Money transfer method RTGS NEFT IMPS UPI

everyday41.com
February 01, 2020

Money transfer method RTGS NEFT IMPS


RTGS



The full form of RTGS is Real Time Gross Settlement. Money transfer directly from one bank to another.  'Real Time' means the processing of instructions at the time they are received; 'Gross Settlement' means that the settlement of funds transfer instructions occurs individually. RTGS transactions/transfers have no amount cap. There is a real-time transfer of funds to the beneficiary account. The minimum amount of fund transfer is ₹2,00,000. It takes 30min-1hour to transfer the money.





NEFT



The full form of NEFT is National Electronic Funds Transfer. It is an electronic funds transfer system maintained by the Reserve Bank of India (RBI). Started in November 2005.  NEFT transactions/transfers have amount cap. Through NEFT you can transfer money ₹1-25,00,000.  It takes 2hour or more to transfer the money.





IMPS


The full form of IMPS is Immediate Payment Service. Through this, you can money cross India only. It is operated by National Payments Corporation of India. Through NEFT you can transfer money ₹1-2,00,000.  It takes 30sec-5min to transfer the money. You can transfer money 24/7. 







UPI


The full form of UPI is Unified Payments Interface. It is developed by National Payments Corporation of India and regulated by  Reserve Bank of India.  Through UPI you can transfer money ₹1-1,00,000 in a day.  It instant transfer the money. You can transfer money 24/7. In UPI ID before @ is your name or mobile number and after @ your bank name. Like this achalup41-1@oksbi.
Up to 1,000 charges 10paise-25paise. Well, every bank has separate charges.




Transaction Timings
NEFT
RTGS
IMPS
UPI
Monday to Saturday
(Except 2nd and 4th Saturday)
8:00 AM
to 6:30 PM
8:00 AM
to 6:00 PM
24/7
24/7
                                           
Transaction Limits
NEFT
RTGS
IMPS
UPI
Minimum
Rs1
Rs 2 lakhs
Rs1
Rs1
Maximum
Rs 25 lakhs
No limit
Rs 2 lakhs
Rs 1lakhs
Transaction Charges
NEFT
RTGS
IMPS
Amounts upto Rs 10,000
No charge by RBI
Not Applicable
Rs 5 + Applicable GST
Amounts above Rs 10,000 and upto Rs 1 lakh
No charge by RBI
Not Applicable
Rs 5 + Applicable GST
Amounts above Rs 1 lakh and upto Rs 2 lakh
No charge by RBI
Not Applicable
Rs 15 + Applicable GST
Amounts above Rs 2 lakh and upto Rs 5 lakh
(Incl. Rs 2 lakh for RTGS)
No charge by RBI
No charge by RBI
Not Applicable
Amounts above Rs 5 lakh
No charge by RBI
No charge by RBI
Not Applicable