Different Types Of Money Transfer In India: IMPS, UPI, NEFT, RTGS and More

Banking Awareness is an important topic for banking aspirants as it  will be helpful to all banking aspirants not only in cracking the General awareness section but also in cracking your interview. If you are a  banking aspirant then it is expected to have at least the basic terms related to banking and that is why most of the questions asked in the interview are related to banking awareness terms which most of the candidates failed to answer. We have tried  in this post to cater the best and updated study notes related to Different money transfer system in India to make sure that you only study from the relevant source and not from the outdated source.

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About NPCI

National Payments Corporation of India (NPCI) is an umbrella organization in India for all retail payments system in India. With  the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) it was set up. Once  the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) in 2005 was set up, The RBI  released a vision document incorporating a proposal to set up an umbrella institution for all the RETAIL PAYMENT SYSTEMS in the country. The core objective of this organisation was to consolidate and integrate the multiple systems with varying service levels into nation-wide uniform and standard business process for all retail payment systems. The other objective of this organisation was to facilitate an affordable payment mechanism to benefit the common man across the country and help financial inclusion. In this article we will discussing some of the products under NPCI which helps the citizens in money transfer.

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Different Money Transfer System In India

Given below are different money transfer system in India:

National Electronic Fund Transfer (NEFT)

  • Purpose – It is pne of the way through which you can transfer fund from any bank account to any other bank account holder in India. NEFT is based on batch processing system.
  • Minimum amount – Rs. 1
  • Maximum amount – No upper limit for transferring money through NEFT.
  • Time limit – The transactions are processed in hourly batches. There are twelve settlements from 8 A.M. to 7 P.M. on the weekdays (Monday – Friday) except 2nd and 4th Saturday.
  • Availability – NEFT is not available on the bank holidays, RBI holiday and Sunday and second and fourth saturday.
  • Mode: Online & Offline Both

Real Time Gross Settlement (RTGS)

  • Purpose – It is another way in which you can transfer fund from any bank account to any other bank account holder in India.
  • Minimum amount – Rs 2,00,000
  • Maximum amount – No limit
  • Time limit – 8:00 A.M to 6:00 P.M for working days
  • Availability – Not available on the bank holidays, RBI holiday and Sunday and second and fourth saturday.

Inter Mobile Payment Service (IMPS)

  • Purpose – This is one of the way to transfer fund from any bank account to any other bank account holder in India anytime.
  • Minimum amount – Rs 1
  • Maximum amount – Banks can set their own limit for IMPS as they seem suitable.
  • Time limit – It is based on real time. The depositor account is credited in less than 1 minute from the submission of transaction.
  • Availability – It can be done 24X7 even on bank holidays, RBI holiday and Sunday

UPI (Unified Payments Interface):

  • Purpose: It is use to transfer the money from one bank account to another bank account in India.
  • Minimum Amount: One Rupee
  • Maximum Amount: One lakh
  • Time Limit: 24*7 hours
  • Availability: 365 days

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