Table of contents
Dear Friends! Today, digital payment allows us to make instant transactions .We can transaction value in different ways.Everyone’s features and charges are different.
Withdrawal bank defination – The withdrawal involves removed money from a saving bank account, savings plan, pension scheme, any trust.
We will learn about bank transaction types untilty with these features and charges in this article.
We will also look at the details of a bank transaction type.
Also we learn in article list of transactions.
World economy of the various country expands, their volume and variety of transactions also expand.
Due to the increase in these transactions, it is not possible to make cash transactions every time.
Therefore the every countries major and regional banks and financial institutions offer various digital payment systems as a solution.
What is payment system?
A payment system is a mechanism to provide the finance services to do our any Exchange goods and services.
We can make daily lives transactions easy and effectively through cash.
This is a step taken by every bank to make it even easier.
Types of Banking Transactions
The following types of transactions make our transaction easier.
NEFT (National Electronic Fund Transfer)
One of the most popular and preferred types of money transfer from one bank to another bank is NEFT.
For making an NEFT transaction, we just need two details, which are given following
- Account Number
- IFSC Code
This will allow you to transact.
RTGS (Real Time Gross Settlement)
RTGS transaction is like A NEFT transaction types.
You can use this service if you need to transfer more than Rs 2 lakh.Also, there is no limit to the upper transactions.The transaction takes to complete in 30 minute’s.
It is mainly used for large and fast transactions.
IMPS (Immediate Payment Service)
Immediate Payment Service (IMPS) is a provide instant fund transfer service that works 24/7 in day.
IMPS can also be like as a combination of both preferred transaction method NEFT and RTGS.
To prevent transaction fraud, the minimum capital on the transaction limit is always set to be low.
For making an IMPS transaction, we need to know is the Beneficiaries account holder details and phone number.
UPI (Unified Payment Interface)
The Unified Payment Interface commonly known as UPI Payment System.UPI is real-time payment system that provides facilitates transactions through VPA (Virtual Payment Address).
The transferring the amount, you don’t require any account details like Bank account number as well as IFSC code ,we need is the mobile number or the UPI ID.
We can make UPI transactions 24/7 day. However, the upper capital on UPI-enabled transactions is Rs. 1 lakh.
One of the most preferred payment methods that have several features and various benefits, like a security of payments, reliable, etc., are the banking card have security.
The advantage of banking cards is that you can use to make various tpyes of digital payments, PoS machines, etc.
The customers can store the card information on the digital wallet like paytm wallet and make cashless payments.
Diffrerent types of ATM Card Some of the popular banking cared are VISA, MasterCard, and Rupay, this banking card mostly used in world.
Also credit card transaction types is useful to deals buy online services.
AEPS (Aadhar Enabled Payment System)
The AEPS payment system is recently coming in market.It can be used for all banking transactions, like a cash withdrawal, payment transactions, Aadhar to Aadhar money transfers, bank balance inquiry etc.
The transactions are carried using Aadhaar card verification.therefore technically, you don’t even need to visit the branch physically, also provide debit or credit cards, or even sign a document.
But one condition are mandatory for this payment system your Aadhaar number is registered with the bank where you Holder an account.
What is POS withdrawal? POS withdrawal means its generally referred to those hand-held devices like a credit card as well as debit card readers that are installed at all physical stores.
This is transaction type of PoS terminals like Physical PoS, Mobile PoS, and Virtual PoS.
The Physical atm PoS meaning dwithdrawal are available at shops and retail outlets, whereas mobile PoS terminals work via a tablet or smartphone.
This methods beneficial for small-time business owners as they can’t invest in expensive registered machine.
Recently,Virtual PoS systems that use web-based applications to process payments.
These payment system is traditional methods.The cheque payment methods offers anyone can transfer money from one bank account to another bank account.
You need to do is fill a cheque page which include payee name as your name along with the account number where you have to transfer the amount and your signature just below the numeric amount.
If the recipient’s account is also in the same bank as yours bank , then the transfer is completed within one day.
There is no specific transaction limit in the transfer amount, but some restrictions like you cannot withdraw money more than Rs.50,000 from a non-home branch.
One bank account holder required to transfer fund to another person who is in live anotger city.Then the person who wants to transfer the money can deposit cash in the bank or issue a check in favor of the issuing bank, which is issue him a demand draft.
The person who wants to receive the money receives the demand draft, and then he gives it to the bank account and receives the payment.
Banks usually charge a commission for the payment with demand drafts.
The Banker Cheque Payment method same to demand drafts payment method to send money and receive money in same city.
These bank cheque valid for a very short time , and banks may charge a commission for using this payment methods.
- IBNK Meaning
- Deposit Vs Withdrawal
Some Important FAQ
What Is PoS Withdrawal?
POS withdrawal means point of sale withdrawal is a purchase made with your Visa debit card and you are required to enter a PIN on your keypad.POS transactions are instantly posted to your account.On your statement, the trade name and address (and sometimes) will be shown in the POS transaction.
What is transaction account?
A transaction account is also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account held at a bank or other financial institution.
Source : Wikipedia
What is Transactional Funding Defination?
Transaction account definition – Transactional funding is a borrowing process which is investor borrows short-term capital loan to close a deal.
What is Split deposit definition ?
A split payment involves using multiple payment sources to settle the whole cost of a single transaction.
Source : Investopedia
What is PoS transaction on bank statement?
It means you have used your debit card at any point of sale retailer, any restaurant, gas stations etc.
Direct deposit sequence meaning
The term direct deposit refers to the deposit of funds electronically into a bank account rather than through a physical, paper check.
Source : investopedia
This is the way we do banking.I hope you understand this information correctly.
If you have any doubts in this regard, you can ask me through the comments.
If you like the article, be sure to share it with your friends.