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Do you know about online money transfer options like NEFT, RTGS, IMPS, UPI ? What is the difference? In this article we provided all information about online money transfer.
1. NEFT- National Elections Funds Transfer is an online fund transfer system launched in 2005.
- Minimum limit for transfer fund is from Rs.1 .
- NEFT system required receiver beneficiary details like Name, Account number, IFSC code, etc.,
- NEFT has time slot to transfer funds.
- It's take time around 2 hours for settlement in recipient account.
- NEFT only work between 8:00 AM - 6:30 PM in Working days.
- NEFT takes transaction charges+GST from sender.
2. RTGS- Real Time Gross Settlement system introduced in 2004 by Reserve Bank of India.
- Minimum limit for transfer fund is from 2 Lakh.
- RTGS system also required receiver beneficiary details like Name, Account number, IFSC code, etc.,
- RTGS system immediately settle the funds in recipient account.
- RTGS only work between 8:00 AM - 6:00 PM in Working days.
- RTGS takes transaction charges+GST from sender.
3. IMPS- Immediate Mobile Payment Service system introduced in 2010 by NPCI- (National Payments Corporation of India).
- Minimum limit for transfer fund is from Rs.1 to 2 Lakh.
- IMPS transfer system also required receiver beneficiary details like Name, Account number, IFSC code or Mobile number & MMID.
- IMPS system immediately settle the funds in recipient account.
- IMPS has no time limit for transfer funds it's completely available anytime 24×7.
4. UPI- Unified Payments Interface system introduced in 2016 by NPCI. This is the game changer in online funds transfer systems. To support Digital India mission of Prime Minister Narendra modi.
- Minimum limit for transfer fund from Rs.1 to 1 Lakh.
- Digital india mission given access to support UPI for Paytm, Phonepe, Google pay, Amazon and other platforms.
- UPI transfer system required beneficiary details or UPI ID.
- UPI system immediately settle the funds in recipient account.
- UPI has no time limit for transfer funds it's completely available anytime 24×7.
- UPI money transfer not require any transaction charges it's completely free.
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