Online Transfer Methods
To transfer funds from remitting account to a beneficiary account, a form must be full of beneficiary details (account no., account holder name, IFSC code, amount to be transferred, and account type). All NEFT branches and should even be found online using internet banking and mobile banking services.
What Is RTGS?
RTGS defines Real Time Gross Settlement. This is an electronic payment system officially managed by the Federal Reserve System Bank of India. It allows the interbank transfer of funds on real-time. RTGS is the fund transfer that considerably takes place on the basis of real-time and is one of the fastest interbank money transfer resources across the country.
RTGS Charges
Each bank is allowed to fix their own charges for RTGS transactions, the details of charges (Excluding GST) are mentioned below:
| Bank | RTGS Charges (Mobile) | RTGS Charges (Bank Branch) | RTGS Limit |
|---|---|---|---|
| SBI | Nil | ₹ 25 to ₹ 56 | 10 Lakhs |
| HDFC Bank | Nil | ₹ 15 + Applicable GST | 25 Lakhs |
| Private Bank | 10,000 | Above Rs 2 lakh and upto Rs 5 lakh-Rs 20 + Applicable GST & Above Rs 5 lakh and upto Rs 10 lakh-Rs 45 + Applicable GST | 10 Lakhs |
| Citibank | Nil | Nil | 2 Lakhs |
| Axis Bank | Nil | Nil | Nil |
| Bank of Baroda | – | ₹ 2 lakh and ₹ 5 lakh-₹ 25 (excluding GST) per transaction from 8:00 am to 11:00 am, ₹ 27 per transaction from 11:00 am to 1:00 pm and ₹ 30 per transaction after 1:00 pm. | – |
| PNB | Nil | Rs. 2 lakh to 5 lakh-Rs.20.00 + GST & Above Rs. 5 lakh-Rs.40.00 + GST | 5 Lakhs |
| Kotak Bank | – | Rs2 Lakhs to 5 Lakhs- Rs.20+ GST & Above Rs. 5 Lakhs- Rs.40+ GST | 10 Lakhs |
| Yes Bank | – | Above Rs. 2 Lakh- Upto Rs. 5 Lakhs- Rs 25 & Above Rs. 5 Lakhs-Rs. 50 | – |
| RBL Bank | Nil | Nil | – |
| Standard Chartered Bank | ₹ 2 per transaction | Nil | 2 Lakhs |
NEFT Transfer
NEFT means National Electronic Fund Transfer which can be a nationwide electronic payment system allowing the fast interbank transfer of funds. The transactions between banks are processed and settled in batches of 1 hour on a netting-off basis. Hence, the time to transfer the funds can range between 1-2 hours.
This facility is provided by 63000 banks across the country and allows remittance to Nepal also. It can also be used for payment of MasterCard dues.
NEFT Timings – The settlement isn’t in real-time as RTGS but it’s done on an hourly basis. the number is credited to the beneficiary’s account in two hours. From 16 December 2019, NEFT is out there 24×7.
- There is no NEFT limit on the minimum or maximum amount which can be transferred through NEFT.
- There is an upper limit of ₹ 50,000 per transaction for cash-based remittance. Such customers got to furnish full details including complete address, telephone number, etc.
IMPS Transfer
IMPS means cash service was publicly launched on November 22, 2010, as a flash interbank electronic fund transfer service through mobile phones. Later, it has been extended to other electronic channels like ATM, Internet Banking, etc. The IMPS helps you to access your bank account and transfer funds instantly and securely.
It is managed by the National Payments Corporation of India (NPCI). The beneficiary account is credited immediately when a fund transfer request is made from your side.
FAQs
✅ Which mode is best for transferring money, IMPS or NEFT?
In terms of some time taken to process the transaction, IMPS could also be a far better option because it takes less time to reflect the transaction amount, whereas NEFT takes a minimum of half an hour to reflect. In terms of limit and number of transactions, NEFT is preferred for high-value transactions as there is no upper or maximum ceiling on the transactions (although banks on a personal level may place a limit) and you’ll transfer the cash to several people directly. On the other hand, there is a limit of ₹ 2,00,000/day on IMPS.
✅ What’s that the limit on IMPS transactions?
The maximum amount that individuals are allowed to transfer through IMPS (Immediate Payment Service) during each day is ₹ 2,00,000, and there is no limit prescribed for transferring the minimum amount.
✅What’s that the difference between IMPS and NEFT transactions?
Through IMPS (Immediate Payment Service), the cash is transferred instantly to the beneficiary’s bank account. The beneficiary’s bank has half an hour to reflect the take advantage of the beneficiary’s account. Whereas, NEFT (National Electronic Funds Transfer) is based on a net and batch process. The payments are made through the NEFT transfer mechanism in batches.
