Explain the following banking terms: a. Electronic Fund Transfer b.

1.	Explain the following banking terms: a. Electronic Fund Transfer b. RTGS c. E-Commerce d. NRE account
Answer» ELECTRONIC FUND TRANSFER: It facilitates automatic transmission and processing of messages as well as funds from one bank to another bank. RTGS : Real Time Gross Settlement is an electronic form of funds transfer where the transmission takes place on real time basis. The minimum amount of fund transfer in India is Rs. 2 lakhs. E-commerce: Electronic Commerce is the paperless commerce where the exchange of business takes place in electronic means. NRE Account: Non-Resident External account can be opened by any person who is residing outside India. NRIs having this account in India are permitted to hold and maintain foreign currency earnings in Indian Rupees.

Explain the following banking terms: a. Electronic Fund Transfer b. RTGS c. E-Commerce d. NRE account

Answer»

ELECTRONIC FUND TRANSFER: It facilitates automatic transmission and processing of messages as well as funds from one bank to another bank.

RTGS : Real Time Gross Settlement is an electronic form of funds transfer where the transmission takes place on real time basis. The minimum amount of fund transfer in India is Rs. 2 lakhs.

E-commerce: Electronic Commerce is the paperless commerce where the exchange of business takes place in electronic means.

NRE Account: Non-Resident External account can be opened by any person who is residing outside India. NRIs having this account in India are permitted to hold and maintain foreign currency earnings in Indian Rupees.

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