EFT-Electronic Fund Transfer a Modern Approach

Electronic funds transfer means exchanging of funds transactions electronically.Its consists of different term like payment card, Direct deposit, online banking ,E-money etc.. or Transferring of money one from bank account to another electronically without using paper work. Basically,we can say that Electronic funds transfer is direct deposit including credit card, ATM ,point-of-sale transactions(POS). It is used for credit transfers and debit transfers.Electronic Funds Transfer at a point of scale defines the electronic processing system for credit cards, debit cards and charge cards. This card based-EFT processing take place at an automated teller machine or point-of-sale.

Various types transactions may be performed on EFT like,withdrawal sale, refund , cashback and payments .The benefits of EFT include reduced administrative costs, more efficiency, simplified work, and security. EFT transactions may be done by Authenticate the card and the card holder. Therefore,the requirements for making Electronic Payment is valid Importer Exporter Code (IEC) need to have an Internet Banking account ,your ID and Password from any of banks such as ICICI Bank ,HDFC Bank ,State Bank of India, Punjab National Bank and Other banks..

The Benefits of Electronic funds transfer :-

• More convenient: easy as compared to sending Drafts /Cheques.
• No need to visit the bank branch again and again.
• Reduce the workload and quickly work is done.
• Reduced transaction time and more secure.
• You do not need to have any check-generating costs.

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The maximum transfer of Rs. 2 crore in single electronic transaction for that you need to fill up and submit an EFT request form. Mostly used by employers for depositing their employees' salary in a bank savings account.
You can transact your money from your home, office or anywhere in India through different Banks of Internet Banking.

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