We must be knowing about Digital Payments. We can send a considerable amount of money from one account to another with digital payment systems like NEFT, RTGS or IMPS etc. What is the difference between these terms?
NEFT (National Electronic Fund Transfer) was introduced in 2005 to transfer money from one bank account to the beneficiary’s account, irrespective of it being in any other bank. It is managed by RBI. The maximum limit for amount of money to be transferred depends on the banks. Money takes 2-3 hours to be transferred as it is bunched up for easy interface.
RTGS ( Real Time Gross Settlement) is used to do high-value money transactions. Here the money gets transferred instantly and with more safety. It is also maintained by RBI. The minimum transaction value is ₹2 lakh. It is available 24X7. Transaction is fast because the money is not bunched up like in NEFT.
IMPS (Immediate Payment Service) is managed by NPCI . The main difference between NEFT, RTGS and IMPS is that transferring money needs only mobile number in IMPS whereas in NEFT and RTGS it needs IFSC code, Account number etc. With IMPS one can transfer an amount up to ₹2 lakh in a transaction. It is available 24X7.
Which payment method do you feel is convenient? Tell in comments. Thanks for reading.
Written By
Nidhi Patel
References:
1.https://www.bankbazaar.com/ifsc/difference-neft-rtgs-imps.html
Share this blog👇
1 Comments