1) NEFT:

National Electronic Funds Transfer (NEFT) system is a nationwide funds transfer system to facilitate transfer of funds from any branch to any other bank branch.The system uses the concept of centralized accounting system and the bank’s account that is sending or receiving the funds transfer instructions, gets operated at one center.

When Beneficiaries receive the money?

The beneficiary gets the credit on the same Day or the next Day depending on the time of settlement.

The essential information that the remitting customer has to furnish is

Beneficiary details such as beneficiary name and account number.Name and IFSC of the beneficiary bank branch.

IFS Code (IFSC); Different from MICR code

Indian Financial System Code (IFSC) is an alpha numeric code designed to uniquely identify the bank-branches in India. This is 11-digit code with first 4 characters representing the banks code, the next character reserved as control character (Presently 0 appears in the fifth position) and remaining 6 characters to identify the branch.

Way of remitting customer can track the remittance transaction:

The remitting customer can track the remitting transaction through the remitting branch only, as the remitting branch is informed about the status of the remitted transactions.

2) RTGS:

Transfer any amount of Rs. 2,00,000 and above within 2 Hours to Any Bank / Account.Anywhere in India instantaneously with our Straight-Through Processing feature.

“RTGS” stands for Real Time Gross Settlement.

RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a “real time” and on “gross” basis. This is the fastest possible money transfer system through the banking channel. Settlement in “real time” means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. “Gross settlement” means the transaction is settled on one to one basis without bunching with any other transaction.

Minimum / maximum amount stipulation for RTGS transaction:

The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs.2 lakhs. There is no upper ceiling for RTGS transactions.

3) BBPS:

BBPS (Bharat Bill Payment System) is a convenient single point portal that enables all types of bill payments for electricity, telecom (mobile post-paid, landline and broad-band), gas and water.Payment of bills can be made through our mobile application

Input your details:

Mandatorily enter your mobile number and related biller details as specified.

Biller Name:

Mention the name and the type of the biller e.g. Electricity biller, post-paid biller for which the bill is to be paid.

Amount to be paid:

Verify and re-check the amount to be paid and pay through card/net-banking etc.

4) 24×7 IMPS:

Now with Godavari Urban IMPS SERVICE, you can tackle any emergency payments wherever you are.Immediate Payment Service (IMPS) is an instant electronic fund transfer service. It can be used through various channels such as branch, mobile, ATM, Internet Banking, etc. Presently we are introducing the facility through branch and Internet Banking channels. In other words, a customer can transfer funds using IMPS by visiting a branch or through Mobile Banking.

Advantages:

• IMPS customers having a mobile number can easily remit funds round-the-clock.
• The account of the receiver is credited instantly.
• The facility is available 24X7, throughout the year including Sundays & Bank holidays.
• There is no timing or holiday restriction on IMPS remittances.

Methods: Customer can remit / receive funds through IMPS in 2 ways: (Mode: Branch & Internet Banking)

• By using Account Number & IFSC Code of beneficiary as identifier (P2A – Person-to- Account)
• By using MMID (Mobile Money Identifier) & mobile number of beneficiary as identifier (P2P – Person-to-Person)

5) Fund Transfer:

Funds transfer is the electronic transfer of money from one account to another,either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of Societies staff.

6) DTH/Mobile Recharge:

Mobile/DTH recharge is a mode of payment using mobile phones.Instead of using methods like cash, cheque and credit card, a customer can use a mobile phone
to transfer money or to pay for goods and services.