Gone are the days when banking meant long queues in the branch and everything was done in person. With the advent of online banking, you can now do everything online, including money transfers. There are many ways you can transfer money to your loved ones, colleagues, employees etc., in a quick and hassle-free way.
Here’s why you should choose transfer modes like RTGS, IMPS and NEFT
- You can now initiate fund transfer online.
- All major banks in India offer this facility, and it is easily accessible on their banking platform for both desktop and mobile banking.
- NEFT, RTGS and IMPS transfers are easier to use and built on a safe and secure platform.
- Takes only a few seconds online and is entirely hassle-free.
- It’s a cost-friendly mode of transfer as it levies minimal charges.
- You don’t need to physically visit a bank or write out a cheque or DD for the same.
A transfer request for NEFT, RTGS and IMPS can be placed at any time of the day, and multiple requests can be queued too. Let us take a quick look at what each of these payment methods is and what limits they carry:
What is NEFT?
NEFT stands for National Electronic Funds Transfer, which is widely known in India. This centralized payment system is popular in India as it allows the payer to transfer money to the payee almost round the clock. You can initiate these transfers any time and any day of the week, making it easier to transfer money as and when required.
What is the limit for an NEFT transfer?
While RBI sets no actual NEFT limit for the maximum amount transferred in one day, private banks and some government banks have gone ahead and set their upper limit for an NEFT transfer per day. HDFC bank, for example, has set an upper limit of Rs. 25 lakhs per day per customer for an NEFT transfer.
What is RTGS?
Launched by the Reserve Bank of India, RTGS, i.e., Real-Time Gross Settlement, is a system that allows the user to make real-time fund transfers. The RTGS charges have been waived off by the RBI. This is a method often used by customers to make large value transactions. While these transfers can be done completely online, you can also choose to visit the branch and fill out a form to make these transfers.
What is the limit for an RTGS transfer?
While the minimum RTGS limit is Rs. 2 lakhs, there is no upper limit if the transfer is made via a bank branch. However, if you make an RTGS transfer via internet banking, there may be a limit of up to Rs. 25 lakhs for most banks.
What is IMPS?
IMPS, i.e., Immediate Payment Service, allows transferring money from one bank account to another. You can make interbank payment transfers in real-time via TM, internet, SMS, and many other channels.
What is the limit for an IMPS transfer?
While the IMPS limit is set at Rs. 2 lakhs, banks can set their own upper limits for an IMPS transfer.
Before making a transfer, be sure to check the RTGS limit, IMPS limit, and NEFT limit with your bank and if you want to compare the benefits, uses, and payment modes, then head straight to Finserv MARKETS and find all the information on one portal.