6. NEFT (National Electronic Funds Transfer)

As the name suggests, National Electronic Funds Transfer or NEFT is transferring of funds by any electronic means such as an electronic terminal, computer ATM or telephone. NEFT assists the process of fund transfer within the same bank or inter-bank transfers. NEFT is quite different from RTGS as the settlement takes place in batches rather than individually and thus makes NEFT much slower than RTGS.

7. IFSC (India Financial System Code)

An IFSC code is an 11 digit alphanumeric code which helps to identify bank branches. The first 4 numbers signifies the bank's code which is basically alphabetic, the 5th number is a control character and the next 6 numbers represents a bank branch. You need to know this IFSC code of a receiving branch while transferring money through RTGS or NEFT.

8. Travellers' Cheque

A traveler's cheque is a preprinted, fixed-amount cheques issued by banks, which allows the person signing it to make a payment to someone else as a result of having paid the issuer for that privilege. It basically functions as an alternative of cash while travelling. If this cheque is lost or stolen, it can be replaced by the issuing financial institution.

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