To Study About Various Types of Mode Of

8/22/2019 To Study About Various Types of Mode Of

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TO STUDY ABOUT VARIOUS

TYPES OF MODE OF PAYMENT

MADE BY:- RACHANA SINGH


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OBJECTIVES

To Study in brief about various modes of

payment.

To study in brief about RTGS & NEFT, purpose

of RTGS & NEFT, charges of RTGS & NEFT.

To Study about benefits of RTGS & NEFT.

To compare the different modes of paymentwith RTGS & NEFT.


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RTGS

'Real Time' refers to the process of instructions that are executed at the time they

are received, rather than at some later time. On the other hand "Gross

Settlement" means the settlement of funds transfer instructions occurs individually(on an instruction by instruction basis).

NEFT

The NEFT is a nationwide payment system facilitating one-to-one funds

transfer. Under this system, individuals, firms and corporates can electronicallytransfer funds from any bank branch to any individual, firm or corporate having an

account with any other bank branch in the country participating in the system.


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PURPOSE OF RTGS & NEFT

RTGS

Quicker settlement cycles

Assured finality of settlement

Intra Day Credit/Liquidity

Reduced operational risk of fraud and loss of cheques

Secure transactions

Controlled flow of transactions

Wider day time window for collections / payments Cuts across geographical boundaries

NEFT

The NEFT facilitates the transfer of funds electronically from one customersaccount to anothers account between NEFT participant bank branches in India.

It offers an efficient, secure, economic, reliable and expeditious solution of fundstransfer.

The NEFT system, in contrast with RTGS System, settles in batches at differentintervals.

While RTGS is used for high value transactions (above INR 2 Lakh), NEFT can be

used for any amount, inclusive of paisa component.


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CONTENT OF RTGS & NEFT

The IFSC code of the receiving branch

Remitting Customers Account number which is to be debited

Amount to be remitted

Name of the beneficiary bank

Name and Account number of the beneficiary customer

Sender to receiver information

The beneficiary customer can receive the IFSC code from his bank branch and it is also

printed on the cheque leaf. Before the transaction, remitting customer can get IFSCcode number and bank branch from the beneficiary. RBI has also made available the

list of IFSC codes on its website.


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Sr.No

Items Transaction Slab Charges

1. NEFT Up to 10,000 2.50

Up to 1.00 lac 5.00

Above 1.00 lac to 2.00 lacs 15.00

Above 2.00 lacs 25.00

SERVICE CHARGES FOR NEFT & RTGS

FOR NEFT


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Time of Settlement at the RBI Transaction Slab Charges

From To

9:00 Hours 12:00 Hours 2.00 lacs to 5.00 lacs

Above 5.00 lacs

25

51

After 12:00 15:30 Hours

Hours

2.00 lacs to 5.00 lacs

Above 5.00 lacs

26

52

After 15:30 16:30 Hours

Hours (on week days)

2.00 lacs to 5.00 lacs

Above 5.00 lacs

31

56

FOR RTGS


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BENEFITS OF RTGS & NEFT

Avoid long waiting period

No need of physical cheque/Demand draft

Reduces time/cost/effort

Reduces loss of documents in transit.

No need to send your representative for collection of B/L instead

avail E-B/L facility.

Print B/Ls at your office by availing E-B/L facility


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RESEARCH

research can be defined as the meticulous and methodical investigation into a

specific area. It has significant importance in various fields, such as business,economics, and politics. Research is conducted to serve a diverse range of

purposes, such as enhancing the knowledge of the researcher, developing theories,

and revising facts. In addition, it helps in identifying the root cause of a problem

and devising innovative ways to solve it.

DESCRIPTIVE RESEARCH- Descriptive researchincludes surveys and fact- findingenquiries of different kinds. The major purpose of descriptive research is

description of the state of affairs as it exists at present.

DATA COLLECTION

PRIMARY DATA

InterviewSECONDARY DATA

Annual Report


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Sample Size- 300

Sampling Method- Simple random method


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Different modes of payment

Online PaymentRTGS/NEFT-

E- Cheque-Direct Credit

Manual Payment-RTGS/NEFT-

Manual Cheque-Transfer

Why They Prefer

Avoid long waiting period

No need of physical cheque/Demand draftReduces time/cost/effortReduces loss of documents in transit.No need to send your representative for collection of B/L instead avail E-B/L facility.Print B/Ls at your office by availing E-B/L facility.


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QUESTIONIARS

Out of 300 how much parties prefer online payment & manual payment

online

payment

manualpayment


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Out of 210 how much prefer

RTGS/NEFT

E-Cheque

Direct Credit

RTGS/NEF

T

E- Cheque Direct

Credit

Total

No. of Parties 56 144 10 210

% of targeted

parties

26.6% 68.5% 4.7% 100%

RTGS/NEFT

E-Cheque

Direct CreditE-Cheque

RTGS/N

EFT

Direct

Credit

INTREPRETATIONFrom The Above Analysis It Is Said That

Out of The Total 200 Parties It Saw That

Most Parties Prefer E- Cheque.

From The Above Analysis It Is Said ThatOut of The Total 200 Parties It Saw That 46

Parties Prefer RTGS & NEFT.From The Above Analysis It Is Said That

Out of The Total 200 Parties It Saw That10

Parties Prefer Direct Credit.


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Out of 210 how much prefer

RTGS/NEFT

E-Cheque

Direct Credit

NEFT/RTGS Manual

Cheque

Transfer Total

No. of Parties 60 20 10 90

% of targeted

parties

66.6% 22% 11% 100%

NEFT/RTGS

Manual Cheque

TransferNEFT/RTGS

Transf

Manual

Cheque

er

INTREPRETATIONFrom The Above Analysis It Is Said

That Out of The Total 200 Parties It

Saw That Most Parties Prefer NEFT

& RTGS.From The Above Analysis It Is SaidThat Out of The Total 200 Parties It

Saw That 60 Parties Prefer Manual

Cheque.From The Above Analysis It Is Said

That Out of The Total 200 Parties It

Saw That20 Parties Prefer Transfer.


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Out Of 144 Parties Why The Paties Prefer E- Cheque

PATICULAR No. OF RESPONTENT PERCENTAGE

Avoid long waiting period 41 28.47

No need of physical

cheque/Demand draft20 13.88

Reduces time/cost/effort 57 39.58Reduces loss of documents

in transit

15 10.41

No need to send your

representative for collection

of B/L instead avail E-B/L

facility.

5 3.47

Print B/Ls at your office by

availing E-B/L facility.6 4.16

a

b

c

d

e

f


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Out Of 46 Parties Why The Paties Prefer NEFT & RTGSPATICULAR No. OF RESPONTENT PERCENTAGE

Avoid long waiting period 10 21.73

No need of physical

cheque/Demand draft9 19.56

Reduces time/cost/effort 4 8.69Reduces loss of documents

in transit

15 32.60


representative for collection

of B/L instead avail E-B/L

facility.

3 6.52


availing E-B/L facility.3 6.52

a

b

c

d

e

f

f i h h i f i di


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Out Of 10 Parties Why The Paties Prefer Direct CreditPATICULAR No. OF RESPONTENT PERCENTAGE

Avoid long waiting period 2 20

No need of physical

cheque/Demand draft3 30

Reduces time/cost/effort 2 20Reduces loss of documents in

transit

3 30


representative for collection ofB/L instead avail E-B/L facility.

0 0


availing E-B/L facility.0 0

a

b

c

d

e

f


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FINDINGS

TIMING SETTLEMENT Of RTGS & NEFT

NEFT

NEFT/RTGS TIMINGS IN WEEK DAYS

NEFT 8 am to 6 pm week days

8 am to 11 am On Saturday

RTGS

RTGS TIMINGS IN WEEK DAYS

RTGS 9:00 hours to 16:30 hours week days

9:00 hours to 12:30 hours On Saturday


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MINIMUM & MAXIMUM LIMIT OF RTGS & NEFT

PARTICULAR MINIMUM MAXIMUM

NEFT 0.01 200000

RTGS 200000 8000000000

MINIMUM & MAXIMUM LIMIT OF RTGS & NEFT IN BATCH FILE

PAY CODE PAYMENT

TYPE

MINIMUM

ALLOWED

MAXIMUM

ALLOWED

LIMIT

EFFECTIVE

FROM

01 RTGS 200000 8000000000 13/11/2010

02 NEFT 0.01 5000000000 30/10/2009

03 PO/DD 0.01 1000000000 05/7/2008

04 DIRECT

CREDIT

0.01 5000000000 30/10/2009

05 CHEQUE 0.01 1000000000 05/07/2008

06 ECS 0.01 1000000000 05/07/2008


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SUGGESTIONS

Company Should Do The Transaction In TheirSettlement To Reduce The Cost

To Study About Various Types of Mode Of

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