What is meant by IFSC ?
IFSC it is the abbrevation for Indian Financial System Code.IFSC code is mainly used to transfer funds.IFSC is a unique code for banks to identify particular bank branches.Indian Financial System Code is an 11-digit code in alpha numeric format the first four characters will represents bank name/bank code,the fifth character will represent 0 (zero and reserved for future use) and the next six characters represents the branch code.IFSC is used by RBI to find all bank branches.What is Real Time Gross Settlement(RTGS)?
The complete form of RTGS is “Real-time gross settlement”. RTGS can be defined as “continuous (real time) settlement of funds transfers individually in an order by order. Here the words ‘Real time’ refer to the process of instructions that are executed at the time of receipt, instead On the other hand, “Gross Settlement” means that the settlement of the transfer instructions takes place individually (in an instruction by instruction). The settlement of funds actually takes place in the RBI books and by Therefore, payments are considered as final and irrevocable.NEFT:
The NEFT is a national payment system that facilitates the transfer of funds one by one, so individuals, companies and corporations can electronically transfer funds from any bank branch to any individual.company or corporate that has an account with any other Bank branch in the country that participates in the system.IMPS:
Immediate Payment Service (IMPS) is an instant real time interbank funds transfer service. Using this service, you can now receive or send money even on Sundays and holidays or late at night. What’s more, the money is credited to the beneficiary’s account instantlyUPI:
UPI is a new payment system that allows to transfer money between any two bank accounts by using a mobile phone.UPI app will allows a customer to pay money directly from a bank account to different merchants,both online & offline is available, without typing credit card details, IFSC code, and net banking/wallet passwords.It enables all bank account holders to send and receive money from their smartphones with a single identifier without entering any additional bank account information.UPI can also be used to pay merchants who accept UPI as a payment mode.