Nowadays, we resort to Online Transaction to send money, but do you find it works? So come, know all the questions today and most of the user search SBI online NEFT, IMPS, RTGS and so on.
We do four types of online transactions –
NEFT (National Electronics Fund Transfer)
Here is an Online Money Transfer Tool. With the help of which we transfer money. These systems were made by the RBI in 2005. With the help of this system, we can transfer money to each other’s account.
This transaction is done in Batch-Wise format. Money can be sent to any NEFT enabled account in India. For the NEFT Transaction, first of all, you should be able to get the name of the account number, IFSC code, bank branch name, and account holder name you are sending.
Time to Transaction
These transactions can only be done in working time. This can not be done on holiday. Normal Day starts from 8 a.m. to 7 a.m. and on Saturdays 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 that can help you transfer money quickly. This was also made in 2005. If you want to send money to anyone more than 2 lakh rupees then you can do this transaction with the help of RTGS.
Time to transact it
The time of this transaction is similar to the NEFT. This holiday will not work. Monday to Friday 9am to 4:30 pm and Saturday 9am to 2pm.
Minimum limit of this Transaction is 2 lakh rupees and Maximum Limit is not.
IMPS (Immediate Payment Transfer)
IMPS i.e. Immediately Payment Service is one of the tools to transfer money, with the help of which money can be transferred immediately. RTGS and NEFT Transaction takes some time to transfer money, but IMPS immediately gets it.
It was made by NPCI i.e. National Payment Corporation Of India in 2010. With the help of this tool, Real Time Money Transfer is done.
Money transfer time
In IMPS, any time money transfer can be done in 24 hours.
UPI (Unified Payment Interface)
UPI started in 2016, it was made by NPCI when 500 and 1,000 notes were closed in the country. Then there was a lot of trouble in the cash censoring of the people. At the same time the government had stressed on the cashless economy so that the problem of cash does not come out. Hence Prime Minister Narendra Modi had launched the UPI.
It works like 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
- Paytm, etc.
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