NEFT, RTGS and IMPS: The introduction of various payment systems in India has made money transfer easy. Today it has become very easy to transfer money from one place to another. Your money travels from one place to another in a matter of seconds. There are many systems for sending and receiving money in banks, on the basis of which money is sent from one place to another.
If you are a bank account holder or you use Net Banking then you must have heard about IMPS, NEFT and RTGS. And unless you know what is NEFT, RTGS and IMPS, and what is the difference between them, you may have trouble using them. Today in this post you will know what is NEFT?, What is RTGS?, What is IMPS? And what are the differences between them. So let’s first know about IMPS.
What is IMPS?
The full form of IMPS is Immediate Payment Service. IMPS is a type of banking payment service. Under the service provided by this, you can send money to any bank account holder’s account. Apart from this type of service, other options are also available, which include NEFT and RTGS, but sending money through this takes a little time as compared to IMPS. On payment through IMPS, it is completed immediately, so that customers do not have to wait for a long time. This service works 24X7. Many banks in India use IMPS to transfer money. There may also be some charges for transferring money through IMPS as per the banks. But it is free in most of the banks.
What is NEFT?
NEFT is also related to banking payments. Its full form is National Electronics Fund Transfer, in Hindi it is also known as “National Electronic Fund Transfer”. With the help of this, some such facility is provided to the customers of Indian bank, so that the customers can very easily transfer the amount to any other NEFT enabled bank account. By making payment with this method, the money cannot be transferred to the account holder’s account immediately, in which the amount is divided into hourly time slots, through which money is transferred. You can understand in simple language that NEFT is a type of payment service which takes a little more time than IMPS.
What is RTGS?
RTGS is also a banking payment service under which money is sent from one account to another bank account. RTGS is basically used to transfer large sums of money. This process is completed within a few hours. The question of many people remains that what is the full form of RTGS? To increase your information, let us tell you that its full form is Real Time Gross settlement, it comes under an instant real time process. With the help of this, if you are willing to send money from one bank account to another bank account, then it can prove to be very beneficial for you. RTGS is considered to be the fastest way to transfer money. This is an electronic means of transferring funds.
What is the difference between NEFT and RTGS?
- By the way, both are used to transfer funds. Nevertheless, there is a lot of difference between the two, to understand this, some points have been given below, with the help of which you can understand the difference in it.
- Funds transfer through NEFT is basically done by small savings account holders, same RTGS medium is used by big corporate houses and companies.
- organizations do.
- Through NEFT, the payment of the customer is known only after a time, whereas through RTGS the payment is done immediately within the same time.
- NEFT is usually used to send small amounts, on the other hand, it is necessary to transfer a minimum of Rs 2 lakh through RTGS. If we mention NEFT in this case, then no minimum and maximum limit has been fixed in it.
- If we talk about transactions through banks, then for sending money through NEFT, the period from 9 am to 7 pm has been fixed in banks from Monday to Friday. The same customers are given the freedom to transfer money between 9 am to 1 pm on Saturdays. But talking about the system of RTGS, money can be sent instantly from this system. (But keep in mind that during that time it is necessary for the bank to be open)
Transaction fee during transfer
For your information, let us tell you that during the transactions done through Reserve Bank’s Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT), minimum fee was charged from the banks and in return, the bank charges it from the customers. Lie down as recovery.
But in the current situation RBI has stopped charging NEFT and RTGS as charges. And the banks have been instructed to stop charging such charges from the customers.
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