INSUBCONTINENT EXCLUSIVE:
NEFT, RTGS and IMPS are three common instant money transfer services in use todayToday electronic or wire money transfers can be made in
Electronic or e-transfer of funds refers to transfer of money from one bank account to another carried out online over a network of
computers, that is, without dealing with bank staff
The money transfer can be between accounts of one bank or multiple banks
NEFT or National Electronic Funds Transfer, RTGS or Real Time Gross Settlement and IMPS or Immediate Payment Service are three such
platforms of money transfer in use today
( SBI NEFT, RTGS, IMPS transaction charges)NEFTNEFT is a payment system that enables electronic transfer of funds from one bank to another
Money transfer can be made by an individual or company to an individual or company's bank account with any bank that is a member of the
NEFT scheme, according to the Reserve Bank of India (RBI)
Information on bank branches currently part of the NEFT system can be accessed on the RBI website
Currently, most banks in the country support NEFT payments
In NEFT, transactions are executed in half-hourly batches
At present, there are twenty three half-hourly settlement batches, which run from 8 am to 7 pm on all working days of week except the second
and fourth Saturday of the month, according to the RBI's website.There is no limit on the amount of funds that could be transferred using
However, each transaction can be made for a maximum value of Rs 50,000.RTGSRTGS, primarily meant for large value money transfers, is a
payment system that enables instant transfer of funds
Unlike NEFT, RTGS processes the instructions at the time they are received rather than at a later time
Currently, more than 1 lakh bank branches offer the RTGS facility, according to the RBI
Information on these branches can be accessed from the RBI website
RTGS transactions can be made from 9.00 am to 4.30 pm on weekdays and from 9:00 am to 2:00 pm on Saturdays for settlement at the RBI-end,
according to the central bank
However, the timings that the banks follow may vary depending on the customer timings of the bank branches, it noted.The RTGS service window
for customer's transactions is available to banks from 9:00 am to 4:30 pm on weekdays and from 9:00 am to 2:00 pm on Saturdays for
settlement at the RBI-end
However, the timings that the banks follow may vary depending on the customer timings of the bank branches, the central bank noted.The
minimum amount to be remitted through RTGS is Rs 2 lakh
There is no upper ceiling for RTGS transactions.RTGS vs NEFTIn NEFT, settlement of all transaction requests takes place at a particular
"cut-off time", according to the RBI
On the other hand, in RTGS, the transactions are settled individually
In NEFT, for example, any transaction initiated after a designated settlement time would have to wait till the next designated settlement
However, in RTGS, the transactions are processed continuously throughout the stipulated business hours.Both NEFT and RTGS are maintained by
the RBI.IMPSIMPS is a payment service managed by the National Payments Corporation of India (NPCI)
This service enables individuals to make money transfer instantly through banks and RBI-authorised Prepaid Payment Instrument Issuers (PPI)
Unlike NEFT and RTGS, IMPS is available round the clock throughout the year, even on bank holidays
Currently, there are 53 commercial banks and 101 rural, district, urban and cooperative banks that support the IMPS service, according to
An IMPS transaction can be initiated from a mobile phone, through internet or an ATM, wherein confirmation of debit or credit is sent by an
