What is the difference between RTGS,NEFT,IMPS & UPI:
The difference between RTGS,NEFT,IMPS & UPI are as follows:
RTGS:
RTGS stands for Real Time Gross Settlement. It was implemented by Reserve Bank of India (RBI) in the year 2004.
RTGS transfer funds on Real time basis (Instantly). The minimum amount that you can transfer through RTGS is in a day is Rs.2 Lakhs and there is no maximum limit.
RTGS doesn’t transfer funds on 24*7 basis. The timing of RTGS transactions for customers is 7 am to 6 am.
You can do RTGS by visiting your Bank’s branch. You have to fill up a RTGS Form with the details & submit it to the bank.
Also, you can do it by using the Online banking facility of your bank.
NEFT:
NEFT stands for National Electronic Fund Transfer. NEFT was started in November 2005. This system is maintained by the country’s central bank ie, Reserve bank of India.
In NEFT, fund transfer system doesn’t occurs in Real Time basis (Instantly).NEFT settles funds within 2 hours ie, the beneficiary will receive the funds within two hours after the transaction.
The minimum amount that you can transfer though NEFT is Rs.1/- while there is no maximum limit.
Before December 2019, NEFT settled fund transfers in batches on half-hourly intervals throughout the day & NEFT facility were not available on Sundays, National holidays & Bank Holidays. But now it is available 24*7 even in Holidays.
You can do NEFT by visiting your Bank’s branch. You have to fill up a NEFT form with the details & submit it to the bank.
Also, you can do it by using the Online banking facility of your bank.
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IMPS:
IMPS stands for Immediate Payment Service. The service was introduced by NPCI (National Payments Corporation of India) in the year 2010.
IMPS also settles transactions on real time basis(Instantly).The maximum amount that you can transfer through IMPS is Rs.2 Lakh while the minimum limit that you can transfer through IMPS is Rs.1/-
The main advantage of IMPS is that it is available 24*7 & that means that you can transfer funds even in Sundays & bank holidays also.
You can do IMPS by visiting your Bank’s branch. You have to fill up a IMPS form with the details & submit it to the bank.
Also, you can do it by using the Online banking facility of your bank.
UPI:
UPI stands for Unified Payments Service. UPI is an instant real-time payment system developed by NPCI (National payments Corporation of India).With UPI you can transfer funds 24*7 between two bank accounts on a Mobile Platform.
For doing UPI transactions you have to create a UPI ID or Virtual Payment Address (VPA).You can request other UPI users for money with your UPI Id or VPA. Also you can send send money directly to any UPI user if you know his UPI ID or VPA.
You can scan bar code any pay through your UPI App. You can send or request money to any bank account mapped using mobile number or Aadhaar Number. Also through UPI you can send money using beneficiary Bank Account Number & IFSC code.
The maximum amount that you can transfer through UPI is Rs.1 Lakh while the minimum amount is Rs.1/-
