To transfer money electronically (without cash, cheque, etc.) from one bank account to another, the most common options are NEFT and IMPS apart from a lesser known option RTGS which can be used only for high valued transactions (minimum limit for RTGS is 2 lakhs).
While transferring money, most of the people are confused about IMPS vs NEFT and at last choose something at random. For the best results, it is important to understand the difference between NEFT and IMPS in detail and only then choose what is best for your need.
In early Jan 2017, EPFO (Employee Provident Fund Organization) has come up with new rule mandating the Aadhaar (Aadhar) Card linking for all EPF India members and pensioners by end of Jan 2017 with their UAN.
At this moment, there is not much clarity about the exact procedure to link the EPF UAN with Aadhdar number. For example, can members do it online themselves on UAN Member Portal or they need to compulsory go through their employers. We will update this article once the clarity emerges.
For EPF members, it is recommended to apply for Aadhar card as soon as possible if you don't have one.
EPF is a primary savings tool for large number of people working in private organized sector in India. EPF accounts and EPF balance is managed by Indian Government agency called 'Employees Provident Fund Organisation (EPFO)'.
Traditionally it has been very difficult to check EPF balance because of lots of paper work and time involved. It was also difficult to track whether the ...
UPI full form is Unified Payment Interface and it is a phone based payment app to transfer funds instantly from one's bank account. Using UPI app one can transfer money from/to directly from their bank accounts and does not require to keep money in e-wallet (where it does not earn any interest).
UPI (Unified Payment Interface) is a new initiative from Government of India to make digital cashless transactions easy and smooth. Using a UPI App, we can send money to a friend or pay to a merchant directly from our app without the hassle of having a credit and debit card, or without going through netbanking site and its password flow. It is a credible ...
We have observed many times that people get their SBI debit cum ATM card, but PIN is not received. SBI allows you to generate PIN or change your PIN without standing in a line at your bank.
Generating or changing your PIN is a two step process. First, you need to generate an OTP (One time password) and then you can use this OTP to set your PIN at an ATM. OTP itself can be generate at an ATM or ...
Due to demonitisation and resulting cash crunch, there is a very big demand of digital money transfer. But most of the digital money transfer systems require access to smartphones and internet, which is not always available. Especially, the poor people can't afford the smartphone or Internet.
USSD based payments provide a solution and allow people having feature phones to do digital money ...
NPCI and Niti Aayog has launched two new schemes named - "Lucky Grahak Yojana" and "Digi Dhan Vyapar Yojana" to promote use of digital transactions. Under these schemes, there will be weekly lucky draws and rewards for customers and merchants (shopkeepers, retailers) to use digital payments instead of cash transactions.
The rules of the scheme allow only a set of transactions for lucky draws and...
AEPS full form is 'Aadhar Enabled Payment System'. AEPS payments is a digital money transfer mechanism built on top of Aadhar.
AEPS allows a bank customer to use Aadhaar as his/her identity to access his Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, cash deposit, cash withdrawal, money transfers through a Business Correspondent.
Paytm is currently seeing wide adoption due to massive cash crunch after demonitisation. Lot of people have started using paytm to receive money, but they are unclear about how to transfer money from their paytm wallet to their bank account.
Luckily the process is very easy. Following is a step by step guide to to transfer money followed by 1) Charges for transferring money to bank account, 2) minimum and max amount limits.