When you transfer money online from your bank to another bank situated in different cities or branch. There are three methods of fund transfer banks provide which are NEFT, RTGS, and IMPS.
And If you ever used net banking you might have seen these three options appeared on the screen to choose one from those.
So today we will know, what are these and what does it mean, their limitations and all in very short and easy way.
1. NEFT
Or (National Electronics Fund Transfer )
- FUND TRANSFER AND TIMING – The transactions are only done in-office hours, you can do fund transfer only between 8:00 am to 6:30 pm. And the transactions are done in batches of 1/2 or 1 hour, if you do a transaction at 8:00 am in the morning by 9:00 am it will be received by the beneficiary ( the person you are sending money to).
- LIMITS – You can transfer a minimum 0 and maximum up to 25 lakhs Rs. And 50000 Rs. Within 24 hours of beneficiary registration.
Let me first tell you what beneficiary registration is. In online banking, you have to register your beneficiary (the person you are sending money to) at the bank website. This registration may take some time like 30 min, 1 day and in some banks, it may just take a few minutes.
- CHARGES – 2.5 Rs to 25 Rs + GST varies from bank to bank
2. RTGS
Or (Real Time Gross Settlement)
- FUND TRANSFER AND TIMING – The transactions are done between 8:00 am to 4:00 pm. Like its name, the fund settled in a beneficiary account in real-time. Instant transaction.
- LIMITS – You can transfer minimum 2 lakh and maximum up to 25 lakhs.
- Charges – 25 Rs to 50 Rs + GST varies from bank to bank
3. IMPS
Or ( Immediate payment service)
- FUND TRANSFER AND TIMING – 24×7 instant fund transfer. Transactions are also done by using beneficiary’s mobile number linked with a bank account, aadhar number and MMID (mobile money identifier)
- LIMITS – You can do a transaction of a minimum 0 and maximum up to 2 lakhs Rs. And 30000-50000 Rs. Within 24 hours of beneficiary registration.
- CHARGES – 0 Rs to 25 Rs + GST varies from bank to bank
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