The days of standing in long queues at the
bank for financial transactions are over.
ATMs and online banking has proven to be very helpful for customers.
Here we are listing down four ways how to transfer money online
- National Electronic Funds Transfer (NEFT)
It is one of the
most popular ways to transfer money in the country. There is no upper limit to
the amount that you can transfer. However, individual banks can set the limit
for transfer. You need following details to transfer money through NEFT
●
Name of the account holder
●
Bank account number
●
Account holder’s branch name
●
The IFSC code of
accountholder’s branch
Each transfer
cannot exceed Rs. 50,000 and you can do NEFT on timings fixed by the branch you
are visiting. Some of the advantages of this transfer are as follows:
●
Secure and safe mode of
transfer
●
Relatively economical as
charges on transfer are minimal
●
Largely reliable and free of
errors
●
More organised and gives a
batch-wide settlement
- Immediate Payment Service (IMPS)
IMPS is the
real-time method for electronic fund transfer. The biggest advantage of this
system is that the transfer of money happens immediately to the beneficiary's
account. The inter-banking transfer happens through multiple channels. Some of
them are as follows:
●
Internet banking
●
Mobile banking
●
ATMs
●
SMS
It is one of the
most popular media to transfer money. The banks usually charge levy on such
transactions. Some of its advantages are:
Secure and safe
mode of transfer
The fastest method
to transfer funds
The process is
very convenient and user-friendly
24x7 Availability
- Real Time Gross Settlement (RTGS)
This mode ensures
that the money-transfer is done immediately without any delay. The minimum
amount that you can transfer via this method is Rs. 2 lakh and there is no
upper limit. The real-time transfer happens throughout the RTGS business hours
across branches of a bank. The amount takes like about 30 minutes to reach the
beneficiary account. You require the same set of information as listed earlier
to do the RTGS. Some of its advantages are listed below:
●
Online transfer of fund in
real-time
●
Can be used for high-value
transactions
●
Reliable mode of the transfer
authorised by the RBI
●
Clearing of funds immediately
●
The credit of funds on a
one-to-one basis
- Mobile Wallets
There is various online money transfer app
available on smartphones that you can download to do the financial
transactions. Now you can replace this mode of payment with plastic cards and
cash. They are very convenient and save you from carrying additional cards to
the marketplace.
Some of its advantages
are as follows:
●
Cashless transactions
●
Safe and secure
●
Very convenient to use
Immediate acknowledgement of payment.
