Internet banking enables customers of a bank or any financial institution to use small banking services that are allowed in their respective banks official websites. There are different types of online transactions that can be made:
Additional Reading: NEFT, RTGS & IMPS: Transfer, Timings and Limits
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National Electronic Fund Transfer (NEFT) - This is a payment system that allows one-to-one fund transfer. Any individual or company can electronically transfer funds from any bank to any individual or company having an account with any other bank in the country. Individuals who do not have a bank account can also deposit cash at NEFT - enabled branches with instructions to transfer funds using NEFT
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Real Time Gross Settlement (RTGS) - It is a fund transfer system where the transfer of money takes place from one bank to any other bank on a “real-time” and on “gross” basis. “Real time” means that the payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. “Gross settlement” means the transactions are settled on a one-to-one without bundling with any transactions
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Electronic Clearing System (ECS) - This system used for paying utility bills such as electricity bills, telephone bills, credit card or loan payments, etc
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Immediate Payment Service (IMPS) - This electronic fund transfer service can be done through mobile phones
Additional Reading: All Banks Internet Banking