TYPES OF PAYMENT MODES IN BANKING AND THEIR DIFFERENCE EX RTGS AND NEFT DIFFERENCE

Question

Accepted Answer

Payment modes in banking include cash, cheques, cards, and electronic transfers. RTGS and NEFT are two popular electronic transfer modes.

Cash: Physical currency notes and coins.
Cheques: Written orders to pay a specific amount from one bank account to another.
Cards: Debit or credit cards for electronic payments.
Electronic Transfers: RTGS and NEFT are two common modes.
RTGS (Real Time Gross Settlement): Used for high-value transactions with immediate settlement.
NEFT (National Electronic Funds Transfer): Used for low-value transactions with deferred settlement.
RTGS operates on a real-time basis, while NEFT operates in batches at specific time intervals.

Top Yes Bank Operations interview questions & answers