Banking Awareness study material – Important point about NEFT,RTGS and IMPS

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Banking Awareness study material –Important point about NEFT

  1. National Electronics fund transfer is shortly known as NEFT.
  2. National Electronics fund transfer (NEFT) is a nation-wide system.
  3. NEFT is electronics fund transfer system any bank to any individuals, firm or corporative having an account with any other bank branch in the country.
  4. Maximum limit –No limit
  5. Minimum limit- No limit
  6. No remittance be sent abroad using NEFT (But except Nepal under the Indo-Nepal Remittance facility scheme)

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Important point about RTGS:

  1. Real Time Gross Settlement is shortly known as RTGS. It is one of the fastest modes of fund transfer in India through banking sectors.
  2. The main purpose of RTGS is for large transaction in all over India.
  3. Maximum amount –No limit
  4. Minimum amount – 2 lakh
  5. Through RTGS fund transfer System, fund will be remitted for beneficiary account within 2 hour by fund transfer system.
  6. Through RTGS fund Transfer System, bank will be receiving the confirmation text from RBI that fund have been transferred to beneficiary accounts.

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