Money Transfer Services
Online money transfer has become the first choice of people as it is convenient, secure and fast. Apart from this, you can also keep an eye on all your transactions. A variety of online payment tools exist in the market and each tool provides flexibility and convenience to customers. In addition, many banks have also introduced their own digital wall to facilitate the online transfer. Here are four options for online money transfer, which you can easily use. National Electronic Fund Transfer (NEFT)
NEFT-national electronic fund transfer
National Electronic Fund Transfer (NEFT) is a convenient online money transfer tool through which you can send payments to any account holder. Here money is transferred to the recipient’s account on a deferred basis. This fund transfer to the recipient’s account is based on the RBI guidelines, settlement slot based on the time. The transfer amount may vary from bank to bank. Generally, this settlement occurs between 8 am and 7 pm on weekdays and between 8 am and 1 pm on Saturday. NEFT is convenient for those who want to transfer a large amount.
Real-time gross settlement(RTGS)
Real-Time Gross Settlement (RTGS) is for a large amount transaction and through this, you can transfer a large amount of more than Rs 2 lakh. As its name suggests, the money transfer through this happens on a real-time basis. There is no upper limit for RTGS transfer. The operating time of RTGS is between 9 am to 4.30 pm from Monday to Friday and 9 am to 2 pm on Saturday. Transaction costs through RTGS are usually higher than NEFT. RTGS can be done only if the account of the sender and receiver is in the qualified branch to take the RTGS transfer. Unified Payment Interface (UPI)
Immediate Payment Transfer Service (IMPS)
The Immediate Payment Transfer Service (IMPS) allows you to transfer funds immediately and has an upper transfer limit of Rs 2 lakh. For IMPS, fund transfer charges from 5 to 15 rupees are charged depending on the fund transfer amount.