What is the Difference Between NEFT, RTGS, and IMPS?
Posted on Wednesday, September 25th, 2024 |

When it comes to transferring money, several electronic methods make the process fast and efficient. Three of the most used systems are NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Payment Service). The Reserve Bank of India (RBI) introduced NEFT and RTGS systems, whereas IMPS was launched by the National Payments…
Read moreWhat is an IMPS Reference Number and How to Track IMPS Transactions?
Posted on Wednesday, September 25th, 2024 |

Have you ever performed an online transfer and wondered, “What is an IMPS number and how to check IMPS transaction details?” Immediate Payment Service (IMPS) is a fast and convenient mode to transfer funds. You receive a unique IMPS reference number when you perform an IMPS transaction. This number is essential for tracking your transactions…
Read moreWhat is the IFSC Code and How to Find it?
Posted on Wednesday, September 25th, 2024 |

IFSC stands for Indian Financial System Code. This is a code that uniquely identifies a bank branch and is important for making financial transactions. This 11-character code assists in routing fund transfers efficiently and accurately via NEFT, IMPS, and RTGS systems. Without the right IFSC code, your electronic payment could be delayed or even fail….
Read moreWhat is a Demand Draft?
Posted on Monday, September 23rd, 2024 |

Have you ever faced a situation where a cheque or cash payment was not accepted? For instance, many educational institutions require payment through a Demand Draft (DD) instead. If you’re unfamiliar with DDs, it’s time to understand the demand draft meaning and its significance as a financial instrument. A demand draft is a secure and…
Read moreWhat is a Beneficiary Account?
Posted on Monday, September 23rd, 2024 |

What is a beneficiary account? Are you curious about this question and looking to understand it? Before diving deep into the meaning of a beneficiary account, it is crucial for you to understand what a beneficiary is. The term ‘beneficiary’ refers to an individual or entity set to receive particular benefits or gains from specific…
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