RTGS/NEFT/IMPS: Who Qualifies and What You Get
Learn how to use India's electronic fund transfer systems to move money between different bank accounts quickly and securely.
These systems are electronic methods used to move money from one bank account to another within India.
Who it's for
If you hold a bank account, you are eligible to use these transfer methods.
What you get
You get the ability to send and receive money between different banks electronically. This allows you to move funds instantly or in batches depending on the specific system you choose.
What it costs you
There is usually a small transaction fee for these services. The exact amount you pay depends on your specific bank's rules and the method you choose.
The catch to know
Not all these systems are the same. While some are meant for smaller, everyday transfers, the RTGS system is specifically designed for high-value transactions only.
How to apply
- Log in to your online banking portal or visit your bank branch.
- Select the fund transfer option.
- Choose the specific transfer type (such as NEFT, RTGS, or IMPS) based on your needs.
- Enter the recipient's bank details and the amount you wish to send.
- Confirm the transaction.