Overview
Internet banking, debit card, credit card , ATM card, prepaid card, etc. may be used for transferring money into someone's bank account, make bill payments, recharge prepaid mobile numbers, direct-to-home TV services, metro card, tolltax card, ewallet etc.
The following frequently asked questions would make the matter clearer.
Q. Who are eligible?
A. Any individual or institution which has Internet banking facility or a debit card, credit card, ATM card, prepaid card, etc. are eligible.
Q. What else do I need to have?
A. You need to have a computer etc. or a smartphone/tab, etc. with Internet connection, and an active mobile connection.
Q. How can I transfer funds into a bank account?
A. You may transfer funds into a payee's bank account in the following ways...
• NEFT (National electronic fund transfer)
You need to have the payee's full bank account number, IFS Code of the bank-branch. Some banks may also require you to enter the payee's name, address, mobile number, etc. You may either make a hot payment, i.e. instant payment, and the payee either gets an instant credit on the same day or a deferred credit on the next working day. The payments are processed in batches. So, it may take some time to receive the credit, although the payment account would be debited instantly. You may also schedule the transfer on any future date. It would get automatically processed on the appointed date. Any amount can be transferred using NEFT. You may also pay your Credit Card dues, if the card issuing Bank accepts NEFT payments. You can also transfer funds into an app-only bank account, e.g. digisavings account by DBS Bank. Please note that instant NEFT transaction can also be requested at the bank-branches.
• RTGS (Real time gross settlement)
You may transfer a sum of Rs.200,000 or above to a payee. In this case you need the same payee details as in the case of NEFT. However, the money would be credited to payee's account instantly,i.e. on real-time basis.
Make note that NEFT and RTGS work only around the banking hours on business days.
•IMPS (Immediate payment service)
You need to have either the payee's bank account number and IFSC or their mobile number registered with their bank and MMID (a 7-digit numeric code issued by bank). This facility is available 24X7,i.e. even on holidays. The payee gets instant credit on real time basis. Some banks provide this facility by different names,e.g quickpay, etc.
The above transactions can also be effected through SMS-banking or USSD based-banking. In case of SMS banking you need to send text messages in the predefined Syntax format to a specific number of the bank. In case of USSD based-banking you would have to request a preset USSD code provided by the bank,e.g *99# etc., and follow the menu as per requirement.
Q. Are there any charges for NEFT/RTGS/IMPS payments?
A. Most banks charge for these services. However, some banks provide it for free, or free only upto a certain limit, and chargeable thereafter.
Q. Do the payee billers/merchants charge anything?
A. Most billers/merchants do not charge anything beyond the bill-amount; whereas they give additional discount etc. to encourage e-payments. However, some public sector undertalikngs etc., e.g. LIC, the oil and gas marketing companies, Indian Railways, still charge surcharge, convenience fee, commission, etc.
As per the news during the latest union budget in 2016, it was heard that government would abolish any type of surcharge on e-payments to encourage cashless economy.
Q. Can I use a debit card for transferring funds into a bank account?
A. No, you cannot. However, you can use a debit card to transfer funds into an app-only bank account,e.g. digisavings account (digibank by DBS), etc. These banks accept payments in the form of e-commerce receipt.
Q. How do I pay utility bills or taxes?
A. In case of utility bill payment you need to have the customer identification number/ consumer number or bill number or invoice number, etc. For example, if you wish to pay the premium of your life insurance policy, you need the policy number to pay the premium.
You may either use Internet banking or plastic card or e-wallets. If you are using Internet banking, you need to select your biller from the biller list on your Internet banking site. Enter the required details, and make the payment.
If you are using a plastic card, you either need to browse the biller's website and enter the relevant details to make the payment. Or login to bill payment E-Commerce sites like billdesk.com, paytm.com, etc. ,and follow the same process for paying the bills.
Make sure that your card is registered for E-Commerce transactions and your mobile number is registered for receiving the one time password(OTP). While making payments you would need to enter your 16 or 15 digit card number,expiry date, name on the card, CVV number (the three digit number next to the last 4 digit number of the card printed on the rear side of the card on the signature panel below the magnetic strip), and the verified-by-Visa or MasterCard securecode, etc. or the OTP. In case of tax payments, you either need to have an assessee number or a demand notice number etc. The payment process is exactly the same as a stated above.
Q. Can I make partial payments to a biller?
A. A biller may accept partial payments, while others do not.
Q. How to recharge mobile, data card, DTH connection, etc?
A. Access the website of the service provider or login to the e-commerce sites like paytm.com, feecharge.com, etc. Enter the relevant customer identification number,e.g.mobile number in case of mobile recharges and data card recharge or customer identification number in case of DTH recharge. The procedure of making card payment or payment with Internet Banking are exactly the same as a stated earlier.
Q. What are the other benefits?
A. Beyond saving time and energy, you may also get additional discounts, cashbacks, chances to win a prize, reward points on your debit/credit/ATM/prepaid cards, etc. You don't get these in case of cash payments, do you?
The reward points are normally earned at the rate of 1 reward point per Rs.100 spent or transferred. 1 reward point is worth 25 paise normally. You may redeem your accumulated reward points to buy something online or recharge or pay bills etc.
Some banks may allow to convert these points into airmile or into cash back.
Q. How do I pay for shopping online?
A. Once you check out while online shopping, you would need to select your payment option. It may be Internet banking, card or e-wallet, etc. Once you do so you would be redirected to the payment gateway. You would have to enter your Internet banking/ card credentials, and then you would reach the payment authentication page of your own bank. You need either use transaction password or secured code or the OTP depending on the payment option you choose. It's done.
Q. How can I pay fees of educational institutions or that of Government recruitment agencies?
A. You need to access their website or their agent-bank's website. You need to identify yourself with your roll number, registration number, etc. You need to follow the same procedure to make the payment as explained earlier.
Q. How do I get a receipt of the payment?
A. Some billers may send you hard copy of the receipt. However, in other cases you would instantly get the soft copy of the receipt in your email- inbox or as a text messages regarding the payment received by a biller. Usually the payment is acknowledged in the next month's bills in case of utility billers,e.g. electricity,credit card, etc.
Q. How would I prove that I made a payment in case of dispute?
A. Your passbook, bank statement, digital receipts, etc. are authentic proof of payment.
Q. What are the chances of mistake?
A. If you enter the correct customer identification number or relationship number and the correct payee details, there are hardly any chances of mistake.
Q. Can payments fail?
A. Yes, they may fail due to insufficient funds in your account, exhausted credit limit on your credit card or some other technical reasons.
Some billers may refund the payment that they cannot accept as per their policies. In such cases you need to pay again only after you are fully confirmed about the payment failure .
Q. What are the risk or chances of fraud?
A. If you take all the security measures for doing online financial transactions as explained in my blog netbankingcj.blogspot.com, there are seldom any chances of fraud. However, it cannot be completely ruled out due to some illegal activities, and user's negligence.
Q. Can I believe everything you say?
A. Never. Please verify everything from reliable and dependable sources. This blog is only for the readers' information. I don't want to encourage or discourage anyone to avail these facilities. It is your hard earned money and you need to be very prudent and alert to protect it.
Q. Are there any other limitations/drawbacks?
A. Well, sometimes some mobile recharges etc. get stuck. They do not go through for some technical reasons. However, you either get the credit or a refund within a reasonable period of time. It causes anxiety though.
Q. Is it good for the economy/country/milieu?
A. Yes, it It. It reduces the use of cash. Thus, it checks the origin of black money, instances of tax evasion, and use of paper. So, it is environment friendly too. It also provides ready -to-use data for research for development work by government and other agencies.
Q. What is the objective of this blog?
A. Objective of this blog is to present my personal views on the topic in question.
Notes:
MMID= mobile money identifier.
Internet banking, debit card, credit card , ATM card, prepaid card, etc. may be used for transferring money into someone's bank account, make bill payments, recharge prepaid mobile numbers, direct-to-home TV services, metro card, tolltax card, ewallet etc.
The following frequently asked questions would make the matter clearer.
Q. Who are eligible?
A. Any individual or institution which has Internet banking facility or a debit card, credit card, ATM card, prepaid card, etc. are eligible.
Q. What else do I need to have?
A. You need to have a computer etc. or a smartphone/tab, etc. with Internet connection, and an active mobile connection.
Q. How can I transfer funds into a bank account?
A. You may transfer funds into a payee's bank account in the following ways...
• NEFT (National electronic fund transfer)
You need to have the payee's full bank account number, IFS Code of the bank-branch. Some banks may also require you to enter the payee's name, address, mobile number, etc. You may either make a hot payment, i.e. instant payment, and the payee either gets an instant credit on the same day or a deferred credit on the next working day. The payments are processed in batches. So, it may take some time to receive the credit, although the payment account would be debited instantly. You may also schedule the transfer on any future date. It would get automatically processed on the appointed date. Any amount can be transferred using NEFT. You may also pay your Credit Card dues, if the card issuing Bank accepts NEFT payments. You can also transfer funds into an app-only bank account, e.g. digisavings account by DBS Bank. Please note that instant NEFT transaction can also be requested at the bank-branches.
• RTGS (Real time gross settlement)
You may transfer a sum of Rs.200,000 or above to a payee. In this case you need the same payee details as in the case of NEFT. However, the money would be credited to payee's account instantly,i.e. on real-time basis.
Make note that NEFT and RTGS work only around the banking hours on business days.
•IMPS (Immediate payment service)
You need to have either the payee's bank account number and IFSC or their mobile number registered with their bank and MMID (a 7-digit numeric code issued by bank). This facility is available 24X7,i.e. even on holidays. The payee gets instant credit on real time basis. Some banks provide this facility by different names,e.g quickpay, etc.
The above transactions can also be effected through SMS-banking or USSD based-banking. In case of SMS banking you need to send text messages in the predefined Syntax format to a specific number of the bank. In case of USSD based-banking you would have to request a preset USSD code provided by the bank,e.g *99# etc., and follow the menu as per requirement.
Q. Are there any charges for NEFT/RTGS/IMPS payments?
A. Most banks charge for these services. However, some banks provide it for free, or free only upto a certain limit, and chargeable thereafter.
Q. Do the payee billers/merchants charge anything?
A. Most billers/merchants do not charge anything beyond the bill-amount; whereas they give additional discount etc. to encourage e-payments. However, some public sector undertalikngs etc., e.g. LIC, the oil and gas marketing companies, Indian Railways, still charge surcharge, convenience fee, commission, etc.
As per the news during the latest union budget in 2016, it was heard that government would abolish any type of surcharge on e-payments to encourage cashless economy.
Q. Can I use a debit card for transferring funds into a bank account?
A. No, you cannot. However, you can use a debit card to transfer funds into an app-only bank account,e.g. digisavings account (digibank by DBS), etc. These banks accept payments in the form of e-commerce receipt.
Q. How do I pay utility bills or taxes?
A. In case of utility bill payment you need to have the customer identification number/ consumer number or bill number or invoice number, etc. For example, if you wish to pay the premium of your life insurance policy, you need the policy number to pay the premium.
You may either use Internet banking or plastic card or e-wallets. If you are using Internet banking, you need to select your biller from the biller list on your Internet banking site. Enter the required details, and make the payment.
If you are using a plastic card, you either need to browse the biller's website and enter the relevant details to make the payment. Or login to bill payment E-Commerce sites like billdesk.com, paytm.com, etc. ,and follow the same process for paying the bills.
Make sure that your card is registered for E-Commerce transactions and your mobile number is registered for receiving the one time password(OTP). While making payments you would need to enter your 16 or 15 digit card number,expiry date, name on the card, CVV number (the three digit number next to the last 4 digit number of the card printed on the rear side of the card on the signature panel below the magnetic strip), and the verified-by-Visa or MasterCard securecode, etc. or the OTP. In case of tax payments, you either need to have an assessee number or a demand notice number etc. The payment process is exactly the same as a stated above.
Q. Can I make partial payments to a biller?
A. A biller may accept partial payments, while others do not.
Q. How to recharge mobile, data card, DTH connection, etc?
A. Access the website of the service provider or login to the e-commerce sites like paytm.com, feecharge.com, etc. Enter the relevant customer identification number,e.g.mobile number in case of mobile recharges and data card recharge or customer identification number in case of DTH recharge. The procedure of making card payment or payment with Internet Banking are exactly the same as a stated earlier.
Q. What are the other benefits?
A. Beyond saving time and energy, you may also get additional discounts, cashbacks, chances to win a prize, reward points on your debit/credit/ATM/prepaid cards, etc. You don't get these in case of cash payments, do you?
The reward points are normally earned at the rate of 1 reward point per Rs.100 spent or transferred. 1 reward point is worth 25 paise normally. You may redeem your accumulated reward points to buy something online or recharge or pay bills etc.
Some banks may allow to convert these points into airmile or into cash back.
Q. How do I pay for shopping online?
A. Once you check out while online shopping, you would need to select your payment option. It may be Internet banking, card or e-wallet, etc. Once you do so you would be redirected to the payment gateway. You would have to enter your Internet banking/ card credentials, and then you would reach the payment authentication page of your own bank. You need either use transaction password or secured code or the OTP depending on the payment option you choose. It's done.
Q. How can I pay fees of educational institutions or that of Government recruitment agencies?
A. You need to access their website or their agent-bank's website. You need to identify yourself with your roll number, registration number, etc. You need to follow the same procedure to make the payment as explained earlier.
Q. How do I get a receipt of the payment?
A. Some billers may send you hard copy of the receipt. However, in other cases you would instantly get the soft copy of the receipt in your email- inbox or as a text messages regarding the payment received by a biller. Usually the payment is acknowledged in the next month's bills in case of utility billers,e.g. electricity,credit card, etc.
Q. How would I prove that I made a payment in case of dispute?
A. Your passbook, bank statement, digital receipts, etc. are authentic proof of payment.
Q. What are the chances of mistake?
A. If you enter the correct customer identification number or relationship number and the correct payee details, there are hardly any chances of mistake.
Q. Can payments fail?
A. Yes, they may fail due to insufficient funds in your account, exhausted credit limit on your credit card or some other technical reasons.
Some billers may refund the payment that they cannot accept as per their policies. In such cases you need to pay again only after you are fully confirmed about the payment failure .
Q. What are the risk or chances of fraud?
A. If you take all the security measures for doing online financial transactions as explained in my blog netbankingcj.blogspot.com, there are seldom any chances of fraud. However, it cannot be completely ruled out due to some illegal activities, and user's negligence.
Q. Can I believe everything you say?
A. Never. Please verify everything from reliable and dependable sources. This blog is only for the readers' information. I don't want to encourage or discourage anyone to avail these facilities. It is your hard earned money and you need to be very prudent and alert to protect it.
Q. Are there any other limitations/drawbacks?
A. Well, sometimes some mobile recharges etc. get stuck. They do not go through for some technical reasons. However, you either get the credit or a refund within a reasonable period of time. It causes anxiety though.
Q. Is it good for the economy/country/milieu?
A. Yes, it It. It reduces the use of cash. Thus, it checks the origin of black money, instances of tax evasion, and use of paper. So, it is environment friendly too. It also provides ready -to-use data for research for development work by government and other agencies.
Q. What is the objective of this blog?
A. Objective of this blog is to present my personal views on the topic in question.
Notes:
MMID= mobile money identifier.
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