MSK Institute • Shikohabad
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Internet Banking (also known as Online Banking or Net Banking) is an electronic payment system that enables customers of a bank to conduct financial and non-financial transactions through the bank's secure website.
When transferring money electronically between different banks in India, the RBI offers three standard electronic transfer channels: NEFT, RTGS, and IMPS.
Memorize this comparison table thoroughly—these exact specifications appear in every NIELIT examination:
| Parameter | NEFT | RTGS | IMPS |
|---|---|---|---|
| Full Form | National Electronic Funds Transfer | Real Time Gross Settlement | Immediate Payment Service |
| Operating Organization | Reserve Bank of India (RBI) | Reserve Bank of India (RBI) | NPCI |
| Settlement Nature | Deferred Net Settlement in Half-Hourly Batches | Gross Settlement (Real-Time instantaneous) | Instant Real-Time (Immediate) |
| Minimum Transfer Limit | ₹1 (No Minimum Limit) | ₹2,00,000 (Two Lakhs Minimum!) | ₹1 (No Minimum Limit) |
| Maximum Transfer Limit | No upper ceiling | No upper ceiling | Usually ₹5,00,000 per day |
| Operational Timing | 24x7x365 Days | 24x7x365 Days | 24x7x365 Days |
| Primary Usage | General utility and personal transfers | High-value commercial business payments | Instant mobile phone/account transfers |
To route money to the correct bank and branch across India, every electronic transfer requires an IFSC (Indian Financial System Code):
SBIN = State Bank of India, PUNB = Punjab National Bank).0) reserved for future use!Continue learning with hands-on practice, examples, and exercises in the upcoming topic.
| Previous Lesson | Next Lesson |
|---|---|
| UPI, AEPS, and eWallet Concepts | Online Bill Payment and Recharge |
Test your understanding of this lesson with 5 questions. Each question has one correct answer.