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Arun and adi
Real-time gross settlement are specialist funds transfer systems where the transfer of money or securities[1]takes place from one bank to another on a "real time" and on a "gross" basis. Settlement in "real time" means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. "Gross settlement" means the transaction is settled on one-to-one basis without bundling or netting with any other transaction. "Settlement" means that once processed, payments are final and irrevocable.

RTGS systems are typically used for high-value transactions that require and receive immediate clearing. In some countries the RTGS systems may be the only way to get same day cleared funds and so may be used when payments need to be settled urgently. However, most regular payments would not use a RTGS system, but instead would use a national payment system or network that allows participants to batch and net payments.

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Araish and Divya
NEFT facilities are available at 74,680 branches offices of 101 banks across the country (out of around 82,400 bank branches) as of January 2011, and well as online through the website of NEFT-enabled banks. and work on a batch mode. NEFT has gained popularity due to its saving on time and the ease with which the transactions can be concluded, This reflects from the fact that 42% of all electronic transactions in the 2008 financial year were NEFT transactions.

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Nabeel💥🐐 and hrithik😢🐐- A bank draft is a payment on behalf of a payer that is guaranteed by the issuing bank. A draft ensures the payee a secure form of payment. During a payer’s reconciliation of his bank account, he notices a decrease in the account balance because of the money withdrawn from the account.

A bank draft is not the same as a cashier's check, which is a check that is

1. drawn on a bank;

2. signed by an officer or employee of the bank on behalf of the bank as drawer;

3. a direct obligation of the bank; and

4. provided to a customer of the bank or acquired from the bank for remittance purposes.

BREAKING DOWN 'Bank Draft'

Obtaining a bank draft requires depositing funds equal to the check amount and applicable fees with the issuing bank. The bank creates a check to the payee drawn on the bank’s own account. The remitter’s name is noted on the check, but the bank is the entity making the payment. A bank cashier or officer signs the check.

Because the money is drawn upon and issued by a bank, a bank draft guarantees the availability of the underlying funds. Buyers or sellers make or require payments through bank drafts as a secure method of payment.

Advantages of a Demand Draft

- A cheque payable to particular beneficiary drawn on our correspondent bank.
- In any major currency for any amount.
- Payment guaranteed by the issuing bank.
- A secure form of payment as the demand draft is payable to the specified payee.

Most frequent uses of Demand Draft:

- International Education Fee Payments
- Medical Expenses Abroad
- Immigration Fee
- Consultancy Fee

Bank Draft Examples

A bank draft is required by a seller when the seller has no relationship with the buyer; a transaction involves a large sale price; or the seller believes collecting payment may be difficult. For example, a seller requires a bank draft when selling a home or automobile. A seller might not collect funds with a bank draft if the bank becomes insolvent and does not honor outstanding drafts, or if the draft is fraudulent.

Read

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Araish and Divya
National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme.

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Core banking is a banking service provided by a group of networked bank branches where customers may access their bank accounts and form basic transactions from any of the member branch offices.

Advantages:
•Multi currency
•Transparency of financial institutions
•Anti financial crime e.g. Money laundering
•Multi-channel (internet phone)

Disadvantages:
•Excessive reliance on technology
•Sensitive data can be hacked

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Anjali, Niveditha, Tanvi
Meaning of Debit Card:
A card allowing the holder to transfer money electronically from their bank account when making a purchase. It is different from a credit card as the money comes directly from the users banks account when performing a transaction.
Advantages-
*Prepaid card: Transactions can be carried on upto available bank balance.
*Convenient: Payment is directly taken out of bank account.
*Alternative to Cash
*Optimum Levels of Security: Minimizes chances of fraud.
*Free Insurance Coverage
Disadvantages-

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Electronic funds transfer is a system of transferring money from one bank account directly to another without any paper money changing hands. One of the most widely used EFT programs is direct deposits in which payroll is deposited straight into an employee's bank account.

FEATURES:-
1) Direct deposits
2) Direct debits and credits
3)Federal, state and local taxes

ADVANTAGES:-
1) Diversification
2) Lower fees compared to managed funds
3) Trades like a stock
4) Dividends are re-invested
5) Capital gains tax exposure is limited
6) Lower discounts

DISADVANTAGES:-
1) Intraday pricing might be overkilled
2)Costs could be higher
3) Dividends yields
4) Leveraged ETF returns
5) Double-leveraged returns

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a machine that dispenses cash or performs other banking services when an account holder inserts a bank card.

An automated teller machine (ATM) is an electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller. Anyone with a credit card or debit card can access most ATMs. The first ATM appeared in London in 1967, and in less than 50 years, ATMs spread around the globe, securing a presence in every major country and even tiny little island nations such as Kiribati and the Federated States of Micronesia.

Read more: Automated Teller Machine - ATM http://www.investopedia.com/terms/a/atm.asp#ixzz4f8kwrRCX
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Tele banking/ Phone banking/ SMS banking

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Tele banking/ Phone banking/ SMS banking

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Pritesh Oswal and Devansh Dubey

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Anika,Angelina and Tsvara
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services, based on the cardholder's promise to the card issuer to pay them for the amounts so paid plus other agreed charges.[1] The card issuer (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance.
Advantages-
Purchase power and ease of purchase
Protection of purchases
Building a credit line
Emergencies
Credit card benefits
Disadvantages
Blowing your budget
High interest rates and increased debts
Credit card frauds