"I think something's missing in my life... Like... 2-3 million dollars"           "Great things never came from comfort zones"           "Good, better, best. Never let it rest. Till your good is better and your better is best"           "Investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the future"           "You cannot save time for future use, but you can invest it for the future you"           "Wealthy people invest first and spend what’s left and broke people spend first and invest what’s left"           "The secret to getting ahead is getting started.................Start using your Savings to Earn Money"           "The best gift, and investment, you can give your child is your time"           "Investing in your child’s education is never a wasted effort"           "Do something today that your future self will thank you for"

Fund-Transfer-limit-under-NEFT-RTGS-IMPS-or-UPI

 

Fund Transfer limit under NEFT, RTGS, IMPS or UPI

258 views
7
See the related post : RuPay Card and their benefits

 

National Electronic Funds Transfer (NEFT)-

NEFT is a nation-wide payment system. There is no minimum or maximum limit of fund transfer through NEFT. NEFT is available on internet banking, mobile banking and at the bank branches. The Timing of NEFT is from 8.00 AM to 6.30 PM from Monday to Saturday (Except 2nd and 4th Saturday). NEFT transactions are settled in batches.

 

Real Time Gross Settlement (RTGS)-

RTGS is the best method of fund transfer for a big amount. The system is managed by the RBI. There is minimum limit of Rs. 2.00 lakh but there is no maximum limit of fund transfer through RTGS. Money under RTGS transfers instantly. The timing of RTGS is from 8:00 AM to 4:30 PM from Monday to Saturday (Except 2nd and 4th Saturday).

 

IMPS is an instant payment inter-bank electronic funds transfer system in India. IMPS offer an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays.

IMPS have no minimum limit but have a maximum limit of Rs. 2 lakh if the payment is forward through bank account number and IFSC code. The maximum limit is only for Rs. 10,000 if transfers have been made through Mobile number and MMID.

 

UPI is a platform provided by NPCI to facilitate inter-operability amongst multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. There are many UPI apps available at Google Play store.

There is no minimum limit but a maximum amount limit is Rs.1 lakh through the UPI. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays.

 

 
Conclusion-

Out of these above, the best payment system is as under-

Unified Payments Interface (UPI) - UPI is best payment system for instant fund transfer below to Rs. 1 lakh. There is no charge on payment transfer.

Immediate Payment Service (IMPS) - IMPS is another best payment system for instant fund transfer above to Rs. 1 lakh but less than ₹2 lakh.

National Electronic Funds Transfer (NEFT) - NEFT is also best payment system for future payments, loan repayment or credit card payments. NEFT is also best for cash transfer through the bank branch.

Real Time Gross Settlement (RTGS) - RTGS is best for transfer above to Rs.2 lakhs.

 



Comments


Leave a Reply

Name *
Comments *
   

© 2019 - Understand Your Income