You have a card – which is called debit card (ATM card). You can go to any bank. You insert the card in the ATM machine. The machine will authenticate it. There is a centralised hub in Mumbai – which has data connectivity to all the banks. There will be authentication from this data base – thus your balance will be ascertained and you will be allowed to withdraw money from this balance.
12. What is the difference between debit card and credit card? Debit card is ATM card you can withdraw cash from this. A few organisations take ATM card also for transactions. CREDIT card gives you the facility to buy goods from market using this card. The bank gets commission from the listing / marketing company and you get free credit facility (for 1 month) and you can pay to bank in 1 month.
13. What is difference between draft and banker's cheque? \For local transactions, banks give banker's cheque for outstation, the banks give demand draft (which is as good as money) it is also similar to postal order banks earn commission when they issue draft / banker's cheque
14. What is money transfer ?
There are many types of money transfer like : TT (telegraphic transfer) / RTGS (real time gross settlement transfer) here you can transfer money from one account to another instantly (you have to pay some charges if the amount is more than Rs. 25000) the charges are very less and generally banks have some minimum amount requirements15. What is PAYPAL?
These are used in e-commerce here you can make payment for international transactions. There is a secure system of authentication and the company which has to receive money – gets its account with paypal
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