Let’s know what is NEFT, RTGS and IMPS:Digital payment is expanding rapidly in the country. Due to the long lockdown caused by Corona virus, its trend has increased further. In this episode, online fund transfer is increasing. The customers of the bank can conduct money transfer through three payment modes like NEFT, RTGS and IMPS through internet and mobile banking. Let’s know about them.
National Electronic Funds Transfer (NEFT) is an electronic payment mode. In this, money is transacted from one account to another. One can avail this facility through internet banking. It can also be used by going to the bank. Funds are transferred through NEFT in no time. There is no additional charge for fund transfer. But in the process of getting NEFT from the branch, a fee has to be paid. This feature remains on 24X7.
Real time gross story (RTGS) is another electronic method of fund transfer. This is the fastest mode to transfer funds from one bank account to another. But funds cannot be transferred from one account in the same bank to another account through RTGS. There is a minimum limit of fund transfer of two lakh rupees. RTGS is a money transfer mode. There is also no fund transfer fee. But in the branch, there will be a fee for transferring funds from RTGS. IMPS Immediate Payment Service (IMPS) is convenient for transferring funds and soliciting funds on real time basis. It facilitates interbank transactions with the help of internet banking and mobile. Why use IMPS when NEFT 24X7 is available?
In IMPS payment mode, transfer of money is done on real time basis. It is suitable for online transactions of up to Rs 2 lakh and for small value. While fund transfer is done in batches every half hour in NEFT mode, this facility is not based on instant and real time. If the beneficiary does not need the amount immediately, then you can use this payment mode to transfer funds.
Essential information on the service of RTGS and NEFT
Some information is sought in both these payment modes, which is as follows. It requires the amount to be transferred, beneficiary customer account number, beneficiary bank and branch name, beneficiary name and beneficiary bank branch IFSC code.
An important question is that if the money was debited from the bank account while transferring through NEFT / RTGS / IMPS, but the beneficiary account is not yet credited the money, will the money be refunded? The answer is yes. If for any reason the money has not been transferred from any one of these three channels to the beneficiary’s bank account, the bank will return the amount transferred to the bank within an hour. Once the amount is received by the bank, this amount will be put back into your account by the bank.