The quickest way to send money these days is through mobile banking using e-wallets, but to send large amounts, one must use the online mode. online money transfer has become the most convenient method of transferring funds from one bank to another. Here are the four most common methods of money transfer.
NEFT (National Electronic Funds Transfer) is a one-to-one payment system. This transaction is only made respectively NEFT-enabled banks. One can transfer money through Mobile banking, Internet Banking, or visiting Branch. Earlier the NEFT clearance was performing in the respective timing slot. Now which is operational 24 hours a day, 365 days a year.
There is No Upper or Lower on the number of funds that could be transferred through NEFT. Account Number, IFSC (Indian Financial System Code is an eleven-character alphanumeric code. )code is required to transfer money.
RTGS (Real-Time Gross Settlement) wherein money is credited towards the beneficiary's account in real-time and on a gross basis. The RTGS system is designed mainly for Big amount transactions that need and are cleared immediately. The RBI is in charge of the system. There is a minimum limit of Rs. 2.00 lakh, but no maximum limit for fund transfers via RTGS.
Money transfers are instant or real-time. Transaction for RTGS can be initiated through online modes( Mobile & Internet Banking) and also Through Branch.
IMPS(Immediate Mobile Payment Service) is a real-time inter-bank fund transfer system managed by the National Payment Corporation of India. Unlike NEFT and RTGS, IMPS is available 24 hours a day, seven days a week, including bank holidays. It has no minimum limit but a maximum limit of Rs. 2 lakh if payment is made using a bank account number and an IFSC code. If transfers are made using a mobile number and an MMID, the maximum limit is Rs. 10,000.
UPI(Unified Payments Interface) is a real-time payment system created by the National Payments Corporation of India that allows for inter-bank transactions. The Reserve Bank of India regulates the interface, Which is an easy and fast way of transferring money. UPI Id or Phone number is required for transfer. minimum Rs. one and the Maximum limit per UPI transaction is Rs.1 Lakh. It allows bank customers from various banks to send and receive money using only their Aadhaar unique identification number, mobile phone number, or virtual payment address, without entering bank account information.
Conclusion
The best payment system among those listed above is :
For Instant Fund transfer amount less than one lakh, UPI payment is an ideal way at free charges.
IMPS would be another excellent payment method for transferring money that is higher than Rs. 1 lakh but less than Rs. 2 lakh.
NEFT is also the quickest way to transfer funds through a bank branch. It's perfect for, loan repayment, or credit card payments, etc.
For transfers of more than Rs.2 lakhs, RTGS is the best option.
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