Thursday 24 November 2016

Today we all need to transfer money at sometime or other. What are the options available?

Well, the answer is – NEFT, RTGS, IMPS.
NEFT – Through NEFT when we transfer money, it gets processed in batches. Means what? Say, I transfer money using NEFT at 10:10 a.m., you transfer at 10:20 a.m., Mr. ABC transfers at 10:45 a.m. All our transactions over a period of 1 hour will get processed in one single batch. So beneficiary’s a/c will not get credited immediately. Here there is no minimum amount, but maximum amount could be 10 lakhs. Timing: 8:00 a.m. to 6:30 p.m. (MON to FRI) and 8:00 a.m. to 12:30 p.m. (SAT)
RTGS – Through RTGS when we transfer money, it gets processed immediately. That is why the name Real Time Gross Settlement. Here there is minimum amount 2 lakhs, maximum amount could be 10 lakhs. Timing: 8:15 a.m. to 4:15 p.m. (MON to FRI) and 8:15 a.m. to 01:45 p.m. (SAT).
IMPS – Through IMPS when we transfer money, it gets processed immediately. That is why the name Immediate Payment Service. Here there is no minimum amount, but maximum amount could be 2 lakhs. Timing: 24X7, 365 days. There are two ways one can send money through IMPS – either by using beneficiary’s a/c no. and IFSC – or by using beneficiary’s mobile number and MMID.
Charges – Better to check your bank’s website as charges can differ. But mostly the charges for NEFT and IMPS are similar when transaction amount is above Rs. 10,000. Below this amount NEFT charges Rs. 2.50 + S.T. and IMPS charges Rs. 5 + S.T.
Malay Shah

1 comment:

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