Which of the following is not a method of money transfer in banking system
Answers
Answer:
Here are three major means of transferring money.
NEFT (National Electronic Fund Transfer) The National Electronic Fund Transfer or NEFT is the simplest and most liked form of money transfer from one bank to bank. ...
RTGS (Real Time Gross Settlement. ...
IMPS (Immediate Payment Service) ...
UPI (Unified Payments Interface): ...
Cheque:
Answer:
Explanation:
NEFT (National Electronic Fund Transfer)
The National Electronic Fund Transfer or NEFT is the simplest and most liked form of money transfer from one bank to bank.
RTGS (Real Time Gross Settlement)
A Real Time Gross Settlement or RTGS is almost similar to NEFT but the minimum payment and how it credits to the destination account differs. If you want to transfer more than 2 then you can use this. There is no upper cap on the amount.
IMPS (Immediate Payment Service)
Immediate Payment Service or IMPs an instant fund transfer service and it can be used anytime. IMPS can be simply defined as NEFT+RTGS.
UPI and check are also some methods of transferring money in banking system.