NSDL Payments Bank has come up with Domestic Money Transfer (DMT) which is an assisted service to facilitate money transfer needs of unbanked, under-banked and migrant people in India. By using this service, the customers can send money instantly to any IMPS/NEFT supported bank account in India.
Aadhaar Enabled Payment System (AEPS) is a bank led model, which allows online financial inclusion transaction at Micro-ATM through the Business correspondent of any bank using the Aadhaar authentication.
PAN Card is a Permanent Account Number which is being provided by the Income Tax Department to every entity whose income is a taxable income. PAN card is a compulsory Government document which is needed in most of the financial transactions. The Income Tax Department made it mandatory to link bank account with PAN.
In accounting terms, the bank creates (“opens”) an account in the name of the depositor or a name directed by the depositor in which the amount received by it is recorded as a transaction. The deposit account is a liability of the bank and an asset of the depositor (the account holder).
A credit card is a payment card issued to users to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts plus the other agreed charges.
A prepaid debit card is much like a gift card in that you are accessing stored value on a card. It is pre-loaded with a certain amount of cash, which can be used the same way that a credit card is used. The payment is immediately deducted from the balance.
