Online Money Transfer

Online Money Transfer Methods in India

Mostly all of us use one or the other method of Online Money Transfer on our regular day to day life. Now the convenience of transferring money online helps us in making most out of the modern technology-based banking services. When we transferring money from one account to another, most of the banks provide multiple options for us based on various factors and customer’s specification. Currently, All banks provide us multiple transfer methods such as National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), Immediate Payment Service (IMPS), etc. Which is based on the value of the transaction, the speed of transfer, service availability, and other factors as well, and each of the transfer provides us different kinds of features and elasticity. Though each of the methods have their own advantages and disadvantages as well, they provide flexibility and convenience to the customers. Moreover, all banks have their own digital wallets to facilitate additional methods of fund transfers online for its Customers flexibility. In this Article, we are going to learn about different kinds of online money transfer methods.


Online Money Transfer based on modern technology

1. National Electronic Fund Transfer (NEFT) It is the way in which one can transfer fund from any bank account to any other bank account holder all over India. NEFT is based on the batch processing system. The funds transferred under this methodology are completely settled in batches (based on DNS (Deferred Net Settlement) and take place at a specific time of the day. If the transfer is scheme beyond the cut-off time specified by RBI, the funds are typically settled for the next working day of a bank.

  • Minimum Transfer value limit: Rs.1/-
  • Maximum Transfer value limit: There is no upper no limit for transferring money through NEFT.
  • Time limit of Transfering Amount: The transactions processes in hourly batches. There are 12 settlements between 8 A.M. to 7 P.M. on weekdays (Mon – Fri) and 6 settlements between 8 A.M. to 1 P.M. on Sat. The maximum time taken is 2 hr after the submitting of the transaction in a batch.
  • Availability: National Electronic Fund Transfer(NEFT) is not working on the bank holidays, RBI holiday and Sunday.
  • Online/Offline: Available in Both mode.

Note – If one wants to transfer funds to Nepal(Neighbouring Country) then the limit is of Rs. 50, 000/- only.

2. Real Time Gross Settlement (RTGS)– It is the way through which one can transfer funds from one bank account to another other bank account holder in India on a real-time basis.

  • Minimum Transfer value limit: Rs. 2,00,000/-
  • Maximum Transfer value limit: There is no upper no limit for transferring money through RTGS.
  • Time limit of Transfering Amount: The transactions are processed on order basis i.e. on Realtime basis. The RTGS service is available for us from 8 A.M to 8 P.M. on the weekdays (Mon – Fri) and from 8 A.M. to 3:30 P.M. on Sat. The transfer is speedy but banks are allowed to take up to 2 hours for crediting the amount to the depositor account.
  • Availability: Real Time Gross Settlement (RTGS) is not working on the bank holidays, RBI holiday and Sunday.
  • Online/Offline: Available in Both mode.

3. Immediate Payment Service (IMPS)This is the process in which one can transfer fund from one bank account to another bank account holder in India anytime. IMPS is one of the popular and fastest methods of fund transfer, It is used widely across most of the banks. It functions 24/7 allowing customers to transfer a fund at any time of the day.

  • Minimum Transfer value limit: Rs.1/-
  • Maximum Transfer value limit: All Banks are allowed to set their own transfer limit for IMPS.
  • Time limit of Transfering Amount: It is based on real time. The depositor account is credited in less than 1 minute from the submission of the successful transaction.
  • Availability:  IMPS transaction can be done 24/7 even on bank holidays, RBI holiday and Sunday also.
  • Online/Offline: Available in Both mode.

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Updated: March 7, 2018 — 2:45 pm

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