I agree to this point. Even though bank says sender would get notification, of date I haven't received any, and every time their excuse is "technical issue". Sender is in darkness.
The point ICICI bank officials were tying to make is, for NEFT the onus of retrying is on the bank, whereas for...
Your manager has given you a task.
You give him 3 choices.
1. You will do the task in 1 day,
2. You will do the task in 1 day plus some other task.
3. You will do the task in 1 week.
Your manager goes and asks his manager which option to choose. His manager says, "well I don't see your point...
ICICI Bank officials mentioned, NEFT is a guaranteed transfer, whereas IMPS and RTGS transfers are prone to failures and the transfer may get refunded. NEFT takes longer time because it is validated and retried internally for that "guaranteed transfer" promise. So if time is not a factor, one...
IMPS and RTGS are real time transfers whereas NEFT is not.
For transfers within the limits of these modes, why would anyone choose NEFT over IMPS/RTGS?
RTGS generally has much more daily limits than IMPS. On the same note, why would anyone choose IMPS over RTGS?
In that case, it looks like a declaration process (you declare something and sign off using your fingerprint) rather than a validation process (where your details are validated and only then updated)
What actually happens in a biometric update?
You go to a branch, fill a form with whatever address you like and then they tell you to hold your finger on the fingerprint scanner, and done?