Monday, 18 February 2019

NEFT, RTGS, IMPS to UPI - Best options for sending money online

Banking process has become easy with the online money transfer facility. Banks have introduced several methods for online money transfer. 

NEFT

A consumer or a company can send money with the help of NEFT. This method to
send money can take 30 minutes to 1 hour. However, the limit on the amount that can be sent varies from one bank to another. Through NEFT, customers can send money from Monday to Friday at a transaction cost of Rs 2.5 Rs to Rs 25

Immediate Payment Service (IMPS)

IMPS service allows you to send money immediately. It allows you to send a maximum of Rs 2 lakh for seven days and 24 hours.
That is, if you send money to a person or relative at 2 a.m. then at the same time it will deposited in his account. This service can also be used on holidays. The transaction charges are Rs 5 to Rs 15.

Real Time Gross Settlement (RTGS)

RTGS  is usually used in large transactions. The biggest feature of this medium is that money can be sent in real time. However, with this mode, you have to send at least Rs 2 lakh. Also, there is no limit on the maximum transaction. Customers can send money from 8 AM to 8 PM as the transaction cost of Rs 25 to Rs 65.

Unified Payment Interface(UPI)

UPI mode works through the mobile app. It can send money for seven days and 24 hours. Consumers can send money without IFSC code or account number. With this mode, you can send money up to Rs 1 lakh.


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