Bank Theory

Banker Ancillary Services - Bank Theory Banker Ancillary Services - Bank Theory Remittances: Introduction Remittance services allow the transfer of funds from one person or entity to another through banks. These services play a vital role in enabling secure and timely fund movement both domestically and internationally. Demand Drafts (DD) and Banker’s Cheques (BC) Demand Drafts are prepaid negotiable instruments used for remitting money across locations. Banker’s Cheques are similar but used within the same city and are non-negotiable. Mail Transfer (MT) Mail Transfer refers to the instruction sent by a bank via post to another branch to pay a specified amount to a named person. Telegraphic Transfer (TT) TT involves remittance of funds through telegram or fax. Though obsolete, it was widely used before digital methods became prevalent. National Electronic Funds Transfer System (NEFT) NEF...