How To Transfer Money Through IMPS, NEFT and RTGS?

In this era of demonetization, one needs to gear-up for fulfilling monthly obligations like paying rent, utility bills and other big transactions. There are few electronic fund transfer methods which will help you ease your payment burden.

Methods for electronic fund transfer using mobile banking or net banking

There are three methods for electronic fund transfer using mobile banking or net banking:
Immediate Payment Service (IMPS)
National Electronic Funds Transfer (NEFT)
Real Time Gross Settlement (RTGS)

Immediate Payment Service(IMPS)

In this method we can send money from one account to another account from Re 1 to max Rs 2 Lakhs per day. Unlike other methods of electronic transfer such as National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) the money getS tranferred immediately and we can use it 24/7. This service can be availed on mobile banking and net banking.

In IMPS we have two methods:

One is using account number and IFSC (Indian Financial System Code) and the other is using Phone number and MMID (Mobile Money Identifier).

For Using the first process all you need is account number and IFSC codes of the person we are sending , which will be available on the bank Passbook, Cheque Leaf. By entering account number, IFSC code and amount we want to transfer, we can do the transaction. Check all bank IFSC codes here

But whereas for other processes, using mobile number and MMID, we need to first generate MMID which we can generate using our mobile banking application or net banking. Also the mobile number must be registered with the bank, by using MMID registered phone number we can use IMPS for transferring funds.

National Electronic Funds Transfer (NEFT)

In this method we can send money from one account to another account and there is no minimum and maximum limit for transfer. But we cannot use it 24/7 and the transaction should be done within NEFT business hours and it will take two NEFT business hours for fund to be transferred. NEFT business hours is from morning 8 AM to evening 7 PM on all week days and from morning 8 AM to afternoon 1 PM on Saturdays.

For doing this method we have to add benificary or payee first. For adding benificary or payee, we need to give details such as Name, IFSC Code, Branch, Nickname etc. It will take 1 business hour to confirm beneficiary or payee and some banks use OTP method. How soon the beneficiary will be registered depends on the bank.

Real time gross settlement (RTGS)

In Real time gross settlement (RTGS) minimum amount of transfer required is Rs. 2 lakh and there is no upper limit. The beneficiary bank has to credit the beneficiary's account within two hours of receiving the funds transfer message and the RTGS transaction timings Monday to Friday is 9 A.M to 4.30 P.M and for Saturday it is 9 A.M to 2 P.M.Even for doing this method we need to add benificary or payee and it is same as we do in NEFT

All the banks are not participants of these methods here there is list of banks which are participants

1. Andhra Bank
2. HSBC
3. SouthIndian Bank
4. Axis Bank
5. ICICI Bank
6. State Bank of Bikaner & Jaipur
7. Bank of Baroda IDBI Bank
8. State Bank of Hyderabad
9. Bank of India
10. Indian Bank
11. State Bank of India
12. Bassein Catholic Co-operative Bank
13. Indusind Bank
14. State Bank of Mysore
15. BNP Paribas
16. ING Vysya Bank
17. State Bank of Patiala
18. Canara Bank
19. Jammu & Kashmir Bank
20. State Bank of Travancore
21. Central Bank of India
22. Janata Sahakari Bank
23. Syndicate Bank Citi Bank
24. Karur Vysya Bank
25. Tamilnad Mercantile Bank
26. Corporation Bank
27. Kotak Mahindra Bank
28. Thane Janata Sahakari Bank
29. Cosmos Co-operative Bank
30. Mehsana Urban Co-op Bank
31. The A P Mahesh Urban Co-operative Urban Bank
32. DBS Bank
33. Nainital Bank
34. UCO Bank
35. Dena Bank
36. NKGSB Bank
37. Union Bank of India
38. Development Credit Bank
39. Oriental Bank of Commerce
40. United Bank of India
41. Dombivli Nagari Sahkari Bank
42. Punjab & Maharashtra Co-op Bank
43. Vijaya Bank
44. Federal Bank
45. Punjab National Bank
46. Yes Bank
47. Greater Bombay Bank
48. Ratnakar Bank
49. HDFC Bank
50. Saraswat Bank

All these methods are chargable and vary from bank to bank you can see the charges of NEFT and RTGS by clicking on link

You may note IMPS charges, which are as follows:

Transaction upto Rs 10,000 Rs 2.50 + Service TaxTransaction above Rs 10,000 and upto Rs 1 lakh Rs 5 + Service Tax

Transaction above Rs 1 lakh and upto Rs 2 lakh Rs 15 + Service Tax.