National Electronic Fund
Transfer (NEFT)
- Meaning – It
is way in which you can transfer fund from any bank account to any other
bank account holder in India. NEFT is based on batch processing system.
- Minimum amount – Rs.
1
- Maximum amount – There
is no upper ceiling for transferring money through NEFT, but generally
RTGS is used for transfer of Rs 2,00,000 or above
- Time limit – The
transactions are processed in hourly batches. There are twelve settlements
from 8 A.M. to 7 P.M. on the weekdays (Monday – Friday) and six
settlements from 8 A.M. to 1 P.M. on Saturday. The maximum time consumed
is 2 hours from the submitting of the transaction in a batch.
- Availability –
NEFT is not available on the bank holidays, RBI holiday and Sunday.
Note - For transferring funds to Nepal, the limit is of Rs. 50, 000.
Real Time Gross Settlement (RTGS)
- Meaning – It
is way in which you can transfer fund from any bank account to any other
bank account holder in India in real time.
- Minimum amount – Rs 2,00,000
- Maximum amount – No limit
- Time limit – The
transactions are processed on order basis i.e. Real time. The RTGS service
is available from 8 A.M to 8 P.M. on the weekdays (Monday – Friday) and
from 8 A.M. to 3:30 P.M. on Saturday. The transfer is instant but the bank
is allowed to take up to 2 hours for crediting the amount to the depositor
account.
- Availability – RTGS
is not available on the bank holidays, RBI holiday and Sunday.
Inter Mobile Payment Service (IMPS)
- Meaning – It
is way in which you can transfer fund from any bank account to any other
bank account holder in India anytime.
- Minimum amount –
Rs 1
- Maximum amount –
Banks are allowed to set their own limit for IMPS.
- Time limit –
It is real time. The depositor account is credited in less than 1 minute
from the submission of transaction.
- Availability –
IMPS can be done 24X7 even on bank holidays, RBI holiday and Sunday
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