Personal Finance News

NEFT, RTGS, IMPS – Best mode to Transfer Money?

October 9, governer Shakiktanta das told that RTGS [real time gross settlement] will be available for full time from December. This decision was taken because there were problems for many people in transferring money.

The world is so digitalized nowdays as transferring money and paying money is such a easy pocess nowdays. Many modes are there like NEFT, RTGS and IMPS.

Lets see each one in detail:

  1. NEFT [national electronics funds transfer : very easy process to transfer money from our account to another person’s account. The least amount of transfer is one rupee and maximum depends on the bank. Some banks have more limit some have less.
  1. RTGS: real time gross investment is basically used when a very large amount of payment has to be made. The minimum number of limit is 2 lakhs so clearly these are mostly used by big businessmen and corporates.
  1. IMPS: in this mode of payment people require an IFSC code otherwise the payment cant take place. It is basically used by small businessmen and institutions. There are some charges which again depends from bank to bank.
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