5 Different Types of Non-Cash Payment Methods
1. Pay by Cheque
2. Electronic Fund Transfer (EFT)
Transfer Funds Using NEFT, RGTS, or IMPS
(a) Immediate Payment Service (IMPS):
- Anyone can use IMPS facility; if his/her bank provides.
- This service is available 24*7 including holidays and weekends.
- No charges to be levied from beneficiaries.
- You can transfer up to Rs. 50,000 per day.
- It is a real-time electronic payment method; which means receiver gets money within a few minutes or instantly.
- Swipe your ATM-cum-debit card
- Select mobile registration, you will be asked to enter your ATM PIN, just enter it to proceed.
- Select SMS/Secure/IMPS and then enter your mobile number.
- Subsequently press/tap on confirm.
- You will receive 7 digits MMID number on your registered mobile number.
- Mobile Number
- Mobile Money Identifier (MMID): Number issued (usually 7 digits) by the bank upon registration of mobile banking or the like you received upon mobile banking registration.
(b) National Electronic Fund Transfer System
- There are no inward transaction charges.
- You can send up to 10 lacs.
- Receiver details required
- You would need beneficiary name, account number along with bank name, and IFSC code of his bank branch.
(c) Real Time Gross Settlement System (RTGS)
- Minimum transfer limit is 2 lacs
- There are no upper cap limits
- This facility is available on all business working days except Sundays and holidays. (may vary)