Correct Answer - Option 4 : Financial
The correct answer is Financial.
- IFSC is short for Indian Financial System Code.
- He represents the 11 digit character that you can usually see on your bank’s cheque leaves, or other bank sponsored material.
- This 11 character code helps identify the individual bank branches that participate in the various online money transfer options like NEFT and RTGS.
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RTGS stands for real-time Gross Settlement.
- It can be defined as the continuous (real-time) settlement of funds individually on an order by order basis (without netting).
- Real-time means the processing of instructions at the time they are received rather than at some later time.
- The gross settlement means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis).
- Considering that the fund's settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.
- The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh. The maximum limit is Rs 10 lakh per day.
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NEFT - National Electronic Funds Transfer.
- It is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme.
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The IMPS - Immediate Payment Service.
- It helps you access your bank account and transfer funds instantly and securely.
