also wherevas and its so it Now a day’s everyone uses to transfers money electrically by bank accounts in different banks, in India currently, there are several modes of transferring money online such as NEFT, RTGS, UPI, IMPS, Digital Wallets, etc.
What is IMPS?
whereas IMPS stands for Immediate Payment Services and is used to transfer money immediately via the internet or mobile banking you can transfer money 24×7 depends on the bank the truncation charge may vary.
What is RTGS?
RTGS stands for Real-Time Gross Settlement it’s also one of the methods of transferring money and it’s a real-time payment mode based on gross its mainly used for higher value transfers that require immediate clearance and its one of the fastest settlement within one hour it will complete truncation
What is NEFT?
NEFT stands for National Electronic Funds transfer and it used to transfer funds from one bank to another bank branch and settlement are in batches and it will take around 2 hours it’s also an online mode of transfer and service is available 24×7
What is UPI?
UPI stands for unified payments interface and it’s an instant real-time payment system used to transfer fund between two banks you can transfer funds online or by using mobile banking where UPI is a system with multiple bank account in a single application the money transfer by UPI works 27×7 since its best and easy way.
Difference between NEFT, RTGS, IMPS, UPI
|1.National Electronic Funds Transfer(NEFT)||1.real-time Gross Settlement (RTGS)||1.Immediate Payment Service(IMPS)||1.so (UPI) stands for Unified Payments Interface|
|2. so you transfer money up to 1 lakh||2.minimum transfer value is 2 lakh||2.up to 1 lakh||2.also you can transfer up to1 lakh in UPI|
|3. Speed of settlement is 2 hours||3. Speed of settlement immediately||3. in this Speed of settlement is immediately||3.Speed of settlement is immediately|
|4.like Service is available 24×7||4.Service 7 am to 6 pm working days||4.whereas you can transfer money 24×7||4.Service available 24×7|
|5.however you can transfer both Online/offline||5.Online/offline both||5.Only online process||5.Online/offline both|
|6.also Type of settlement like batches||6. like is also a one – on – one type of settlement||6.transition mode one –on -one||6.Type of settlement like one-on-one|