Online money transfer is a very important banking service that everyone makes use of some point of time or the other in their lives. For parents whose grown children are working or studying in a different city or country transferring of money online from one party to the other is a rudimentary and routine matter. Mainly banks across the country provide the following kinds of online money transfer services; Immediate Payment Service or IMPS for short, National Electronic Funds Transfer or NEFT for short and Real Time Gross Settlement or RTGS for short.
Each of the transfer services mentioned above have different monetary values for minimum transfer, different speeds, have different availability and several other features such as the processing fee levied on the online transfer. In times of dire need and emergency a quick and easy transfer service is of the utmost importance. In such a case IMPS is the answer to your prayers.
Other transfer services such as NEFT is carried out in batches and is not subject to availability for use during bank holiday periods and on Sundays. NEFT allows for small value transfer which can be as low as one rupee with nominal processing fee charges. The charges are pretty standard provided the two banks (the sender bank and the receiver bank) are NEFT enabled and are part of the huge network. To sum up the features of NEFT transfer, it has no upper limit of transfer. This makes NEFT extremely cost-effective and enables for extensive usage by people when it comes to online transfers.
RTGS has a set minimum as well as maximum transfer value which range between two rupees to ten lakhs. The RTGS transfer facility can be made use of only when the two banks are RTGS enabled. RTGS transfer service is mainly made use of when there is a need for high value transfer instantly. Due to the quick accessibility and speedy transfer the processing fee charged for the transfer is quite exorbitant.
Now when we come to IMPS, it is quite beneficial for most users as it balances somewhere between the advantages of a NEFT and RTGS transfer service. Perhaps one of the biggest perks of IMPS transfer service is that it can be made use of 24*7 and is also available during bank holidays. This is a very important factor for a lot of people who suddenly and very urgently need money. IMPS allows for a minimum transfer of one rupee and a maximum of 2 lakhs. The transaction time is immediate and the processing fee is quite low almost on the same ranks as that of NEFT. However, the only drawback is that it is only internet and online banking specific unlike the other two which can be carried out both online and offline.
Each of the transfer services mentioned above have different monetary values for minimum transfer, different speeds, have different availability and several other features such as the processing fee levied on the online transfer. In times of dire need and emergency a quick and easy transfer service is of the utmost importance. In such a case IMPS is the answer to your prayers.
Other transfer services such as NEFT is carried out in batches and is not subject to availability for use during bank holiday periods and on Sundays. NEFT allows for small value transfer which can be as low as one rupee with nominal processing fee charges. The charges are pretty standard provided the two banks (the sender bank and the receiver bank) are NEFT enabled and are part of the huge network. To sum up the features of NEFT transfer, it has no upper limit of transfer. This makes NEFT extremely cost-effective and enables for extensive usage by people when it comes to online transfers.
RTGS has a set minimum as well as maximum transfer value which range between two rupees to ten lakhs. The RTGS transfer facility can be made use of only when the two banks are RTGS enabled. RTGS transfer service is mainly made use of when there is a need for high value transfer instantly. Due to the quick accessibility and speedy transfer the processing fee charged for the transfer is quite exorbitant.
Now when we come to IMPS, it is quite beneficial for most users as it balances somewhere between the advantages of a NEFT and RTGS transfer service. Perhaps one of the biggest perks of IMPS transfer service is that it can be made use of 24*7 and is also available during bank holidays. This is a very important factor for a lot of people who suddenly and very urgently need money. IMPS allows for a minimum transfer of one rupee and a maximum of 2 lakhs. The transaction time is immediate and the processing fee is quite low almost on the same ranks as that of NEFT. However, the only drawback is that it is only internet and online banking specific unlike the other two which can be carried out both online and offline.
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