1. Originating and destination bank branches should be part of NEFT network.
2. Beneficiary details such as beneficiary name, account number and account type.
3. Name and IFSC of the beneficiary bank-branch.
We are living in the era of advanced communication which has reduced the whole world to a "global village". Through the facilities of quick exchange of information with the help of electronic media. Various communication services such as telephone, telegraph, radio, television, satellite communication, fax, e-mail etc, have transformed the modern society and have made our life quite comfortable.
For any organisation, both internal and external communication are essential. Internal communication includes messenger service, intercom, closed circuit television, internal telephone network etc. External communication systems include postal service, telegraphic service, telephone network, fax, e-mail, video conferencing etc.
We may classify the modes of communication as follows :
(i) Postal communication
(ii) Telecom or Telecommunication
(iii) Electronic communication : Fax, Internet, E-mail, Voice mail.
Postal Communication :
A post office is a government institution which is engaged in providing communication service for the whole nation. In addition to communication, post offices facilitate remittance of funds from one place to another and also perform many banking functions.
In our country, post and telegraph services are managed by the Post and Telegra.ph Department which function under the ministry of communications.
Inland Post :
(i) Letter : By letter is meant an envelop. It ensures secrecy of the message.
(ii) Inland Letter Card : The message can be written on the inland letter card itself. If also ensures secrecy of communication like a letter.
(iii) Post Card : A post card is the cheapest means of communication.
(iv) Business reply post card and envelops : The "Business Reply" service, helps business men to receive prompt reply from their customers who need not bear the cost of postage on that reply.
(v) Book and Pattern Packets : A book packet is a packet containing (a) newspapers, publications of all kinds, printed music books, pictures, maps and drawings : (b) business and legal documents like deeds, accounts, powers of attorney and insurance policies (c) manuscripts for press and (d) written letters of old date which have previously passed through post and served their original purpose.
Telegraphic Service (Telegrams)
Telegram is one of the means of sending messages quickly over relatively long distances. This service is fast and reliable.
1. Telephone Service : Oral communication is possible with the help of telephones. If it is desired to talk to any person in another organisation either in the same city or outside the city, the local or trunck call services can be made use of respectively.
2. Cellular Phone : Cellular telephone is a cordless mobile communication device which facilitates two way communication in a wide geographical area.
3. Pager : Pager is a one way wireless communication device which receives and records messages in writing.
4. Fax: A fax machine is a piece of equipment used to copy document by sending information electronically along a telephone line, and to receive copies of that are sent on this way. It means that if we want to fax a document to someone, we will send it from one fax machine to another.
Internet is a vast computer network of many different computer networks existing in the world. It is a collection of interconnected networks. "Internet" connection, one can communicate with any other subscriber of internet throughout the world.
Internet service is provided in India by many companies including VSNL, Essar, Bharti Telecom and MTNL. They are also known as Internet Service Providers (ISP).
World Wide Web :
It contains millions of electronic documents called Web pages. A web page contains text and graphics which are linked to related information.
e-mail is a system of electronic correspondence by which users send and receive messages over a network of computer and telecommunication links. The messages may consist of short notes and greetings, or extensive text files plus graphics and photographic images, video clips or sound.
Voice mail is used to leave voice message for the other person when he is not around his telephone. It is a computerised system for receiving and delivering incoming calls to the intended subscribers.
Unified Messaging Service (UMS):
As the name suggests, UMS integrates various communication services for the benefit of customers. It converts voice message, SMS, phone call, fax or any other form of message into the form that fits the device of the customer is using.
1. To submit an application : When a new account is opened the bank usually requires an introduction. The introduction may be by an existing customer or by some reputed person who is well-known to the bank. The purpose of correct introduction is to establish applicants correct identity and honesty so that frauds could be avoided in future.
2. To take specimen signature : After getting a proper introduction, the bank opens the account and the specimen signature of individual persons who are authorized to operate the account are obtained. In case of partnership the specimen signatures of all partners who are authorized to operate the account are obtained.
Applicants are, generally, asked to give two to three specimens of their signatures on a card which is kept safely in the bank's record. When the customer signs any cheque/withdrawal form for withdrawing money from the bank his specimen signatures are compared with his signatures on the cheque or withdrawal form.
If his signature do not tally with his specimen signatures, his cheques and withdrawals are not honoured.
3. To deposit initial amount : Initial amount is the minimum amount which the applicant is required to deposit in the bank for opening a new account. In case of a saving account it is Rs. 500 to 1000. After receiving the initial amount the bank opens an account in the name of the applicant.
After the completion of all these formalities, account can be opened. When a new account is opened the bank supplies the depositor a Cheque Book and a Pass Book.