Inter Bank Transfer- Enables Electronic Transfer of Funds-SENIOR CITIZEN

Unlock Mobile features of fund transfer NEFT RTGS IMPS?

 author kks March 3, 2024 

 What is difference between NEFT RTGS and IMPS? 

You used the most Fund transfer Unlock Mobile features of fund transfer NEFT RTGS IMPS? 

 Show drafts When transferring money internationally, minimizing fees is crucial. Here are some strategies to help you avoid unnecessary costs:

 A-Choose Specialist Providers:-

 Consider using specialist money transfer services like Wise, World Remit, XE, or OFX. These providers often offer better exchange rates and lower fees compared to traditional banks. For example, Wise charges a transparent fee of $7.40 for transferring $1,000 with no exchange rate markup.

 B-Understand Exchange Rates:-

 Exchange rates play a significant role in the overall cost. Specialist providers often use the mid-market exchange rate, which is more favorable than the rates offered by banks. Be cautious of hidden fees rolled into the exchange rate when using banks.

C-Avoid Intermediary Bank Fees: -

Some banks route international transfers through intermediary banks, which may charge additional fees. Use a currency broker that transfers funds without triggering an international transfer. They receive money locally and then transfer it abroad, minimizing fees².

 D-Check Your Bank’s Policies:-

 Some banks offer credit cards or checking accounts with no foreign transaction fees for debit card cash withdrawals abroad. Research your bank’s offerings and choose accounts that minimize fees³. 

Plan Ahead: Urgent transfers often come with higher fees

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Information Required for transfer of Funds

 Amount to be remitted
Account no. to be debited
Name of the beneficiary bank
Name of the beneficiary customer
Account no. of the beneficiary customer
Sender to receiver information, if an

IFSC code of the receiving branch.(IFSC Code is printed on cheque leaves.)

 Plan your transfers in advance to avoid rush fees.

Remember to compare options, read the fine print, choose the most cost-effective method for your specific needs.  

Some important links-

 (1) International Bank Transfer Fees and How to Avoid Them 20 https://www.exiap.com/guides/avoid-bank-international-wire-transfer-fees.

 (2) How to avoid recipient bank fees on international money transfers. https://moneytransfercomparison.com/intermediary-and-beneficiary-bank-fees-avoid-paying-more-than-you-should/. 

(3) Foreign Transaction Fees: What Are They & How To Avoid Them – Forbes. https://www.forbes.com/advisor/credit-cards/foreign-transaction-fees/. 

(4) How to Avoid Wire Transfer Fees: Full Guide + Low Cost Options. https://monNEFT, RTGS, and IMPS are all electronic fund transfer systems in India, but they differ in terms of speed, transfer limits, and availability: 

-Table-

Method	Full Form	Fund Transfer Limit	Service Availability	Fund Settlement Speed	Charges
NEFT	National Electronic Funds Transfer	No limit (Exception – Rs. 50,000 for cash-based remittance within India and Nepal)	Available 24x7, 365 days	Half-hourly batches	Decided by individual banks
RTGS	Real-Time Gross Settlement	Rs. 2 lakh and above	Available 24x7, 365 days	Real-time	Decided by individual banks
IMPS	Immediate Mobile Payments Services	Rs. 2 lakh	Available 24x7, 365 days	Real-time	Decided by individual banks

Speed:-

 1-NEFT (National Electronic Funds Transfer): NEFT transfers are not real-time. They are settled in batches throughout the day, typically taking up to 2 hours or even a maximum of two working days to reflect in the beneficiary’s account. RTGS (Real-Time Gross Settlement):

 2-RTGS transfers are the fastest option. The money is credited to the beneficiary’s account instantaneously, on a gross basis (transaction by transaction). 

3-IMPS (Immediate Mobile Payment Service): Similar to RTGS, IMPS transfers happen in real-time, crediting the beneficiary’s account within seconds.

 Transfer Limits:-

 NEFT:   - NEFT has lower transfer limits compared to RTGS and IMPS. The specific limits may vary depending on your bank, but generally start around ₹10,000. RTGS: RTGS deals with larger transfers. The minimum limit is generally ₹2 lakh (₹200,000) and can go up to ₹2 crore (₹20 million) depending on the bank. IMPS: IMPS typically has lower limits than RTGS but higher than NEFT. Limits can vary by bank, but generally range from ₹2 lakh to ₹5 lakh (₹200,000 to ₹500,000). Availability: NEFT and IMPS: Both NEFT and IMPS are available 24/7, including weekends and bank holidays. RTGS: RTGS operates only during banking hours on weekdays (typically 8:00 AM to 4:00 PM). 

Choosing the right option depends on your needs:-

•  For urgent transfers:  Use RTGS or IMPS for instant fund transfer. For non-urgent transfers with lower amounts: NEFT is a suitable option. Additional factors to consider:
• Charges: Banks may levy charges for using RTGS and IMPS, while NEFT charges are generally lower or even free for some transfers. 
• Account details: NEFT and RTGS require the beneficiary’s bank account details (account number and IFSC code). IMPS may allow transfers using mobile number and MMID (Mobile Money Identifier) in some cases.  The maximum amount you can transfer depends on the specific fund transfer method you choose and your bank’s policies. 

SBI-What is the minimum/maximum amount for RTGS/NEFT transactions under Retail Internet Banking?

1. 
   

   Type	Minimum	Maximum
   RTGS	Rs.2 Lakhs	Rs.10 Lakhs
   NEFT	No Minimum	Rs.10 Lakhs

   
   
2. What is the minimum/maximum amount for RTGS/NEFT transactions under Corporate Internet Banking?
   
   

   Type	Minimum	Maximum (per transaction)	Maximum (per day)
   RTGS	Rs.2 Lakhs	Saral - Rs.10 lakhs Vyapaar - Rs.50 lakhs Vistaar - Rs.2000 crores	Saral - Rs.10 lakhs Vyapaar - No Limit Vistaar - No Limit
   NEFT	No Minimum	Saral - Rs.10 lakhs Vyapaar - Rs.50 lakhs Vistaar - Rs.2000 crores	Saral - Rs.10 lakhs Vyapaar - No Limit Vistaar - No Limit

Here are some guidelines:

•  NEFT (National Electronic Fund Transfer):NEFT has no upper limit for individual transactions. However, some banks may impose a daily or per-transaction limit. Check with your bank to determine the exact limits applicable to your account. 
• RTGS (Real-time Gross Settlement): RTGS is typically used for large transactions. 
• The minimum amount for RTGS is ₹2,00,000 (Indian Rupees Two Lakhs). There is no upper limit for RTGS transactions. IMPS (Immediate Payment Service):
• IMPS allows instant transfers 24/7. The maximum amount varies based on your bank’s policies. It can range from ₹1,00,000 to ₹10,00,000 per day. Some banks may have different limits for mobile banking and internet banking.
• Instant Money Transfer (IMT): IMT allows cash transfers without a bank account. The maximum amount depends on the bank and the specific IMT service. It’s usually limited to a few thousand rupees. 
• ECS (Electronic Clearing Service): ECS is used for recurring payments. The maximum amount depends on the purpose of the transaction (e.g., salary credit, utility bills, etc.). Remember to verify the specific limits with your bank to ensure accurate information for your account. 

 Source:--Conversation with Bing, 03/03/2024 (1) International Bank Transfer Fees and How to Avoid Them 2024 – Exiap. https://www.exiap.com/guides/avoid-bank-international-wire-transfer-fees.

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