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NEFT RTGS IMPS UPI What are the basic differences

NEFT RTGS IMPS UPI What are the basic differences

NEFT RTGS IMPS UPI What are the basic differences

Before that, we have to wait for a long time to sent or receive money from the bank or for bill payment for something we have to wait for a long time. Nowadays,

Since the internet came, we can recharge or everything from bank transfers in a few minutes from our home. So if you transfer money from your mobile or personal computer through the internet then you know about NEFT, RTGS, IMPS, & UPI Today I will tell you in detail what is the basic difference between them.

NEFT

The first talk about NEFT, full form of NEFT is National Electronic Fund Transfer its a basic and most popular easy money transfer way.

NEFT transfers money in the schedule which is pre-decide by RBI its not fast as RTGS. We can send and receive money through NEFT at a particular timing which is Monday to Friday from morning 8 am to 7 pm and on Saturday 8 am to 1 pm.

There are no bindings for minimum balance for fund transfer, you can send or receive any amount of money, Charges of transfer of money through NEFT like this,

NB: Medical Tests You should do now for better healthy Life

Charges for NEFT

Before 2020After 1st Jan 2020
Fund transfer up to 10000 charges is Rs. 2.50/-
Fund transfer above 10000 up to 1 lakh charge is Rs. 5/-
Fund transfer above 1 lakh up to 2 lakh charge is Rs. 15/-
Fund transfer above 2 lakh up to 5 lakh charge is Rs. 25/-
Fund transfer above 5 lakh but below 10 lakh charge is Rs. 50/-
Its all Free for Savings A/C to Savings A/C Transfer

For Fund transfer you have to provide the beneficial account number, ifsc code, and name which is required must.

Now from 1st January 2020, you can transfer funds 24 X 7 365 days, there is no time limit for NEFT.

RTGS

RTGS is another way of fund transfer the full form of RTGS is Real Time Gross Settlement, RTGS is the fastest way of fund transfer.

In this process, the money will be transfer instant or within 30 minutes. mainly RTGS is used for large amounts of fund transfer,

there is the minimum requirement for fund transfer is Rs. 2 lakh not below that, and the charges of RTGS are discussed below.

If any reason after RTGS beneficiary not getting money then within 2 hours your money will be a return on your account.

We can send and receive money through RTGS at a particular timing which is Monday to Friday from morning 9 am to 4.30 pm and on Saturday from 9 am to 12 pm.

Charges for RTGS

Fund transfer above Rs. 2 lakh to 5 lakh charges is Rs. 25/-
Above Rs. 5 lakh to 10 lakh Charges Rs. 50/-
In this process you have to pay service tax on the amount, after the afternoon at 12.30 pm if you use this process for fund transfer then Rs.1 to Rs. 5 you have to pay more.
RTGS is a real-time settlement that’s why within a minute beneficiary account credited.

IMPS

IMPS is a new form of money transfer full form of IMPS is Immediate Payment Service which is also an instant payment service. this service is available from 22nd November 2010. In this process,

the main highlight feature is you can send or receive money at any time there is no time limit this process is active 24*7 even on Sunday you can use this process for fund transfer. charges details are below

Charges for IMPS

Fund transfer up to Rs. 10000 charges are Rs.2.50/-
From 10000 to up to Rs. 1 lakh charges is Rs. 5/-
Above 1 lakh to 2 lakh charges is Rs. 15/-
In this process you have to pay service tax also

NB: Free Full Body Health Checkup

UPI

UPI is the latest technology for transferring funds full form of UPI is Unified Payment Interface, You need to download the UPI apps from google play store for free, from UPI in one day you can transfer Rs. 50 to Rs. 1 lakh.

UPI working on 24*7, anywhere anytime you can transfer money from your mobile. UPI is an online mobile payment system that is working under NPCI. The main features of UPI are you don’t need to know the beneficiary’s account number ifsc code or name of the account holder.

you don’t need this any bank details you just need a mobile number which is attached with the bank account of beneficiaries, and you can transfer money through this mobile number.

UPI account number looking alike if you have an account with sbi and you want to transfer money through UPI then your account number will be first your mobile number then @ sbi..

example if your mobile number is [email protected] this is look-alike UPI account number. this is the most advanced payment system.

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