Different ways of online fund transfer | Fusion - WeRIndia

Due to technological advancement, many people prefer to use mobile banking and e-wallets to send money.  Besides, sending money through these wallets is easy and convenient. However, you cannot transfer huge amounts through these wallets.

In such times, online banking is beneficial. There are different ways, like NEFT, RTGS, and IMPS, to send funds online.

You must have to add the beneficiary name and account details to transfer funds. Adding a beneficiary takes a specific time, and it is different with various banks. Also, many banks will not allow you to transfer a huge amount for a certain period or in the initial days due to security reasons.

NEFT, RTGS, and IMPS are used to send money online. But each has its own advantages and fund transfer limits.

Here are the details about each of them:

• NEFT (National Electronic Fund Transfer) is an electronic fund transfer system. This service is available on all days. It is regulated by RBI. While the minimum amount of transfer is ₹1, there is no maximum limit. Payment options include both online and offline. Money is transferred in batches, usually for every half an hour. Earlier, banks used to levy a fee on this service. But, now banks do not charge any fees due to RBI’s instructions.
• RTGS (Real-Time Gross Settlement) is also regulated by RBI. It is an immediate fund transfer system. Both online and offline payment options are available. The minimum amount of transfer is ₹2 lakhs. There is no maximum transfer limit. Fund transfer can be done during weekdays from 9:00 a.m. to 4:30 p.m. Banks charge fees on this transfer, which varies with each bank. Charges also depend on the amount transferred.
• IMPS (Immediate Payment Service) is regulated by NPCI (National Payments Corporation of India). It is also an immediate fund transfer system. Payment can be done through the online method only. The maximum amount of transfer is ₹2 lakhs. IMPS is available on all days, including Sundays and holidays. Banks charge fees for this service.

Image by F1 Digitals from Pixabay (Free for commercial use)

Image Reference: https://pixabay.com/photos/cash-currency-financial-investment-3829601/