![]() ![]() While the RBI directly regulates the previous two methods, the National Payments Corporation of India (NPCI) manages IMPS transfers. IMPS can also be done without a bank account using just the mobile number and bank allotted MMID (Mobile Money Identification Number), although with a lower transfer limit. Possibly the most popular online transfer mode for users with small to medium value transactions. Both NEFT and RTGS systems require your banking account and the beneficiary’s bank account to have the system enabled for the transaction to be successful. RTGS or Real-Time Gross SettlementĪnother mode of money transfer, albeit used specifically for high-value online transactions. While predominantly used through online modes, the facility is also available offline via the bank branch and in the form of cash/cheque/DD. NEFT or National Electronic Fund TransferĪ money transfer system that runs transaction settlements in batches (every 30 mins). You can now send money in the blink of an eye and you must be using a few of them, but here’s a brief description nonetheless. Whether you wish to send money to someone locally or abroad, various online platforms put in place by the Reserve Bank of India (RBI) have made it possible. What are the Different Modes of Money Transfer in India? And all of us learnt its advantages during the lockdowns. Jokes apart, the process of online money transfer is a modern marvel. ![]() With internet banking, money can now be transferred instantly using web-enabled devices like your smartphone, tablet or PC. But, with the rise of digital payment modes such as UPI, NEFT and IMPS, you can’t do that anymore. Life was easier when you could slide out of such situations, blaming your poor memory and getting away with it. The bill arrives, and suddenly you realise you’ve forgotten to bring your wallet (wink wink). Let’s say you’re out for dinner with friends. But before we work out what their transfer limits are, let’s picture a situation. You’ve probably heard the words NEFT, RTGS, IMPS, UPI and so on. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |