Cheques and Demand drafts, though better than large cash payments, also involve paper and they are time consuming as well. Electronic payment modes like ATMs, credit and debit cards, National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS) and Mobile Banking are very useful methods for making payments across the country at minimum cost.

Different agencies like banks, mobile companies, settlement systems, etc. function as per RBI regulations. The payment methods, agencies and procedures are known as Payment Systems. If you want to send money to your parents/relatives or friends who are staying at a distant place (India/foreign), you can send it through following means:

  • Demand Draft
  • NEFT – National Electronic Fund Transfer
  • RTGS – Real Time Gross Settlement
  • ECS – Electronic Clearing Service
  • Internet Banking
  • Wire Transfer
  • Mobile Payment