POS & Internet Banking

POS [Point of Sale]

• POS  introduced by - James Ritty in 1879.
• POS is a stage at which a customer of makes payment to the merchant in Exchange of goods 
• or Services. 
• POS refers to where a customer or consumer takes their  purchased goods and pays for the items it is software and hardware component, supermarket, Stores and other business, firm's POS system. 

Internet Banking  

• Internet banking is an electronic system which enables the customers to conduct transactions on a bank's website and platform and perform activities such as maintaining an account, transferring money and paying bills. 
• It is safe and Secure that the only thing required is that the customer must have an internet connection on computer or mobile.

 

How to access internet banking: - 

Open Secure website Login to the internet banking Facility by using the customer id and password. 

Features of Internet banking:- 

• View account balance, statement history. 
• Transfer funds Credit card bills. 
• Pay income tax and other taxes. 
• Pay utility bills (electric bills), mobile recharge, credit card. 
• We can also invest in mutual funds. 

NEFT[National Electronic Fund Transfer] 

• NEFT started in november 2005 and maintained by- Reserve bank of India. 
• It is an interbank electronic fund transfer system from one bank account to another. 
• It is a “net” transfer facility, antiquated quality batches  which provides a facility to bank customers to transfer the easy and securely on a one to one basis. 
• The transaction limit of NEFT is minimum 1Rs. rupees maximum no limit. 
• In 15 Dec 2019, RBI is a world NEFT transaction to be done 24X7 and even on holidays too. 
• From 10 July 2017 settlements of fund transfer requests in NEFT System are done on an half hourly basis.

IFSC [Indian Financial System Code] 

 

• IFSC is an alpha-neumeric that uniquely identifies a bank branch, participating in the NEFT system. 
• It is an 11 digit code, with the first 4 alpha-Character representing the bank name and the last 6 characters representing branch and 5th character is zero. 

RTGS[Real Time Gross Settlement] 

• RTGS started in 2004.
• It is an internet banking System which transfers money from one account to another on & real time. 
• People use RTGS for high value transactions. 
• The amount transferred through RTGS is Rupees 200000 (2 lakh) and no upper and max limitation.

IMPS (Immediate Payment Service)

• Instant transfer, available 24×7.
• Suitable for urgent payments.
• Works for small and medium transactions.
• The amount transferred through IMPS has no lower limit  and max 5 lakh.

Different between NEFT, RTGS,IMPS