In this article, we will learn about EFT, which is a form of e-payment. In this we will know “What is EFT? And what are the types of EFT? as well as what are the advantages and disadvantages of using EFT?
If you want to know everything about EFT then this blog post is very important for you.
The full name of EFT is Electronic Fund Transfer . Which is called “ Electronic Fund Transfer “in Hindi. It is a paperless payment process. Through this you can easily transfer money from one bank to another.
Let us know “What is Electronic Fund Transfer?”
What is EFT?
This is a very secure and simple way to make payments. With the help of this payment system, funds can be transferred very quickly in real time.
Types of EFT
At present, there are many types of electronic fund transfer. But here we will tell about the most popular types of EFT used. Which is as follows.
Internet Banking
Internet banking is also called online banking or net banking. In this, the bank provides the facility to its customers to make payment using the bank website. For this facility, you need to take authorization from the bank. After getting this facility from the bank, you can transfer money from your bank account to any other bank account using your computer, mobile and tablet.
Debit Card
Debit card is also called plastic card. Banks issue debit cards to their customers for ATM withdrawal, POS machine payment, etc. Using this, bank customers can withdraw money from any ATM machine and pay from any POS machine.
We can make any kind of payment with credit card. It looks like Debit Card in appearance. Banks provide this facility to their customers. Which gives small loan for a fixed period. In which there is a maximum limit to be paid, which is fixed at the rate of interest till the day of return.
Direct Deposit
This is the safest way to pay. It is mostly used by large companies to pay their employees. In which money is directly transferred by the banks to the bank account of the company employee.
Wire Transfer
Wire transfer is the fastest and most secure way to send money. This payment method is used when we have to transfer more money to an individual.
ATM Machine (Automatic Teller Machine)
In today’s time, there will be hardly anyone who has not seen or used an ATM machine. Through this you can withdraw or deposit money from any ATM machine located far away. There is no need for you to visit your bank.
Electronic Check
It is an electronic cheque just like a paper cheque. Because it is digital, we call it electronic cheque. To make a payment through this method, you need to have the account number, routing number, security code of the person making the payment.
The probability of loss in this type of payment method is very less. Because before making the payment in this, you can completely verify whether the payment is being done correctly or not.
Mobile Wallet
This payment method is most commonly used after demonetisation. Because it is a very simple payment method. Because you do not need much information to make payment through this process. In this, only the UPI mobile number of the person making the payment is required.
The major advantages of EFT are as follows.
- Real time payment saves time.
- There is complete control over the expenses.
- EFT is more beneficial as compared to cash payment as it is less prone to risk and loss.
- It is a very simple process to make the payment.
- You can pay anytime as per your convenience.
EFT has as many advantages as it has some disadvantages as well. Which is as follows.
- During electronic fund transfer, sometimes due to server down, your payment gets stopped midway. Due to which you get late in making payment.
- With the increasing use of technology, online hackers are also increasing. Due to which you are likely to lose money. So do not share your privacy with anyone.
- There is a problem in making payment due to slow internet server.
- We need to be very careful while doing EFT. Our slightest wrong information can put you in harm’s way.
FAQ for Electronic Fund Transfer in Hindi
What do you understand by EFT?
Electronic Funds Transfer ( EFT ) is a method of transferring money from one bank account to another bank account through computer, mobile, tablet.
What is the full form of EFT?
The full form of EFT is “Electronic Fund Transfer” . Which is called “Electronic Fund Transfer” in Hindi .
What is meant by fund transfer ?
Fund transfer is a Hindi word. Which is called Fund Transfer in English. Electronic Fund Transfer is an electronic fund transfer from one bank account to another. We do this work through our computer without any bank intervention.
Is it safe to pay with EFT?
Yes, EFT is a secure way to make payments.
Can anyone make electronic payment?
No, electronic payment can be made only by a person who has a bank account and the bank has permitted that person to make electronic payment.
Conclusion: What is EFT?
Friends, we hope you have understood that “ What is EFT? And what are the types of Electronic Fund Transfer? Also, you must have understood that what are the advantages and disadvantages of electronic funds transfer? ”
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