What is NEFT, IMPS, RTGS and UPI Online Transaction?

Nowadays we resort to Online Transaction to send money, but do you find how it works? And how many types are they? So let’s know all these questions today.
We do four types of Online Transaction:
- NEFT
- RTGS
- IMPS
- UPI
NEFT (National Electronics Fund Transfer)
This is a Online Money Transfer Tool. With the help of which we transfer money. The system was created by RBI in 2005. With the help of this system, we can transfer money to each other’s accounts. This is done in Transaction Batch and Wise Format. The money can be sent to any NEFT enabled account in India. For NEFT Transaction, you must first find out that you should have the account number, IFSC code, Bank Branch name and account holder name of the person you are sending.
Time to make Transaction
These transaction can be done only in working time. This cannot be done on Holiday. Normal Day from 8 a.m. to 7 p.m. and saturday from 8 a.m. to 1 p.m.
There is no Maximum and Minimum limit of NEFT Transaction.
RTGS (Real Time Gross Settlement)
RTGS is a system with which you can transfer money immediately. It was also built in 2005. If you want to send money to someone more than Rs. 2 lakhs immediately, you can transaction it with the help of RTGS.
Time to make Transaction
The time for this transaction is the same as that of NEFT. Holiday will not be able to do this work. Monday to Friday from 9 am to 4:30 am and Saturday from 9 am to 2 pm.
The Minimum Limit of this Transaction is Rs.2 lakhs and Maximum Limit is not there.
Charges:-
- 2,00000-5,00000 Rs 30/Transaction
- Above 5,00000 Rs 55/Transaction
IMPS (Immediate Payment Transfer)
IMPS is a tool for transferring money Immediately Payment Service with the help of which money can be transferred immediately. it takes some time to transfer money to RTGS and NEFT Transaction but is done immediately by IMPS.
It was created by NPCI i.e. National Payment Corporation Of India in 2010. This tool helps in Real Time Money Transfer.
Time to transfer money
Money can be transferred at any time in 24 hours in IMPS.
Limits and Charges :-
The Minimum Transaction limit of IMPS is Rs.1 and Maximum limit is Rs.2 lakh/Transaction.
Charge of IMPS Transaction :-
- Up to 10,000 – Rs2.5/Transaction
- 10,000 to 1,00000 – Rs5/Transaction
- 1,00001 Rs15/Transaction.
UPI (Unified Payment Interface)
UPI that it started in 2016, it was made by NPCI when 500 and 1,000 notes were discontinued in the country. Then people had a lot of cash trouble. At the same time, the Government had emphasized on Cashless economy so that cash crunch does not come to the fore. So Prime Minister Narendra Modi Launch UPI.
It works like a IMPS Transaction. We can do Recharge, Bill Payment, DTH Recharge, etc. with the help of UPI. With the help of UPI, money is transferred to any Bank account immediately. This is a very easy and secure payment option.
Some UPI Apps:
- BHIM UPI App
- Google Pay
- Phonepay
- Paytm
You can also install UPI application of any bank. You will find a lot of UPI apps in Google Play store.
Time, Charge and Limit
It’s free now, if charged, it’ll be charged 50 paise for a Transaction of 1,00,0000. The limit is Daily 10 Transaction and Total Rs 1 lakh 10 times. That means you do Rs. 1 lakh once or ten times.
Friends, all the types mentioned above are very safe Transaction and are under the supervision of all Transaction RBI. If you like this post, you can share it or comment below if you have any problems or suggestions.
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