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Electronic Fund Transfer (EFT)

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How the Electronic Fund Transfer work in practical.This ppt will help you to done fund transfer through online banking

Published in: Economy & Finance
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Electronic Fund Transfer (EFT)

  1. 1. Ansif Ek Roll no :03 Presented by : ANSIF EK
  2. 2.  EXCHANGE OF MONEY FROM ONE ACCOUNT TO ANOTHER THROUGH COMPUTER  Cardholder-initiated transactions, using a payment card such as a credit or debit card  Direct deposit payment initiated by the payer  Wire transfer via an international banking network such as SWIFT
  3. 3.  NEFT- NATIONAL ELECTRONIC FUNDS TRANSFER  RTGS- REAL TIME GROSS SETTLEMENT  IMPS- IMMEDIATE PAYMENT SERVICE
  4. 4.  NEFT is the one of the most prominent electronic funds transfer systems of India  Started in Nov.-2005  It NEFT facilities are available in 30,000 bank branches all over the country  There is no limit – either minimum or maximum  There is no restriction of centres or of any geographical area within the country
  5. 5. HowItWorks?
  6. 6. Step 2 – Go to Fund Transfer tab.
  7. 7.  Step 4 – Enter the beneficiary account or Credit card number  Step 5 – Select the IFSC, using the bank and branch name. Now you can add the beneficiary. Remember, this is a one-time process.  Step 6 – Click ‘Add’, then ‘Confirm’  Step 7 – Authenticate yourself at the secure access step, and wait for your confirmation message  Post activation of a beneficiary, you can transfer a maximum of Rs. 100,000/- to each beneficiary for first 2 days
  8. 8.  To make your funds transfer/Credit card payment –  Step 1 – Go to Fund Transfer tab, and click Transfer to other bank  Step 2 – Select account, beneficiary, and enter the relevant details.  Step 3 – Accept the Terms and Conditions  Step 4 – Review the details, and, if all is correct, confirm to complete the process

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