Question

Which of the following is not mode of online money transfer in India through online banking ?

• A. NEFT
• B. RTGS
• C. IMPS
• D. IFSC

Answer 1

The Correct Option is D

To understand which option is not a mode of online money transfer, let's examine each of them:

1. NEFT (National Electronic Funds Transfer): This is a popular method for transferring money electronically from one bank account to another within India. It operates on a deferred net settlement basis and is commonly used for making bank-to-bank transactions.
2. RTGS (Real Time Gross Settlement): RTGS is used for high-value transactions, allowing for real-time and gross settlement of funds transfers. The money is credited immediately upon transaction completion, making it ideal for large sums of money.
3. IMPS (Immediate Payment Service): This is a robust and instant way to transfer funds between banks via mobile, internet, and ATM channels. IMPS operates 24/7 and is crucial for individuals needing rapid transfers.
4. IFSC (Indian Financial System Code): IFSC is not a mode of transfer but rather a unique code assigned to each bank branch in India. It is used to identify the branch in NEFT, RTGS, and IMPS transactions. Hence, IFSC is essential for locating and facilitating bank transactions, but it does not enable the transaction itself.

Given the above explanations, IFSC is not a mode of online money transfer in India but rather a code used to uniquely identify a bank branch. Thus, the correct answer is IFSC.