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infinitywebinfopvtltd · 10 days

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InstantPay API Integration by Infinity Webinfo Pvt Ltd

In the ever-evolving digital payment landscape, InstantPay has emerged as one of the most robust platforms for handling financial transactions. By offering a comprehensive API suite, businesses can now process payments with enhanced speed, security, and flexibility. Infinity Webinfo Pvt Ltd, a trusted name in IT solutions, takes this service to the next level with expert API Integration, ensuring a seamless experience for businesses.

Instantpay API Integration by Infinity Webinfo Pvt Ltd

What is API Integration?

API Integration involves connecting software applications through their APIs (Application Programming Interfaces). It allows different systems to communicate, share data, and function together effectively. For example, a business can integrate a payment gateway like InstantPay into their website or app, providing users with an embedded, real-time payment solution.

API Integration offers several benefits:

Automated processes: Reduces manual intervention and improves efficiency.

Real-time data sharing: Ensures smooth communication between systems.

Scalability: Facilitates increased transaction volumes without manual adjustments.

Customization: Tailored to specific business needs, providing a flexible solution.

InstantPay Overview

InstantPay is a digital financial platform that enables businesses and individuals to perform a wide range of financial services, including bill payments, money transfers, and more. It is widely known for its Business Payment Solutions and is often used as a secure way to handle transactions like salary disbursements, utility payments, and vendor payouts.

Key Features of InstantPay:

Multiple Payment Methods: InstantPay supports various payment modes including:

UPI (Unified Payments Interface): One of the most popular payment methods in India.

IMPS (Immediate Payment Service): Ensures that payments are processed instantly.

NEFT/RTGS: Bank transfer methods for larger transactions.

Debit/Credit Cards: Supporting payments through all major cards.

Instant Payouts: The InstantPay API provides the ability for businesses to transfer funds instantly to a beneficiary’s bank account, wallet, or UPI ID. This is especially useful for salary payments, refunds, and vendor payouts.

Bulk Payment Processing: Businesses often need to process multiple transactions at once. InstantPay’s bulk payment feature makes it easy to send payments to thousands of recipients in a single go.

Comprehensive Transaction Reports: The platform offers detailed insights into transactions, ensuring businesses can monitor and track payments efficiently.

Security: InstantPay is designed with multiple layers of security to protect against fraud and unauthorized transactions. Features include:

Data Encryption: Ensures all payment information is secure.

Multi-factor Authentication (MFA): Adds an extra layer of security for sensitive operations.

Tokenization: Protects card information during processing.

Compliance with Financial Regulations: InstantPay adheres to the highest compliance standards set by financial regulators like the Reserve Bank of India (RBI), ensuring all transactions meet regulatory guidelines.

Infinity Webinfo Pvt Ltd: The API Integration Experts

With an ever-growing demand for digital payments, businesses must integrate platforms like InstantPay effectively into their existing systems. This is where Infinity Webinfo Pvt Ltd excels. With years of experience in API Integration, Infinity Webinfo Pvt Ltd ensures that your business can leverage all the features of the InstantPay API smoothly.

Benefits of API Integration by Infinity Webinfo Pvt Ltd:

Custom Development: Infinity Webinfo Pvt Ltd customizes the InstantPay API integration to meet the specific needs of your business, whether it's integrating with e-commerce platforms, mobile apps, or ERP systems.

Streamlined Onboarding: Setting up InstantPay through Infinity Webinfo Pvt Ltd is quick and hassle-free. They handle everything from obtaining API keys to configuring the system, ensuring you’re ready to process payments immediately.

Technical Support & Maintenance: Post-integration, Infinity Webinfo Pvt Ltd provides ongoing technical support to ensure the system runs smoothly. Any issues are resolved quickly, and updates or patches are applied to keep the system secure and functional.

Enhanced Security: API integration through Infinity Webinfo Pvt Ltd comes with added security layers, including encryption and tokenization, ensuring that every transaction is secure.

Testing & Quality Assurance: Before the integration is rolled out, Infinity Webinfo Pvt Ltd runs rigorous tests to ensure the system works as expected. They identify any bugs or issues and ensure everything is operating at peak performance before going live.

Step-by-Step Process of InstantPay API Integration

The process of integrating InstantPay’s API with Infinity Webinfo Pvt Ltd is simple yet thorough:

Initial Consultation: Understanding your business needs—whether it’s online payments, bulk payouts, or fund transfers. Infinity Webinfo Pvt Ltd ensures that the API integration will fit seamlessly with your current processes and infrastructure.

API Documentation: Infinity Webinfo Pvt Ltd reviews InstantPay’s extensive API documentation to map out the necessary endpoints and functions required for your business.

Development: The team at Infinity Webinfo Pvt Ltd builds a customized solution based on your business requirements. This may involve setting up payment gateways, customizing workflows, or integrating with other applications like CRMs or ERPs.

Testing: Before the final implementation, Infinity Webinfo Pvt Ltd conducts rigorous testing in a secure environment to ensure the system is reliable, secure, and functions smoothly.

Security Protocol Implementation: To safeguard against any potential vulnerabilities, Infinity Webinfo Pvt Ltd implements additional encryption and security protocols. This ensures that the transaction data is protected throughout the process.

Launch: Once testing is complete, the system is deployed, and you can begin processing payments via InstantPay. Infinity Webinfo Pvt Ltd offers support during the initial stages to ensure everything works smoothly.

Ongoing Monitoring and Support: Post-launch, Infinity Webinfo Pvt Ltd continues to monitor the integration, providing any necessary updates or troubleshooting to ensure smooth operation.

Advantages of InstantPay API Integration

By integrating InstantPay with the help of Infinity Webinfo Pvt Ltd, businesses can enjoy several key advantages:

Speed & Efficiency: Instant payments and simplified processes lead to quicker transactions.

Scalability: Whether you’re processing a handful or thousands of transactions, InstantPay scales effortlessly.

Security: Robust security features ensure your transactions are safe from fraud and other security threats.

Cost-Effective: Reduces transaction fees and operational costs through automation and bulk processing.

Enhanced Customer Experience: Provide a seamless, fast, and secure payment experience for your customers.

Conclusion

For businesses looking to streamline and enhance their payment operations, the integration of InstantPay API by Infinity Webinfo Pvt Ltd offers a comprehensive solution. With advanced features, robust security, and a smooth integration process, InstantPay ensures efficient and reliable transactions for businesses of all sizes. Infinity Webinfo Pvt Ltd further enhances this by delivering custom, secure, and scalable solutions that cater to specific business needs.

By choosing InstantPay through Infinity Webinfo Pvt Ltd, businesses can future-proof their payment systems and remain competitive in the fast-paced digital economy.

Contact us on :- +91 9711090237

#instantpay #instant payment gateway #payment gateway api integration #payment gateway integration #instantpay API Integration #api integration developer #api integration #infinity webinfo pvt ltd

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xettle-technologies · 1 month

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What is the Process for Sending Money Within India?

In India, sending money domestically is a streamlined process thanks to the country’s robust financial infrastructure and advanced technology. Various methods and channels are available for domestic money transfer, each catering to different needs and preferences. Here, we will explore the process of sending money within India, highlighting key methods, steps, and considerations.

1. Bank Transfers

One of the most common methods for domestic money transfer in India is through bank transfers. This process involves transferring funds directly from one bank account to another. Here’s how it typically works:

Initiation: The sender logs into their online banking account via a bank’s website or mobile app. Alternatively, they can visit a branch or use an ATM to initiate the transfer.

Details Entry: The sender enters the recipient's bank account number, branch details, and the amount to be transferred. For online transactions, they may also need to provide the recipient's IFSC (Indian Financial System Code) code, which identifies the specific branch of the bank.

Verification: The sender may be required to enter a transaction password or OTP (One-Time Password) sent to their mobile number for verification.

Processing: Once verified, the bank processes the transaction, which typically completes within a few hours or the same day, depending on the type of transfer (e.g., NEFT, RTGS, IMPS).

2. National Electronic Funds Transfer (NEFT)

NEFT is a widely used method for domestic money transfers in India. It is managed by the Reserve Bank of India (RBI) and allows for secure, electronic transfers between banks.

Batch Processing: NEFT operates in batches, with transactions being processed in hourly intervals. This means that transfers are not instantaneous but are completed in the batch cycle.

Limitations: NEFT does not have any minimum or maximum limit, making it suitable for both small and large transactions.

Availability: NEFT is available 24x7, including weekends and holidays, providing flexibility for users.

3. Real Time Gross Settlement (RTGS)

RTGS is designed for high-value transactions and is ideal for urgent and time-sensitive transfers. Here’s how RTGS operates:

Immediate Settlement: Unlike NEFT, RTGS processes transactions in real time, ensuring that the funds are transferred instantly between banks.

Minimum Limit: RTGS transactions usually have a minimum limit (e.g., ₹2 lakhs) and no upper limit, making it suitable for large-value transfers.

Availability: RTGS is available during banking hours and is generally used for transactions requiring immediate settlement.

4. Immediate Payment Service (IMPS)

IMPS offers a fast and convenient way to transfer money instantly, 24x7. It is managed by the National Payments Corporation of India (NPCI) and operates through various channels.

Instant Transfer: IMPS allows for immediate fund transfers between bank accounts, making it ideal for urgent transactions.

Accessibility: Users can access IMPS through mobile banking apps, internet banking, and even ATMs.

Limits: IMPS typically has transaction limits set by individual banks, which can vary.

5. Mobile Wallets and Payment Apps

The rise of digital wallets and payment apps has revolutionized domestic money transfers. Apps like Paytm, Google Pay, PhonePe, and others offer a user-friendly interface for sending money quickly.

Linking Accounts: To use these apps, users need to link their bank accounts or credit/debit cards to their digital wallet.

Sending Money: Users can transfer money by entering the recipient's mobile number or UPI (Unified Payments Interface) ID. The process is generally straightforward and involves entering the amount and authorizing the transaction with a PIN or biometric verification.

Instant Transactions: Transfers using these apps are usually instant, providing immediate credit to the recipient’s account.

Considerations and Security

When sending money domestically within India, there are several important considerations:

Transaction Fees: While some methods like NEFT and IMPS may have minimal or no fees, others like RTGS or certain payment apps may charge fees depending on the amount and frequency of transactions.

Security: Ensure that you use secure and verified channels for transactions. Avoid sharing sensitive information and use strong passwords and two-factor authentication to protect your financial data.

Recipient Details: Double-check the recipient’s details before confirming the transaction to avoid errors and potential loss of funds.

Conclusion

The process of sending money within India is versatile and efficient, offering various methods to suit different needs. Whether using traditional bank transfers, NEFT, RTGS, IMPS, or modern mobile wallets and payment apps, users have access to a range of options that ensure swift and secure domestic money transfers. Understanding each method’s features and selecting the appropriate one based on the transaction’s urgency, amount, and convenience can enhance the overall experience and effectiveness of money transfers in India.

#money #transfer

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thestructurepipe · 3 months

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What is the Price List of SAIL TMT?

How to Get the Price List of SAIL TMT from U.K & Sons If you're looking to procure SAIL TMT at competitive rates and with excellent service near your location, U.K & Sons offers a seamless process to obtain the price list and make your purchase. Here’s how U.K & Sons ensures competitive rates, superior service, and doorstep delivery: SAIL TMT Competitive Rates: U.K & Sons prides itself on offering competitive rates for SAIL TMT, making them a preferred choice for construction projects of all sizes. Our pricing strategy is designed to remain competitive in the market while maintaining high standards of quality. We regularly benchmark our prices against industry standards to ensure our customers get the best value for their investment.

Best Service and Delivery at Your Doorstep: At U.K & Sons, customer satisfaction is paramount. We offer a streamlined ordering process and ensure prompt delivery of SAIL TMT to your doorstep. Our logistics team is dedicated to efficient handling and transportation, minimizing delays and ensuring that your materials arrive on time and in excellent condition. Logistic Support: We have a robust logistics network that enables us to cater to customers across various locations. Whether you're a consumer, contractor, or developer, we have the capability to fulfill your requirements promptly. Our logistics team coordinates closely with suppliers and transporters to optimize delivery schedules and maintain reliability. Dynamic Pricing: Understanding the dynamic nature of the market, U.K & Sons adapts its pricing strategy to reflect changes in raw material costs, market demand, and other factors. This flexibility allows us to offer competitive rates without compromising on quality or service standards. We strive to provide transparent pricing, ensuring that our customers are informed and confident in their purchasing decisions. Payment Options: U.K & Sons offers a range of convenient payment options to facilitate hassle-free transactions: - Cheque: Acceptance of payments via cheque, providing flexibility for corporate clients and businesses. - RTGS (Real Time Gross Settlement): Electronic fund transfer for quick and secure payments. - NEFT (National Electronic Funds Transfer): Another electronic payment method for seamless transactions. - LC (Letter of Credit): For international transactions, ensuring security and trust between buyer and seller. - Bank Guarantee: Providing assurance to our customers and suppliers alike, enhancing transaction security. Conclusion: In conclusion, U.K & Sons stands out in the industry by offering not only competitive rates for SAIL TMT but also exemplary service and reliable doorstep delivery. Our commitment to customer satisfaction drives us to continuously improve our offerings and processes. Whether you are embarking on a residential project, commercial development, or industrial construction, U.K & Sons is your trusted partner for quality materials and efficient service. To obtain the latest price list of SAIL TMT or to place an order, please contact us at your convenience. Our dedicated team is ready to assist you with personalized service and ensure a smooth procurement experience. Experience the difference with U.K & Sons and let us contribute to the success of your next construction endeavor. Read the full article

#pricelistofsailtmt #sailtmt550dpricelist #sailtmtkarate #sailtmtlatestrate #whatisthepriceofsailtmt

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deyonehogg · 5 months

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Ways online banking makes your life easier

What was the purpose of your most recent visit to a bank? It is okay if you don’t remember at all. However, you are losing the benefits that online banking provides if you just went to the bank last week to draw a demand draft in the name of your uncle, who lives in a different city.

Your life is easier when you bank online. All you need to get started is an internet-connected computer, tablet, or smartphone. So, read this article to know about how Fast Mobile Banking makes your life easier.

Tracking your account activity anytime, anywhere

You get instant access to all of your payments, withdrawals, deposits, and other account information. You get instant access to your account, no matter the time of day—even at midnight or midday. You can also stay informed about any fraudulent behavior as you get real-time transaction alerts.

Bill payments are made easily.

You can say goodbye to cheques, lengthy lines, and late fines. You can automate your online bank account to pay your monthly utility payments, including credit card and insurance premiums, phone and mobile bills, and energy. You don't even need to keep track of the deadlines because your Online Banking app will make sure your payment is made on time every month on the designated date.

Transfer funds in a click-second

Suppose, when shopping, your mother discovers she does not have enough money in her account to cover the purchases. All you have to do is take out your smartphone, use the IMPS banking feature to send money instantaneously, and you're done.

You can use NEFT or RTGS anywhere in the nation to transfer any amount between accounts held by the same bank or by a different one.

A wide variety of services

In addition to many other things, you can apply for a credit card or personal loan, recharge your phone, issue a demand draft to a friend or relative, have it delivered to their home in a distant city, etc. It is even possible for you to:

Pay your credit card bills online

Get a loan on your card

Apply for another new card

Request a credit line increase

Report lost card

Online Shopping

You can now make purchases from your preferred online retailers thanks to a safe multi-level PIN system. Use your debit or credit card to make online movie ticket purchases, plan a vacation, or take a bus, train, or airplane trip.

You should start using internet banking for more reasons than just the ones listed above. Now that you've saved so much time, you have more time to engage in activities you enjoy.

Wealth management

It's simpler to manage your wealth online. Open a fixed deposit to receive higher returns if you don't want your money sitting around. Mutual fund investments and stock market trading are also possible with an integrated investment/demat account.

Upon investing in stocks or mutual funds, the transaction amount will be automatically deposited to your bank account or deducted from it. Using Systematic Investment Plans, or SIPs, is another methodical approach to investing in mutual funds.

Final thoughts These are only the few benefits you enjoy if you use Online Banking apps and services. So start your savings account online and make your life easier.

#bank open account online #bank khata kholne wala app #banking app #account open online bank #online bank opening account #online bank account opening app #bank khata #open online bank account #open bank account #open bank account online #online open bank account #bank online account open

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artadoblog · 6 months

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Demystifying IFSC Codes

In the realm of banking and online transactions, there exists a seemingly cryptic yet vital code known as the IFSC code. Whether you're transferring funds or setting up automatic bill payments, understanding what an IFSC code is and how it functions can streamline your financial interactions and ensure smooth transactions. So, let's dive into the intricacies of IFSC codes, unraveling their significance and demystifying their operation.

What is an IFSC Code?

An IFSC (Indian Financial System Code) is an alphanumeric code that uniquely identifies a bank branch participating in electronic fund transfers within India. Essentially, it serves as a distinctive address for each bank branch involved in the NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) systems.

Breaking Down the Components of an IFSC Code

Each IFSC code comprises 11 characters, offering specific information about the bank and its branch. Let's break down these characters to understand their significance:

First Four Characters: These represent the bank's name, often in abbreviated form.

Fifth Character: It is always a zero (0) and is reserved for future use.

Last Six Characters: These digits denote the specific branch of the bank.

How Does an IFSC Code Work?

Imagine an IFSC code as a GPS coordinate for your bank branch in the digital realm. When you initiate a funds transfer or any other transaction online, the system utilizes the recipient's IFSC code to pinpoint the exact destination where the funds need to be routed.

The Role of IFSC Codes in Online Transactions

Whether you're sending money to a friend, paying bills, or conducting business transactions, IFSC codes ensure that your funds reach the intended recipient's bank account accurately and securely. Without the correct IFSC code, transactions can get delayed or even fail to process.

Why Are IFSC Codes Important?

IFSC codes play a pivotal role in facilitating seamless electronic transactions across various banking channels. Here's why they are indispensable:

Ensures Accuracy: By providing a unique identifier for each bank branch, IFSC codes minimize the risk of errors in fund transfers.

Facilitates Interbank Transactions: IFSC codes enable interoperability between different banks, allowing customers to transact effortlessly across various banking platforms.

Supports Digital Banking Initiatives: In the age of digital banking, IFSC codes are instrumental in promoting cashless transactions and expanding the reach of online banking services.

How to Find an IFSC Code?

Finding the IFSC code of a particular bank branch is a straightforward process. Here are some common methods:

Bank's Website: Most banks list their IFSC codes on their official websites, making it easy for customers to access this information.

Cheque Book: IFSC codes are often printed on the leaves of a bank's cheque book, along with other essential details.

Online Search: Several online platforms provide comprehensive databases of IFSC codes, allowing users to search by bank name, branch, or location.

FAQs

1. What is the significance of the fifth character in an IFSC code?

The fifth character in an IFSC code is always a zero (0) and is reserved for future use. It currently holds no specific meaning in the code's structure.

2. Can an IFSC code be changed?

Yes, IFSC codes can be changed due to reasons such as bank mergers, branch closures, or relocations. In such cases, customers are typically notified in advance to update their banking information accordingly.

3. Are IFSC codes case-sensitive?

No, IFSC codes are not case-sensitive. Whether entered in uppercase or lowercase, the system recognizes them as valid identifiers for bank branches.

4. Can an IFSC code be used internationally?

No, IFSC codes are specific to domestic electronic fund transfers within India. For international transactions, other codes such as SWIFT codes are used.

5. How long does it take for a transaction using an IFSC code to be processed?

The processing time for transactions using IFSC codes varies depending on the banking system and the type of transfer (NEFT or RTGS). Generally, NEFT transactions are settled in batches and may take up to a few hours, while RTGS transactions are processed in real-time.

In the digital landscape of banking and financial transactions, IFSC codes serve as the linchpin that connects senders and recipients, ensuring the seamless transfer of funds across different banking channels. By understanding the fundamentals of IFSC codes and their significance, you can navigate online transactions with confidence and ease.

Next time you initiate an online transfer or set up automatic payments, remember the humble IFSC code—a small yet indispensable component that keeps the wheels of digital banking turning smoothly.

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design-par-hak-blog2 · 4 years

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IFSC Code (Indian Financial System Code)

IFSC (Indian Financial System Code) is an 11 digit alphanumeric code which is used to identify the bank branch of your account. The first 4 characters of IFSC code represent the name of bank, fifth character is 0 and the last 6 numbers define the branch code of the bank. This code is used at the time of online fund transfer facilities like NEFT (National Electronic Fund Transfer), RTGS (Real Time Gross Settlement) and IMPS (Immediate Payment System). IFSC code reduces the scope of error at the time of transaction.

Where can I search for IFSC Code?

You can search for the IFSC Code of a bank in multiple ways:

You can search for the IFSC code on the cheque and passbook provided by the bank

By visiting website of the respective bank

Search for IFSC code at RBI’s website

Find IFSC code easily at MyLoanCare website. Select Bank, State, District and then branch.

What are the features of IFSC Code and its importance?

IFSC code helps identify a bank’s branch. It is an important tool that makes various online banking operations easy and hassle-free. IFSC enables instant fund transfer, and error-free NEFT and RTGS transfer of money with quick validation and confirmation to the customers. Some features of IFSC are listed as follows:

IFSC enables easy branch location and identification

Eases digitalization of bank operations

Quick transfer of funds

Promotes safety and saves time

Aids NEFT and RTGS

MICR Code

MICR Code (Magnetic Ink Character Recognition Code) is a 9 digit code printed at the bottom of the cheque. The first three digits define the city code, next three represent the bank code and last three digits are the code of your bank branch. A special machine is used to read these charatcers and can also be read by humans. MICR Code helps in identifying the authenticity of cheques and making cheque processing simpler and faster. Each bank branch has unique MICR code that helps RBI to identify the bank branch.

Where can I find the MICR Code?

You can identify the MICR Code of a bank in multiple ways:

You can find the code at the bottom of the cheque and passbook provided by the bank

You can get this code on the website of respective bank

What are the methods of online fund transfer using IFSC Code?

IFSC code is used to transfer funds online by using three main quick payment systems in India such as IMPS, NEFT and RTGS. These 3 fund transfer techniques can be used through net banking or mobile banking.

NEFT - NEFT means National Electronic Fund Transfer is an electronic payment system used in India for quick interbank transfer of funds. Under NEFT, the fund transfer time can range between 1-2 hours. The key benefits of NEFT are there is no limit on minimum and maximum amount transaction and is offered by all banks in India. The money transfer occurs between 8 AM to 6:30 PM from Monday to Fridays and 8 AM to 1 PM on working Saturdays. There are charges on NEFT fund transfer which vary from bank to bank. The charges are in the range of Rs. 2.5 to Rs. 25 plus GST depending upon the transaction amount.

RTGS - RTGS means Real Time Gross Settlement is one of the fastest interbank money transfer facility in India. It allows transfer of money on real time basis within 1 hour. As per RBI, there is a minimum transaction limit of Rs. 2 lakh. This facility is available on RTGS enabled bank branches. The fund can be transferred on bank working days between 8 AM to 4 PM from Monday to Friday and working Saturdays. A charge of up to Rs. 60 plus GST is levied on fund transfer depending upon the transaction amount.

IMPS – IMPS means Immediate Payment System is an electronic money transfer facility where money is transferred to the beneficiary's account within few seconds. IMPS fund transfer is secure and uses two- step verification process to perform transactions. There is no minimum limit on fund transfer but maximum limit is different for different banks. This facility is available when customer has a mobile banking or internet banking facility. The fund can be transferred 24*7 hassles free even on bank holidays. The charges attached to this facility are up to Rs. 15 plus GST depending upon fund transfer amount.

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instantpapermagazine · 3 years

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#RTGS #NEFT

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iserveutechnologies · 4 years

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AEPS: Benefits of Aadhaar Enabled Payment System AEPS is an abbreviation written over many retail shops nowadays. The retail shops are converting into a mini-ATM from where you can make financial transactions easily. The full form of AEPS is Aadhaar Enabled Payment System that permits money transactions based on the Unique Identification Number printed on your Aadhaar card. The main motto of this initiative is to promote a cashless society and online payments. In this way, the government wants to include all the sections of society to make online transactions through their Aadhaar card. Earlier, the cash deposit was one of the functions of this payment system. Now, you can avail of three services i.e. Cash withdrawal, mini statement, and balance inquiry. It is designed for people staying in rural areas where they couldn’t go to nearby ATM or they don’t know how to use ATMs. Many retail shops are using AEPS and converting their shops to mini-ATMs. These retailers are available round the clock so, you can make transactions whenever you wish. It saves you time and hassle. You don’t have to share your bank details or other confidential information with the retailers. The only document you need is the Aadhaar card. Within a certain AEPS transaction limit, you can withdraw the cash per month. How to use AEPS? AEPS work for those who linked their bank account with Aadhaar. Using AEPS is extremely easy, all you need to do is follow five easy steps.

Step 1: Visit any nearby mATM or banking correspondent. Step 2: Provide your Aadhaar number and bank name. Step 3: Choose from the options i.e. cash withdrawal, mini statement, balance inquiry Step 4: Provide Verification (Fingerprint or iris scan) Step 5: Collect your receipt & your transaction is successful. What are the benefits of AEPS? AEPS offers many benefits to rural as well as urban people. It is very easy and convenient to use. You don’t have to worry about safety and security. The payment system is launched for the underprivileged section of society. You can avail of three major services through AEPS. It is a fast and safe way to make financial transactions, round the clock. Whether you are an aged person or completely unaware of the operation of ATM, you can still make transactions with AEPS. The retailers and AEPS agents who are providing AEPS services are getting a commission on every successful transaction. Banks are full of busy people & when you go to the bank for any inquiry, you have to wait for a long time. Through the AEPS system, you save your time and hassle, also you don’t need to carry your debit card. This system also facilitates the disbursement of government facilities like NREGA, handicapped old age pension, or social security pension. The banking correspondent (BC) can reach rural areas and provide services that are beneficial for both parties. What is the transaction limit of AEPS? AEPS allows a total number of 10 transactions that include all failed transactions as well. The maximum transaction limit of AEPS is Rs. 50,000 & it differs from banks to banks. What is the AEPS transaction limit per month? The AEPS transaction limit per month is Rs. 10,000 & it also differs from bank to bank. You can check out the list of different banks with their transaction limit. RBI has set the AEPS transaction limit to stop any misuse of this method of payment. What are the different types of money transfer? Like AEPS, there are many different types of money transfer systems. As the <strong>transaction limit of AEPS is less, you opt for other types of money transfer NEFT (National Electronic Fund Transfer) NEFT is also a fast and easy money transfer method. Here you don’t have to think about the transaction limit. The transactions are done in batches of 30 minutes and operated within the working day and between 08:00 AM to 07:00 PM. RTGS (Real Time Gross Settlement) This is an instant money transfer method where settlement occurs immediately. This method allows for a large amount of money transfer.

IMPS (Immediate Payment Service) Immediate payment services as the name suggest providing instant round-the-clock digital fund transfer services that you can use on your smartphones.

UPI (Unified Payments Interface): UPI is a popular online payment method that is used to make transactions easily and conveniently. Through the UPI method, you can send, receive, and purchase anything easily. Cheque The cheque is a legal document that instructs one bank account holder to pay a certain amount to another bank holder. It is also a good way to transfer money to anyone. Are you still confused about the AEPS payment system? Come to iserveu.in/. iServeU has 25,000 agents, providing AEPS services in rural areas. Its main motto is to provide a quick fund transfer facility via money transfer services business. iServeU is providing AEPS with two banks and users can start AEPS services with self-authentication. For more info, call on +91 8338088000 or mail your query to [email protected].

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quikkloan · 5 years

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Difference Between NEFT, RTGS & IMPS

When it comes to transferring money online from one account to another, most banks provide multiple options based on various factors and customer’s requirements. Currently in India, online fund transfer happens either with NEFT, RTGS or IMPS as these are the three different and widely used payment avenues offered by the banks. All three modes make online fund transfer easy, quick and secure yet have different kinds of features and flexibility. Based on the value of the transaction, the speed of transfer, service availability, and other factors, each one of the fund transfer facilities is different from one another. So, are you well-versed in the difference between the 3 modes? Know the difference and insights about these three fund transfer methods. Difference Between NEFT, RTGS & IMPS Basis of ComparisonNEFTRTGSIMPSMinimum Transfer ValueRe.1Rs.2 lakhRe.1Payment OptionsOnline & OfflineOnline & OfflineOnline Maximum Transfer ValueNo LimitNo LimitRs.2 lakhFund Transfer Speed2 hours (subject to cut-off timings and batches)ImmediateImmediateSettlement TypeHalf Hourly BasisReal TimeReal TimeService Timings8 am-7pm working days (except 2nd & 4th Saturday)8 am-6pm (for working days)Available 365 Days:24/7Inward Transaction ChargesNo ChargesNo ChargesDecided by Individual Member Bank PPlsManaged BYRBIRBINPCI Key Factors That Differentiate the NEFT, RTGS & IMPS Timing: The available hours for each type of fund transfer depend on the individual bank and their customer service schedule. NEFT and RTGS services will be unavailable on weekends and bank holidays, while IMPS services can be availed round the clock. Also, NEFT transfers funds in timed batches, while RTGS and IMPS are real-time transfer modes.Transaction Limit: This is one of the most important differences. NEFT and IMPS have no minimum value, while RTGS has a minimum fund value of Rs. 2 lakhs. Each mode has a different maximum fund limit.Service Fee: The fee charged for the fund transfer transaction varies between the three modes. RTGS is comparatively expensive, while NEFT and IMPS are less so.Transaction Speed: NEFT has fixed batch time slots and can take around 2 hours for the recipient to receive the funds, whereas RTGS and IMPS transfers take place in real time and are usually complete within minutes. What is NEFT (National Electronic Fund Transfer) The funds transferred under this method are settled in batches (based on Deferred Net Settlement (DNS) and at a specific time of the day. If the transfer is initiated beyond the cut-off time specified by RBI, the funds are typically settled on the next working day. One of the biggest advantages of NEFT is the cost-effectiveness, an individual can carry out smaller value transfers without worrying about the transaction fee and service charges. A smaller fee on the transfer enables the individual to carry out more payments which makes NEFT the most popular and extensively used method for online fund transfers. Under NEFT, the transactions can be initiated and settled from the bank account of one particular bank to another bank’s account throughout India at no additional cost apart from the standard charges, provided both the banks are a part of the NEFT transfer network (NEFT-enabled). Though some banks might have their own policies concerning the NEFT service provided by them, such as restrictions on transferring funds immediately to a newly added beneficiary, fund value limits restricting the value of transfer beyond a specified limit, etc., these protocols are proven to be effective for safeguarding the customer’s financials. What is RTGS (Real Time Gross Settlement) This type of transfer method is applicable and available for fund transfers of a minimum of Rs.2 lakh and there is no upper limit, however, the biggest advantage for RTGS is the fastest/real-time settlement factor. As soon as the transfer instructions are sent, the fund gets settled almost immediately. However, in order to take advantage of the RTGS facility, both the originator's and the beneficiary’s account has to be RTGS-enabled. Even though most banks are a part of the vast and popular RTGS transfer network facilitated by RBI, individuals are recommended to either get in touch with their bank directly or refer to their online banking section to discover their eligibility concerning access to RTGS payment system. The transaction fee under RTGS is higher than the other methods due to the faster settlement speed performed on an instruction by instruction basis. RTGS comes with limits on the minimum; however, there’s no maximum fund value and it is efficiently used in situations where individuals and businesses require immediate settlement of high-value funds that are well within the specified limits. Efficiency, speed, and reliability factors are few among the many factors that make RTGS as one the most-sought medium of online fund transfers. What is IMPS (Immediate Payment Service) Also known for being one of the popular and fastest methods of fund transfer, IMPS is used widely across most banks. Unlike other methods of fund transfer that become unavailable on bank holidays and during off working hours, IMPS functions 24/7 allowing a fund transfer at any time of the day. Similar to NEFT, IMPS also allows the transfer of low value-funds but what makes it unique is, it immediately settles the funds. NEFT functions as more or less the combined version of NEFT and RTGS, where remitters are neither worried about the size of the fund and service availability nor do they have to be concerned about the settlement speed. IMPS facility is provided only on the internet and online banking services. Few banks may offer SMS-based IMPS service to mobile banking users. Many of the digital wallets in India utilise IMPS services to credit the money from an individual's wallet to his/her bank account. Though IMPS provides an immediate fund settlement facility, the transaction fees are as low as NEFT. Benefits of Online Fund Transfer: ReliableFast ConvenientSecureFlexibleAutomatic24/7 Available Things to Keep in Mind Before Initiating an Online Fund Transfer Timings: The timings for each type of fund transfer methods are specific to the bank. Since NEFT and RTGS are largely based on the bank’s hours of operation, depending on the location and specific working hours, the service availability may differ for either of the parties involved in the fund transfer.GST: GST is applicable on the transaction fee as per the latest norms which are subject to change.Transaction Fee: A fee is charged for initiating the transfer and not for receiving the funds.Transfer Network: The remitter needs to check whether the beneficiary's account is eligible to receive funds or not since the bank might not be a part of the transfer network. Quick Tip: Before initiating a transfer using any of these modes, read the applicable conditions and rules (if any). Consult your bank in case of queries and verify the details with a bank official to stay on the safer side. Frequently Asked Questions (FAQs) Q.What is the minimum amount for an IMPS transfer? A.The minimum amount transferable through an IMPS transfer can be as low as Re.1. The maximum amount which can be transferred through IMPS transfer is Rs.2 lakh. IMPS transfers are not trackable and any amount more than Rs.2 lakh will require an RTGS transfer. Q.Are there any extra charges for an IMPS transfer? A.The Finance Ministry of India, in order to encourage digital transactions, has removed any kind of additional fee for an IMPS mode of money transfer. However, there are additional charges for NEFT transfers which start from Rs.2.50 for a transaction of up to Rs.10,000. Q.Which mode of payment between NEFT or RTGS is faster? A.The faster form of payment depends on the urgency and the amount of your transaction. If you have a transaction above Rs.2 lakh, RTGS is a faster and more effective mode of payment. However, for any payments which are of lower amounts, NEFT is a more efficient mode of payment. Q.Is RTGS mode of payment safe? A. RTGS is a highly safe and secure mode of payment which is monitored by the government. It is even more secure as it is used majorly for money transfers of higher amounts. RTGS is available for all the days of the week including Saturdays. Q.How many times can NEFT transactions be done in a day? A. NEFT transactions can be made at any time of the day between 8 a.m. to 6:30 p.m. There is no limit to the number of NEFT transactions in a day however, for every NEFT transaction, a maximum of Rs.50,000 can be done at one time. Read the full article

#DifferenceBetweenNEFT #IMPS #NEFT #RTGS&IMPS #TRGS

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complyhub-blog · 6 years

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Private Limited Company Registration In Delhi

There is huge competition between all the companies in Delhi. If you want to grow you business you can also open your private limited company in Delhi but before it you need to register it legally. As you know that Delhi is a metro city and it is very populated so everyone wants to grow their business in Delhi only to start up your company you need to do Private Limited Company Registration In Delhi which is very important for this you need to follow the steps which we have given below:

How to Do Online Company Registration?

There are so many steps which you need to follow to register your private limited company which we have given below:

Firstly you need to open the website of” Comply Hub India” after that click on the option of “Form a Business” and then click on the “private limited company”.

Then next step of this process is that you need to fill all the information ask by them then hit on the option of proceed.

The third step of this process is to fill the information related to your company that is the name of your company and it should be the proper name you are going to appear in the certificate of incorporation. You have to fill 2 names of company because sometimes there is case of rejection by the ministry of corporation affairs. You have to use 2 alternative names in different orders.

In the forth step you have to fill the details the directors of the company properly. Name, address, contact details and email id of all the directors will be ask by them you need to fill it very carefully and appropriately. After filling the details of all the directors you have to proceed for the next step that is “Business Activity”

The fifth step of this business activity is that you have to choose the activity of your business deals in. you can select any on the option of the given 18 options if in case there is no match with your company in above 18 option then you can click on the option of the “others”. Also you need to explain about your business for draft a MOA that is memorandum of association and AOA that is article of association.

The next step is all about pricing and packages in which we will discuss what is offered that is if we will talk about Basic packages then in this we will mentions the points that is :

Directors Identification number (DIN) given to every director of the company.

Digital signature for every director is must.

Name Search and approval.

Memorandum of association and Article of association

You need to pay registration fee

Private limited company with PAN and TAN cards.

Add on services:

There are some services which we are providing we have given above but if we will talk apart from it we are also giving such facilities like Trademark Registration, Sales Tax Registration, IEC Registration (2 Designs with Maximum of 2 Modifications), Domain Name, Logo Design, Service Tax Registration + TDS Number, Stationery (Letterhead, Visiting cards, Company Stamp), Website Creation and Secretarial Compliances.

Payment charges of these facilities depends upon the different number of directors whether you have opted for any add on services. You have to pay additional charges of these services which is compulsory. Now click on the option of “Next” and you will be redirected to the “billing details”

7. This step will drop you on the page of payment in which you will be able to see the payment option page. We gives different types of payment option that is EMI, Netbanking (EBS Payment Gateway)/Debit or Credit Card, Bank Transfer (IPMS, RTGS, NEFT) and your choice of mobile wallet (Mobikwik, PayU, Instamojo). You can also pay from paytm.

8.This is the last step of this process that is as you know that you have filled the registration form and you have successfully paid the payment and the documents which you have required to submit now you private limited company will get start. We will give you DSCs and DINs within 3 working days. The details given by you will be verified by our senior experts the will approve the mane of the company according to it from the MCA will be applied for. Other document apart from it will be prepare for filling and it will take 2 working days after the documents approvel the filling process will take 6 working days . once your company is incorporated, we will send you all the documents and DSCS by courier.

SOURCE: http://complyhub.bravesites.com/entries/general/private-limited-company-registration-in-delhi

#Private Limited Company Registration in Delhi #Company Registration #Pvt Ltd Company Registration #Gst Registration #Income TAX Filling #Online Company Registration #New Company Registration

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loyallogic · 6 years

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7 Most Commonly Asked Questions on Cancelled Cheques

This article is a discussion about cancelled Cheque and the various questions surrounding the issue. Kashish Khattar is a 4th Year B.A.LL.B. (Hons.) student at Amity Law School in New Delhi.

What is a cancelled Cheque?

A cancelled cheque is a cheque bearing the account holder’s name, account number and has CANCELLED inscribed across it.

A lot of times employers, banks or various establishments may have asked you for a cancelled cheque.

Why do they ask for it? What’s the purpose?

If you are a curious fellow like me you must have wondered about this at some point. Let’s address this.

Should you sign a cancelled cheque?

You just have to cancel cheque by drawing two parallel lines over it and writing “cancelled” in between the lines. You should NEVER sign on a cancelled cheque. You should ABSOLUTELY make sure that the person or institution to whom you are handing over this cancelled cheque of yours is highly reliable.

Details given out by such a Cheque

MICR CODE – MICR or Magnetic ink character recognition, it is a 9 digit code which has the name of the bank, the specific branch and the area code it is situated in.

IFSC CODE – Indian financial system code, better known as IFSC, is 11 characters alphanumeric code mentioned on the cheque which assists the bank in providing services like the NEFT or RTGS.

The name of the Account Holder, Account Number and the Name of the Bank.

Where is it needed?

Following are some areas in our life where the cancelled cheque would be needed:

Bank account opening – When you open a savings or current account with a bank, you would have to submit a cancelled cheque to complete the account opening process.

KYC – Know your customer (KYC) is very essential for a lot of investments these days. KYC is needed for mutual funds, stock investments, etc.

ECS – Electronic clearing service (ECS), which is used for deducting money from your accounts every month also require a cancelled cheque.

EMIs – Different types of loans have EMI (Easy Monthly Installments) payments. EMIs are also applicable to purchase of mobiles, televisions, or any kind of tangible property for that matter. To complete the process of assigning EMIs, the bank or the company financing the EMI likes to ask for a cancelled cheque.

EPF withdrawal – Withdrawal from Employee Provident Fund (EPF) account would require a form and a cancelled cheque. These need to be submitted to the EPFO or the organisation you are currently you are employed in. This basically helps in validating your account details.

Insurance policy – When you purchase an insurance policy like term, endowment, money back, health, etc, you need to submit a cancelled cheque to the organization or agent.

Demat account – A demat account is needed for any person who wants to trade or invest in stocks. A cancelled cheque needs to be submitted to the stock brokerage along with the account opening form, ID proof, address proof, etc.

These are the alternatives to cancelled blank cheques for confirming MICR and IFSC for an account

Photocopy of the first page of the Passbook.

Copy of your account statement.

Many organization accept the photocopy of a cheque. Alternatively, you can scan a copy of one cancelled cheque and use it again and again whenever the need arises.

When should you refuse to give a cancelled cheque?

It depends upon the policy of the organisation, as to accept the cancelled cheque in what form. You should always ask for a letter or an email of their demand for this cancelled cheque. This is done for your own safety as this letter or email can be used as evidence in the court of law if such need arises.

In what ways could your cancelled cheque be misused?

A cancelled cheque has no monetary value, there have been reports of its misuse. Therefore, before handing over a cancelled cheque you should inquire if a photocopy or scanned copy of the cheque, or the first page of the passbook is acceptable as it is only required for your verification.

Does the picture of a cancelled cheque suffice for KYC in some cases?

It mainly depends upon the policy of the respective organisation you are submitting and can only be answered by them. Most of them should agree to accept a picture of a cancelled cheque because after all it is just needed for the purpose of verification.

Conclusion

A cancelled cheque does not require your signature at any point. Fraud relating to these cancelled cheques are not unheard of. Hence, the authority you are handing over this cheque should be extremely trustworthy and it should make sure that it would not fall into the wrong hands.

Cancelled Cheque

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juudgeblog · 6 years