Are you willing to know the detailed information about the NEFT, RTGS, and IMPS? Here is the article which provides you the detailed information about the NEFT, RTGS, and IMPS. As we all knew that the money transfer can be done through accounts of one bank to another bank.
- NEFT refers to National Electronic Funds Transfer.
- RTGS refers to Real Time Gross Settlement.
- IMPS refers to Immediate Payment Service.
These are the three platforms, where the money transfer can be done in these days.
National Electronic Funds Transfer(NEFT):-
National Electronic Funds Transfer is a type of payment system that enables electronic transfer of funds from one bank to another bank account. This money transfer can be made through one individual (or) Companys bank account with any bank that is a member of the NEFT Scheme according to the Reserve Bank of India.
Here there is no limit on the amount of funds that were transferred using NEFT. Here in NEFT, the maximum amount for every transaction is limited up to INR 50,000 for only cash-based remittances within India and also remittances to Nepal Under the Indo-Nepal Remittance Facility Scheme according to the RBI.
Real Time Gross Settlement (RTGS):-
This Real Time Gross Settlement is meant for a large value of money transfers, and also it is a payment system which enables the instant transfer of funds. It is basically based like NEFT, This Real Time Gross Settlement processes the instructions at the time, that they have received rather than a later time. Presently there was about 1 Lakh of bank branches have offered the RTGS Facility, according to the RBI. Here the information of these branches can be accessed from the RBI websites and these transactions has a time limit which can be made from 9:00 am to 4:30 pm on weekdays and from 9:00 Am to 2:00 pm on Saturdays for the settlement at the RBI-end, and also according to the central bank.
The minimum amount to be remitted through RTGs is INR 2 Lakhs, There is no Upper ceiling for RTGS Transactions.
Immediate Payment Service (IMPS):-
This IMPS was managed by the National Payments Corporation of India and this service enables individuals to make money transfers instantly through banks and RBI-authorised prepaid payment instrument issuers across the country. Currently, there are about 53 commercial banks and 101 rural, district, urban and cooperative banks that support the IMPS service, according to the NPCI website. An IMPS transaction can be initiated from a mobile phone, through the internet or an ATM, wherein confirmation of debit or credit is sent by SMS.
