NEFT, RTGS, IMPS, UPI - What is the Basic Differences ?

Basic differences in between NEFT, RTGS, IMPS, UPI

Before that we have to wait for a long time to sent or receive money from bank or for bill payment for something we have to wait for a long time. Now a days,

Since the internet came, we can recharge or everything from bank transfers in a few minutes from our home. So if you transfer money from your mobile or personal computer through internet then you know about NEFT, RTGS, IMPS, & UPI Today I will tell you in details what is the basic difference in between them.

NEFT

First talk about NEFT, full form of NEFT is National Electronic Fund Transfer its a basic and most popular easy money transfer way. NEFT transfer money in schedule which is pre decide by RBI its not fast as RTGS. We can send and receive money through NEFT at a particular timing which is Monday to Friday from morning 8 am to 7 pm and on Saturday 8 am to 1 pm. There is  no bindings for minimum balance for fund transfer, you can send or receive any amount of money, Charges of transfer of money through NEFT like this,

• Fund transfer upto 10000 charge is Rs. 2.50/-
• Fund transfer above 10000 upto 1 lakh charge is Rs. 5/-
• Fund transfer above 1 lakh upto 2 lakh charge is Rs. 15/-
• Fund transfer above 2 lakh upto 5 lakh charge is Rs. 25/-
• Fund transfer above 5 lakh but below 10 lakh charge is Rs. 50/-

For Fund transfer you have to provide beneficial account number, ifsc code and name which is required must.

RTGS

RTGS is a another way of fund transfer the full form of RTGS is Real Time Gross Settlement, RTGS is the fastest way of fund transfer. In this process money will be transfer instant or within 30 minute. mainly RTGS is used for large amount of fund transfer, there is minimum requirement for fund transfer is Rs. 2 lakh not below that and the charges of RTGS are discuss below.

If any reason after RTGS beneficiary not getting money then within 2 hour your money will be return on your account. We can send and receive money through RTGS at a particular timing which is Monday to Friday from morning 9 am to 4.30 pm and on Saturday 9 am to 12 pm.

• Fund transfer above Rs. 2 lakh to 5 lakh charges is Rs. 25/-
• Above Rs. 5 lakh to 10 lakh Charges Rs. 50/-
• In this process you have to pay service tax on amount, after afternoon 12.30 pm if you use this process for fund transfer then Rs.1 to Rs. 5 you have to pay more.

RTGS is real time settlement that's why within a minute beneficiary account credited.

IMPS

IMPS is a new form of money transfer full form of IMPS is Immediate Payment Service which is also instant payment service. this service is available from 22th november 2010. In this process the main highlight feature is you can send or receive money at anytime there is no time limit this process is active 24*7 even on sunday you can use this process for fund transfer. charges details are below

• Fund transfer upto Rs. 10000 charges is Rs.2.50/-
• From 10000 to upto Rs. 1 lakh charges is Rs. 5/-
• Above 1 lakh to 2 lakh charges is Rs. 15/- 

In this process you have to pay service tax also

UPI

UPI is the latest technology for transferring funds full form of UPI is Unified Payment Interface, You need to download the UPI apps from google play store for free, from UPI in one day you can transfer Rs. 50 to Rs. 1 lakh. UPI working on 24*7, anywhere anytime you can transfer money from your mobile. UPI is a online mobile payment system which is working under NPCI. Main features of UPI is you dont need to know beneficiaries account number ifsc code or name of the account holder. you don't need this any bank details you just need a mobile number which is attach with bank account of beneficiaries, and you can transfer money through this mobile number. UPI account number looking alike if you have account with sbi and you want to transfer money through UPI then your account number will be first your mobile number then @ sbi.. example if your mobile number is 9876543210@sbi this is look alike UPI account number. this is the most advanced payment system.