Know the Different Types of Net Banking Facilities

In this digital age, Net Banking has gained significant popularity. It is an electronic payment system that allows you to make financial transactions online. It is fast, convenient, and, most importantly, safe. Hence, many individuals prefer it over traditional payment methods. Nowadays, Internet Banking has become more accessible than ever, too.

This may be owing to the availability of Banking Apps. They make our jobs more manageable and offer a host of banking facilities. Here are some:

National Electronic Fund Transfer

NEFT is the most common type of Net Banking method. It is a payment facility that conducts one-to-one fund transfers. As a result, any individual or company gets to send or receive money electronically. You need an active Bank Account and app login credentials. In most cases, NEFTs cannot exceed Rs. 50,000 per transaction. So, it is good to be mindful of such restrictions.

Immediate Payment Service

IMPS is an instant payment electronic fund facility. It immediately transfers money from one Account to another. Like NEFT, it is available to users 24x7. For instance, you could transfer money through IMPS at any time of the day. It processes the said transaction instantly. IMPS is also useful for International Money Transfers. It helps Indian citizens make transactions across the country. All this gets done with ease.

Electronic Clearing System

ECS is an electronic fund transfer. It lets you send or receive money from one bank to another. Usually, this facility is used for bulk transfers by institutions. These include payments like salary, dividends, interests, pensions, etc. However, you may also use it to pay utility bills like electricity, telephone, loan, etc.

Real-Time Gross Settlement

RTGS is another popular Net Banking facility. It happens in real-time. For instance, say you want to transfer money to your relative who desperately needs funds. In this case, you could opt for an RTGS facility. It will credit your payment into the recipient’s Account within 30 minutes of initiation. Owing to its quick processing time, RTGS is the fastest Online Banking service.

How to do Online Banking safely?

While all Internet Banking facilities are secure, take some precautionary measures from your end, such as:

· Never reveal your details on unauthorized websites.

· Always double-check your and the recipient’s Account Number and other information.

· Avoid using public WiFi to conduct your Net Banking transactions. Use a VPN instead.

Do not share your One-Time Password (OTP) with anyone.