The whole process is as easy as it is time-saving. Earlier, people had to make rounds of the bank for fund transfer. In today’s time, it has been adopted by most of the banks, private companies. Because data can also be kept in it along with saving time.
Digital payment is also necessary in today’s time. Every day small businessmen have to pay for their business. For whom making digital payments makes most things easier. Well, there are many ways to transfer funds digitally. People transfer funds using digital wallets, UPI etc. Apart from these, there are also three ways through which funds can be transferred.
1. National Electronic Funds Transfer (NEFT)
2. Real Time Gross Settlement (RTGS)
3. Immediate Mobile Payment Service (IMPS)
Let us now know what are the differences between NEFT, RTGS, IMPS.
National Electronic Fund Transfer (NEFT)
1. NEFT is a system through which, money can be transferred from one bank account to another
2. Fund transfer through NEFT is not possible at the same time.
3. Every NEFT funds transfer in half an hour batch consists release, which transferred funds by those who in the last half an hour, he would reach out to other bank accounts
4. After half an hour to transfer the NEFT he completed transfer.
Real Time Gross Settlement (RTGS)
1. money to fund transfer through RTGS is transferred at the same time
2. RTGS for more funds transfer, which is to arrive at the same time
Immediate Mobile Payment Services (IMPS)
1. IMPS is an online fund transfer system.
2. It is handled by the National Payment Corporation of India.
3. By transferring funds in this, the money is transferred immediately…Read more>>