Banking awareness means to be updated with all the schemes and strategies of the current banking sector. The customer and the bank employees both have specific meanings of bank awareness. To a bank employee banking awareness means complete knowledge about the latest banking schemes and how to communicate with customers. To customers, banking awareness means to be updated with various banking strategies for loans, etc. this concept related to banking awareness covers a vast portion in IBPS 2017 and other competitive exam related to the bank.
Core Banking Services where the database related to customer accounts is stored in an electronic media. It is stored in the central server due to its advantages.
NEFT:
National Electronic Fund Transfer is a global payment system. The account as well as account holders can transfer funds through their own account. This money can be transferred via electronic media in 6 slots on Saturday and 12 slots on weekdays. NEFT is applicable for all customers who have the NEFT payment system.
Fast facts-
- No limit while transferring.
- Only a bank account in any NEFT branch is needed to transfer through internet or bank branch directly.
- If a person does not have a bank account in any NEFT enabled branches then according to the rule set by RBI he can transfer Rs. 50000 at a time.
- Indo-Nepal Remittance Facility scheme states that fund can also be transferred to Nepal.
- Transferring details like bank account details of the receiver should be known.
RTGS:
Real Time Gross Settlement means the instructions start processing together at a specific time. There are no time slots, either the funds can be settled on an individual basis or instantly. Real time transfer occurs which means an individual can transfer up to a certain limit that is a minimum transfer of 2 lakh according to the law of RBI. The customers who have RTGS payment platform only can be applicable for this scheme.
Fast facts-
- This is only applicable to account holders. There is no such provision for non-account holders.
- There is a certain time slot to transfer funds for the customer that is between 9am-3pm on Saturday and between 9am-4:30 pm on Monday to Friday.
- For bank transaction, the slot time of transferring funds is between 9am-3pm on Sunday and 9am-4:30pm on Monday to Friday.
- The charges for the transaction are- Rs. 30 for each transaction between 2 lakh to 5 lakh.
- The application time charge is Rs 50 for any transaction above 5 lakh.
AEPS:
Aadhar Enabled Payment System uses Aadhar card number apart from UIDAI authentication of a customer’s account. The aadhar number needs to be registered to the customer’s bank account only when the branch is AEPS enabled. This provides the facilities like withdrawal, deposit, transfer funds and balance enquiry. The maximum amount a person can transfer in a day is Rs. 50000.
MTSS:
Money Transfer Service Scheme is a system where money is transferred in personal from abroad to India. Only inward remittance is allowed. The maximum money per transaction will be Rs. 50000 and there can only be 30 transactions per year.
Banking awareness is a significant section in Bank Exam. The candidate needs to be well aware of all the necessary updates and concepts as sectional cutoff plays a vital role in the selection process. For any provisional allotment, the sectional cutoff, as well as the overall cutoff, matters a lot.
About the author:
With a degree in Engineering, Shreyaa Banerjee is a content writer by profession. She is a voracious reader apart from writing and blogging along with part-time teaching. She is presently exploring all about the digital education with Byju’s-the Learning App.
Email_id: shreyaa.banerjee@byjus.com
