What are the benefits of payment through NEFT/EFT, Cheque, Demand Drafts and Cash Payments?
Benefits of payment by Bank Transfer – National Electronic Fund Transfer (NEFT) / Electronic Fund Transfer (EFT) are completely free and secure. – Reference number/transaction ID provided by your bank acts as a proof of payment. Benefits of payment by Cheque – Cheques are traceable to a particular mailing address. – Cheques are drawn from your bank account which provides you a proof of payment. – It is secure, most banks offer a stop payment service if problems arise before the cheque is cashed. Benefits of payment by Demand Drafts – Receipts are provided at the place of issue which provides you a proof of payment. – Demand drafts are traceable to a particular mailing address. Note: Most banks charge the person requesting the draft to pay a fee. Benefits of payment by Cash – Receipts of cash deposit are provided at the Bank Branch as a proof of payment. – Does not require you to have a bank account, debit card, credit card etc. as the entire transaction is by cash.
