how is ,money transferred from one bank account to other bank account
Hope dis helps u!!!
Money transfer from one bank to another bank is called interbank transfer and can be done in many ways, but the preferred ways are:
NEFT/RTGS : National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) allow individuals, companies and firms to transfer funds from one bank to another for this you need to fill a form providing your or the beneficiary’s details — name, bank branch where the account is held, the Indian Financial System Code, a unique code for identifying the branch, and the account number and type. You have to submit a cheque while opting for this facility.
Settlement Time: RTGS – Maximum 4 hours
NEFT – Up to 48 hours.
The another way is by NET BANKING for which you account number , IFSC code.I am not sure for the settlement time but basically it uses the above said instruments only .
Cheques: Cheques are a type of bill of exchange and were developed as a way to make payments without the need to carry large amounts of money. Paper money evolved frompromissory notes, another form of negotiable instrument similar to cheques in that they were originally a written order to pay the given amount to whomever had it in their possession (the "bearer").
Now banks are using Cheque Truncation System (CTS) that Image based clearing system which may take maximum of 24 hours but most of the time funds starts reflecting in you account by end of the day i.e. EOD in banking term.
And last and easiest way is cash deposit, one can deposit cash in to third party account with valid reasons and documentation which take effect immediately.