access granted. They are-

• Information Only System (सूचना केवल प्रणाली) 
• Electronic Information Transfer System (इलेक्ट्रॉनिक सूचना अंतरण प्रणाली) 
• Fully Electronic Transaction System (पूरी तरह से इलेक्ट्रॉनिक लेंन-देंन प्रणाली)  

National Electronic Fund Transfer (NEFT)-

NEFT is one of the most prominent electronic fund transfer system of India started in Nov 2005, which provide facility to bank customer to transfer the fund easily and securely on a one to one basis. It save time and done via electronic message. This is a net transfer facility which is executed in hourly batches. NEFT facility are available in 30000+ bank branches all over the country and work on a batch mode. It is 24*7 service but vary on banks timing. There is no minimum and maximum limit for this service.

Real Time Gross Settlement (RTGS)-

RTGS is a system where there is a continuous and real time settlement of fund transfer, individually on a transaction by transaction basis. Real Time means the processing of instructions at the time they are received, Gross Settlement means that the settlement of funds transfer instructions occurs individually. It is 24*7 service but vary on banks timing. The minimum fund transfer through RTGS is 200000 and there is no maximum limit.

Immediate Payment Service (IMPS)-

IMPS is an innovative real time payment service that is available round the clock. This service is offered by National Payment Corporation of India (NPCI) that empowers customers to transfer money instantly through banks and RBI authorized Prepaid Payment Instrument Issuers (PPI) across India. It is 24*7, safe, secure, instant and cost effective service.