NEFT
NEFT stands for National Electronic Fund Transfer. NEFT in India is a nation-wide payment system through which funds can be transferred by an individual or a company having a bank account in any of the bank to another individual or company having bank account in any other bank - provided the bank should be a participating bank in the NEFT scheme. Almost all of the nationalised and private banks have this facility. The customer can enter the details of the beneficiary (the receiver) like name, bank name, IFSC, account type, account number etc. and the amount to be remitted. There is no minimum or maximum limit for NEFT. However, the upper limit per day is 1 Million Indian Rupees. There is no fee for sending or receiving money through NEFT transfers.
On working days NEFT settlements are done in half an hour windows between 8.00 am to 7.00 pm. In India, banks work from Monday through Saturday of which second and fourth Saturdays are holidays. NEFT transfers initiated outside the working hours and holidays including public holidays are settled in the next day at the first available window. Most of the bank have Email and SMS alert facility to notify you of the transaction status.
NEFT transfer is one of the safest and most reliable method for sending and receiving money.
Please visit https://m.rbi.org.in/Scripts/FAQView.aspx?Id=60 to know more about NEFT.
RTGS
RTGS stands for Real Time Gross Settlement. Unlike the window system in NEFT, RTGS work on gross settlement i.e. real time. Gross settlement is where the transaction is treated as one and completed on a one-to-one basis without clubbing with other transactions. RTGS facility is meant for large value transactions. The minimum limit for RTGS transaction is 2 Million Indian Rupees. There is no upper limit for RTGS transaction, however the upper limit per day is 10 Million Indian Rupees. Reserve Bank of India has removed the fees applicable for RTGS in order to promote electronic fund transfer. Like NEFT, RTGS is one of the safest ways to transfer money by an individual or a company having a bank account in any of the bank to another individual or company having bank account in the same bank or any other bank - provided the banks participate in the RTGS scheme.
Please visit https://m.rbi.org.in/Scripts/FAQView.aspx?Id=65 to know more about RTGS.
IMPS
IMPS stand for Immediate Payment Service. IMPS is an interbank electronic instant money transfer service. Like RTGS it works real time. The maximum amount that can be transferred in a day is 2 Million Indian Rupees. IMPS inward and outward transactions are available 24X7. There are no holiday restrictions on IMPS inward and outward transactions.
Please visit https://www.npci.org.in/imps-faq-s to know more about IMPS.
