How to use NEFT/RTGS or IMPS for fund transfer
NEFT stands for National Electronic Fund Transfer that is used to transfer fund online as well as offline. It is based on the net settlement meaning all the settlements are done on batches. For using NEFT your bank must be NEFT Enabled which can be checked on the official RBI Website.
RTGS Stands for Real Time Gross Settlement which is used to transfer amount that is bigger in value. It settles the fund in the similar batch format like NEFT. The Minimum amount that can be transferred via RTGS is Rs. 2 lakhs and then there is no maximum amount. RTGS could be done 24X7 all 365 days with effect from December 14, 2020. This system is online as well as offline.
IMPS are Immediate Payment Service that transfers fund immediately. The sender and receiver accounts will be credited and debited immediately respectively. This is a 24X7 and 365 days of service used to transfer fund electronically including bank holidays. There is a limit of the amount for transferring fund and it is Rs. 5 Lakhs as maximum whereas there is no minimum amount limit. This system can only be used to transfer funds online
What is IFSC Code
IFSC Code is a unique 11-digit code that can be used to transfer the fund through NEFT, RTGS and IMPS. It stands for Indian Financial System Code which is a combination of Alphabets and Number each set representing some information about the bank branch. There are 1.5 lakhs+ branch in India and each branch has its own IFSC Code. IFSC Code is a code assigned by the RBI to facilitate the customer as it helps the clearing office to locate the bank easily.
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