In this era of Digital India, online money transfer must be done by everyone. Whenever you login to your account for money transfer, three options will appear. RTGS, NEFT and IMPS, all these three are very easy means of transferring money.
You would think that when money can be sent online from everyone, then what is the difference between them and which option would be right to use for which type of transfer.
Actually, most of the people who transfer money online still have confusion about it. However, all these three options allow you to transfer money safely and fast. Despite this, there is a big difference between these three options and it is very important for you to know their features.
RTGS is the way for big transfers
Banks have also given the option to transfer money online through Real Time Gross Settlement (RTGS). This route is used to transfer large funds that require immediate remittance. Only funds above Rs 2 lakh can be transferred through RTGS.
It transfers money on real time basis. For example, here you clicked and there the money will be deposited in the account of the person in front. However, the benefit of this facility is available only on working days from 8 am to 4.30 pm. However, you may have to pay some transaction charges for this facility.
NEFT provides not one but four facilities
National Electronic Fund Transfer (NEFT) is also a very easy way to transfer money online. Through this you can send money anywhere within the country. There is no limit to send minimum and maximum money in this option. Not only this, no charge has to be paid for this. You will get this facility 7 days a week and 24 hours. Not only can you transfer money through NEFT, but you can also complete credit card bill, loan payment and foreign exchange work.
If you want to send money immediately, then IMPS
facility is also useful for sending money online. If you have to send money to someone’s account immediately, then take advantage of the Immediate Payment Service (IMPS). This option gives you the convenience of sending money at any time. Money can be sent through IMPS even on holidays. In this also there is no limit to send maximum and minimum money.
