Ramesh is a software professional working in a software developme… - Vidyadip

Question

Ramesh is a software professional working in a software development company located at Hyderabad. He has a saving bank account with the State Bank of India but he has not opted for e-Banking. His family members are residing in Delhi. Ramesh's father asked him to send 4,50,000 at the earliest. His father has a saving bank account with Bank of Baroda.

Explain Ramesh the method he should adopt for sending money as early as possible.

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Answer

The fastest method Ramesh should adopt is Real Time Gross Settlement (RTGS). Settlement in real time means transactions are settled as soon as they are processed and are not subject to any waiting period. Gross settlement means the transaction is settled on one to one basis without bunching or netting with any other transaction. This is the fastest possible money transfer system through the banking channel.

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