The financial world truly has gone through sweeping changes over the past decades. The shift towards electronic money transfer has been truly dramatic. The credit card has emerged as a critical financial tool.
Online Bill Payment Services
An important and very useful aspect of online bill payment service is that you are sent reminders around the due date. This helps you to not only plan your payment within the due date but also lets you focus on your professional duties and not get distracted by the hassle of traveling to particular locations, standing in queues, etc. to pay your bill.
This mode of the online bill is also known as electronic bill payment. You have to log in to the service provider’s domain for your bill payment. Then you have to type in your credit card details, your mobile number, your email address, the amount to be transferred, your bank account details from the comfort of wherever you are located in order to make the payment.
1: NEFT Payments
It is good news for users like you that the RBI has issued a mandate to make NEFT payments free of bank charges. The NEFT or National Electronic Funds Transfer (NEFT) is usually used to amount of rupees two lacs.
With this payment method, you can make payments from your bank account to your credit card on the same day. However, you have to ensure that you have activated your online banking services first.
You have to click on the ‘Funds Transfer’ option and then choose the ‘NEFT payment’ option. Then you have to add the details of the payee’s account and your own account. The IFSC Code which is the bank and branch location details for both the payer and the payee has to be entered with utmost care. payments are credited within the same day to the card if the payment is made before the designated cut-off time.
2: RTGS Payments
RTGS or Real Time Gross Settlement (RTGS) is usually the fund transfer tool for amounts exceeding Rupees two lacs. The process of RTGS payments is similar to NEFT payments. You have to ensure that you choose RTGS in case different options are given for RTGS or NEFT, which is usually not the case. The IFSC Code has to be entered carefully to ensure that the payment goes to the intended payee.