banking payments
All editorial pieces filed under banking payments. 0 quick takes · 4 notes · 6 deep dives.
Bank IFSC Code — RBI 11-Character Branch Identifier for NEFT/RTGS/IMPS
The IFSC (Indian Financial System Code) is an RBI-assigned 11-character alphanumeric code uniquely identifying a bank branch for electronic fund transfers via N
Demat Account — Dematerialised Securities, SEBI Depositories Act 1996, CDSL & NSDL
A demat account holds securities (equities, bonds, MF units, ETFs, SGBs) in electronic form under the SEBI Depositories Act 1996, custodied by NSDL or CDSL thro
NACH — National Automated Clearing House (NPCI Mandate-Based ECS)
NACH is NPCI's centralised mandate-based payment system for repetitive high-volume transactions — SIP debit mandates, EMI collections, dividend credits — replac
UPI — Unified Payments Interface (NPCI 2016, Global Volume Leader)
UPI is NPCI's instant inter-bank payment protocol (2016), enabling P2P and P2M transfers via VPA across 500+ member banks, processing over 17 billion transactio
IMPS — Immediate Payment Service (NPCI 24x7 Up to ₹5 Lakh)
IMPS is an NPCI-operated 24x7 instant interbank payment system using MMID or account+IFSC, supporting up to ₹5 lakh per transaction, with real-time credit and i
RTGS — Real-Time Gross Settlement (RBI ₹2 Lakh Minimum)
RTGS is the RBI's real-time gross settlement system for high-value transfers (minimum ₹2 lakh), where each transaction is settled individually and immediately i
NEFT — National Electronic Funds Transfer (RBI Deferred Net Settlement)
NEFT is an RBI-operated deferred net settlement system for electronic funds transfers, operating 24x7 on an hourly batch basis since December 2019, with credit
Recurring Deposit (RD) — Monthly Instalment Savings & Tax Treatment
A recurring deposit (RD) is a regular monthly deposit scheme where equal instalments accumulate with compound interest to a lump-sum maturity value. Interest ta
Fixed Deposit (FD) — Term Deposit, Interest Rates & Premature Withdrawal
A fixed deposit (term deposit) is a time-bound bank deposit earning a contracted interest rate. RBI deregulated FD rates in October 2011; interest is taxable as
Savings Account — Definition, Interest Calculation & Tax Treatment
A savings account is a basic deposit product offered by scheduled commercial banks under RBI's Master Direction on Interest Rate on Deposits, earning interest c