NEFT, RTGS & IMPS Transfer - Limits, Charges & Timings - YouTube

If you want to send money to someone online

So you have 3 ways to do this

The first is NEFT, the second RTGS, and the third is IMPS

Now how do these methods work

When to use these methods

We will discuss the same in this video

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So if you want to send money to someone online

Then you have 3 options

NEFT, RTGS, or IMPS

For example, your bank account is in SBI, Karol Bagh branch of Delhi

And you want to send money to someone whose bank account

is in Axis Bank, Ramapuram, Chennai

So firstly you should know the IFSC code of that bank

I have written the IFSC code of the Ramapuram branch of Axis Bank

So you should know this

And now how can you send money to someone online ?

The first way you have is net banking

On your laptop, go to the respective website

Whatever your bank is, if your account is in SBI

So you will go on the website of SBI, and log in

And then you have to register the beneficiary

The second option is you can use mobile banking

The third option is you can go to any branch of the bank

and initiate an online fund transfer

So what are the requirements for that?

The first is you need the name of the beneficiary

You need the exact name of the person to whom you want to send the money

which is in their account

The second thing you need is their account number

So if you are transferring money in the Axis Bank

Whoever's account is this, you need the exact account number of Axis Bank

Third is you need IFS Code

For example, I have written this IFS code here

You will need this

And you have to remember one thing

Whenever you transfer the money, then firstly you need to register the beneficiary

For example, if you go on the website of SBI,

then to whoever you want to send the money

You have to register him as a beneficiary in your account

Now it depends that how much time it will take for registration

In some banks, for example, in City Bank, there is instant registration

So there is no time limit, you can instantly register on that

and send money

In Axis Bank and ICICI Bank, it takes time up to 30 minutes

In some banks, it can take the time up to 1 day

So it depends on the bank, how much time it will take

Let's go, now we will understand the individual features of NEFT, RTGS, and IMPS

And when to use which one

So the full form of NEFT is National Electronic Fund Transfer

This technology was launched in 2005

All the banks which accepted this technology became its member

And the banks which have this technology

NEFT fund transfer can happen between those banks

So on today's date, all popular banks provide NEFT facility

We get all the facilities of NEFT, RTGS, and IMPS

So nowadays you don't have to think that much

wheather this facility is available in your bank or not

There is timing in NEFT, you can send money the same day

But you have to do the transactions during office hours

This means you can do the transactions between 8:00 am to 6:30 pm

And what are the limits in this?

There is no limit of minimum amount

If you want to send a rupee or two, you can surely send it

What is the limit for the maximum amount

In some banks, the maximum limit is 10 lakhs

Some banks give the limit of 25 lakhs

When you do the registration of the beneficiary,

the limit for initial 24 hours can be less

In some banks, it is 30000 Rs

And in some banks, it is up to 50000 Rs

How much are the charges?

It depends.

The charges can differ from bank to bank

So if I talk about Axis Bank and ICICI bank

The charges can be from 2.5 Rs to 25 Rs excluding GST

This is charged per transaction

There are different slabs for different amounts in every bank

These are charged according to that

So these are nominal charges, they are not much

After that, how are funds are transferred

I have told you already

that the funds can be transferred on the same day

These are done in hourly batches from 9 am to 7 pm

The number of transactions accumulated per hour is dispatched

For example, the transactions occurred between 8 am to 9 am

Let's say 10 transactions occurred between 8 am to 9 am in SBI

So all these 10 transactions will be released at 9 am

Then let's say between 9 am to 10 am, 15 transactions occurred

Then they all will become a batch,

and these transactions will be released at 10 am

So the money is not transferred instantly

The batches are made and then transferred within the batches

If you want to transfer the money instantly, you can opt for RTGS

The full form of RTGS is Real Time Gross Settlement

You can understand the meaning by the real-time

The money is transferred instantly in this

The timing of RTGS is 8 am to 4 pm

You can do transactions between 8 a to 4 pm

The second most important thing that you have to remember is that

The minimum transaction amount in this is 2 lac Rs

You can do RTGS of the amount below 2 lac Rs

If you want to transfer the amount below 2 lac Rs

Then you have to opt for IMPS for that

So maximum how much amount is allowed in this

You can do a transaction of a maximum of 25 lacs Rs

In some banks, the limit is 10 lacs Rs

And in some banks, it is up to 25 lac Rs

What are the charges?

It depends on the banks.

If I talk to you about Axis Bank, ICICI, or HDFC, then the charges

are 25 Rs to 50 Rs per transaction plus GST

After that, fund transfer, we already talked about it

that funds are transferred instantly in this

Now see what's in IMPS?

In RTGS the minimum amount limit was 2 lacs Rs

In IMPS, there is no limit like that

So let's understand IMPS well

The full form of IMPS is Immediate Payment Service

So as soon as you perform the transaction,

the fund will be transferred immediately

To whoever you are sending

Timing is 24×7

I will mark this as a star, this too is a very important feature of IMPS

You can transfer money from your home at midnight or 1 am or 2 am

That's why IMPS is very good

Then if we talk about the limits, there is no minimum limit in this

You can send 2 Rs, 5 Rs, or 10000 Rs, 20000 Rs

But there is exist a maximum amount limit

You can use IMPS for up to 2 lac Rs

So if you want to send instantly 0 to 2 lac Rs, use IMPS

As I have told you earlier that when you register for a new beneficiary

Then some banks place a limit for initial 24 hours, that for 24 hours you can send less money

So in some banks, this limit is 30 thousand Rs

While in some this limit is 50 thousand Rs

Now what are the charges for IMPS

This too differs from bank to bank

So in this, minimum amount can be zero

For example, if I talk about Axis Bank, so if you do a transaction up to 1000 Rs

Then there is no charge for that

After that, there are different slabs

There are slabs like 5 Rs, 15 Rs, 25 Rs

It depends on the transaction amount

So there can be a charge of 0 to 25 Rs per transaction

Plus you have to pay GST also

We have already talked about fund transfer, it is done instantly

There are three methods of fund transfer in IMPS

There is only one method of fund transfer in NEFT and RTGS

That you have to register the beneficiary, after that you need an IFS code

But in the case of IMPS, you can transfer the funds with a mobile number only.

If your mobile number is linked to any account

Then you can send money to that mobile number also

Whoever you want to send money to, you will need their MMID

What is MMID?

This is a seven-digit code that is generated by a bank for every account

If you want to generate it for your account,

then every bank provides a number

Which you can find online

You can send an SMS to that number and generate an MMID

The full form of MMID is Mobile Money Identifier

This is a unique code of every account

The second way you have is by using IFS code and account number

We have talked about it already

That you go to your online account

You put your beneficiary's name and account number in that

And you put their branch's IFS code

Then you will finish the transaction

The third way is the new one

If someone's account is linked to Aadhar Card,

then with the use of an Aadhar Number, you can transfer the money

So this was all about concept

I have discussed NEFT, RTGS, and IMPS with you in detail

I hope these concepts are clear to you

Now I will show you an online real-time demonstration

We will do one transaction of IMPS and let's see how the money is transferred

So see here, I have logged in to my Axis Bank account

After going to the payments here, and then going to the transfer funds

I will get an option of online transfer

All the banks have a similar process

Either you will find the main menu at the top or you will find it on the left

After that, firstly you have to register the beneficiary

If you are transferring the funds to a new beneficiary

I have already added a beneficiary, I have registered

I am going to transfer the funds to my other account

See here, Mukul Malik, I have an account in HDFC in Chennai

I will transfer the funds to that account

Let's go down for once

So see, what options do we have here

I can do it at one time or I can do it repetitive

If I want to make a payment every month

I can also do that here

We can put any amount here

Let's put the arbitrary amount here

I will put 140 amount here

So I am putting the amount 140 here, and it is less than 2 lac Rs

So there is no option for RTGS

So either I can do NEFT or IMPS

Right now the time is 7:30 pm on 14th August

So I cannot do NEFT also

That means I can do IMPS

We will do IMPS

We will press next here

See here, it is asking for the confirmation of the payment

We will come down now

So here are all the details

And 5 Rs are being charged for 140 Rs

I will click on "I have read the disclaimer and accept all the terms and conditions"

And I will enter the net secure code from my mobile

So I have added the net secure code

And we will confirm here

So see, IMPS fund transfer request accepted

After this, you can email the receipt or print it

Or you download it for the future reference

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