November 25, 2021

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NEFT ,RTGS, IMPS and UPI What Should i use and why?

There are four common ways to money transfer in all over the India:
1.NEFT
2.RTGS
3.IMPS
4.UPI

1: NEFT - National Electronic Funds Transfer

  This method is used by indivisuals and used to send large amount of meny approx 25 lacks or more at a time .anda the transaction been done  in 3-4 working days maximum. It one-to-one fund transfer and nation wide payment system that allows to transfer the fund from one bank account to another.For using this mode .

There are no charges to be paid by those receiving the funds through NEFT, if you are transferring money up to  ₹10,000  you may have to pay a fee. Banks may charge max up to ₹2.25; for transactions above ₹10,000 to ₹1 lakh  and   For transactions between ₹1 lakh and ₹2 lakh, up to₹14.75; and for transactions above ₹2 lakh, up to ₹24.75. All charges exclude GST. These are some fixed  maximum rates followed  by Reserve Bank of India (RBI).

 

There are NEFT transaction charges data :

Amounts upto Rs 10,000

Rs 2.25 + Applicable GST

Amounts above Rs 10,000 and upto Rs 1 lakh

Rs 4.75 + Applicable GST

Amounts above Rs 1 lakh and upto Rs 2 lakh

Rs 14.75 + Applicable GST

Amounts above Rs 2 lakh and upto Rs 10 lakh

Rs 24.75 + Applicable GST

2: RTGS-Real Time Gross Settlement

The acronym ‘RTGS’ stands for Real Time Gross Settlement This money transfer technique is used  for large value transactions initiated through online modes  i.e. Internet Banking, iMobile app, Mera iMobile app and Pockets app is NILL . The Reserve Bank of India has waived off charges for RTGS transactions only to boost the popularity among the citizens.  The minimum amount to be remitted through RTGS is Rs 2 lakh. The maximum limit is Rs 10 lakh per day..The apex bank has asked the commercial banks to pass on the benefits to customers. About 1,40,000 bank branches are RTGS-enabled in the country.

 It is safest and secure way of transferring funds. And there is no maximum  limit  for RTGS transfer through bank branch .and there is real time transfer of funds to the beneficiary account.  Transaction charges have been capped by RBI.

Online:Charges

Transaction charge for Real Time Gross Settlement (RTGS) initiated through online modes (i.e. Internet Banking, iMobile app, Mera iMobile app and Pockets app) is Nil.

RTGS Charges – Outward transactions :

Amount above Rs 2 lakh upto Rs 5 lakh – Rs 20 + Applicable GST
Amount above Rs 5 lakh upto Rs 10 lakh – Rs 45 + Applicable GST

3: IMPS-Immediate Payment Service

IMPS (Immediate Payment Service) from ICICI Bank helps you access your bank account and transfer funds instantly and securely.For transferring funds real time and 24X7X365 interbank was a major challenge faced in banking industry. Only that time only NEFT & RTGS were available to user for fund transfer during banking hours.

IMPS provides real & robust time fund transfer which offers an instant, 24X7, interbank electronic fund transfer service that could be accessed on multiple channels like Mobile, Internet, ATM, SMS, Branch and USSD (*99#). IMPS is an emphatic service which allow transferring of funds instantly within banks across India which is not only safe but also economical. Currently on IMPS, 243 members are live which includes banks & PPIs. SOURCE

The list of participating banks using Account number and IFSC.

A P Mahesh Co-op. Urban Bank Ltd.Kalupur Commercial Co-op Bank Ltd.State Bank of Patiala
Allahabad BankKalyan Janata Sahakari Bank Ltd.State Bank of Travancore
Andhra BankKarnataka BankSuco Souharda Sahakari Bank Ltd
Andhra Pradesh Grameena Vikas BankKarnataka Vikas Grameena BankSurat District Co-op Bank
Andhra Pragathi Grameen BankKarur Vysya Bank LtdSutlej Gramin Bank
APNA Sahakari Bank LtdKashi Gomti Samyut Grameen bankSuvarnayug Sahakari Bank Ltd.
Arunachal Pradesh Rural BankKaveri Grameen bankSyndicate Bank
Axis Bank LimitedKerala Gramin BankTamilnad Mercantile Bank Ltd.
Bandhan BankKotak Mahindra Bank LimitedTelangana Grameena bank
Bank of BarodaLakshmi Vilas BankThane Bharat Sahakari Bank Ltd.
Bank of IndiaLangpi Dehangi Rural BankThe Abhyudaya Co-operative Bank Ltd
Bank of MaharashtraLokmangal Co-operative Bank Ltd.The Adarsh Urban Co-op. Bank Ltd., Hyderabad
Baroda Gujarat Gramin BankMadhyanchal Gramin BankThe Ahmedabad District Co-op Bank Ltd.
Baroda Rajasthan Kshetriya Gramin BankMaharashtra Grameen BankThe Chikhli Urban Co-op Bank Ltd.
Baroda Uttar pradesh Grameen BankMaratha Co-operative Bank Ltd.The Cosmos Co-operative Bank Ltd.
Bassein Catholic Co-op. Bank Ltd.Meghalaya Rural BankThe Development Bank of Singapore Limited
Bharat Co-operative BankMizoram Rural BankThe Dombivli Nagari Sahakari Bank Ltd.
Bhartiya Mahila bankNKGSB Co-operative Bank LtdThe Federal Bank Limited
BNP ParibasNutan Nagarik Sahakari Bank Ltd.The Greater Bombay Co-operative Bank Ltd.
Canara BankOdisha Gramya BankThe Gujarat State Co-op. Bank Ltd.
Catholic Syrian Bank Ltd.Oriental Bank of CommerceThe Hasti Co-op Bank Ltd.
Central Bank of IndiaPandharpur Merchant Co-operative BankThe Hong Kong & Shanghai Banking Corporation Ltd.
Chhattisgarh Rajya Gramin BankParshwanath Co-operative Bank Ltd.The Jalgaon Peoples Co-op Bank Ltd
Citi Bank N.A.Pochampally Co-op Urban Bank Ltd.The Mahanagar Co.Op. Bank Ltd.
Citrus Payment Solutions Pvt LtdPragathi Krishna Gramin BankThe Mayani Urban Co-operative Bank Ltd
City Union Bank LimitedPrathama BankThe Mehsana Urban Co-operative Bank Ltd.
Corporation BankPune Cantonment Sahakari Bank Ltd.The Municipal Co-op Bank Ltd.
Dena BankPune Peoples Co-Operative BankThe Nainital Bank ltd
Development Credit Bank LtdPunjab & Maharashtra Co-op. Bank Ltd., MumbaiThe National Co-operative Bank Ltd.
Dr. Annasaheb Chougule Urban Co-op Bank Ltd.Punjab & Sind BankThe Pandharpur Urban Co-op Bank Ltd.
Gayatri BankPunjab National BankThe Ratnakar Bank Ltd.
GP Parsik BankPurvanchal BankThe Saraswat Co-operative Bank Ltd.
HDFC Bank LimitedRaipur Urban Merchantile Co-operative Bank Ltd.The Shirpur Peoples’ Co-op Bank Ltd
Hutatma Sahakari Bank Ltd.Rajapur Urban Co-op Bank Ltd.The Sutex Co-operative Bank Ltd.
ICICI Bank LimitedRajasthan Marudhara Gramin BankThe Thane Janata Sahakari Bank Ltd.
IDBI Bank Ltd.Rajgurunagar Sahakari Bank Ltd.Thrissur District Co-op Bank Ltd.
IDFC BankSaurashtra Gramin Bank.UCO Bank
Indian BankShamrao Vithal Co-operative Bank Ltd.Union Bank of India
Indian Overseas BankShivajirao Bhosale Sahakari Bank Ltd.United Bank of India
IndusInd Bank LimitedShri Arihant Co-operative Bank Ltd.Utkal Grameen Bank
Irinjalakuda Town Co-operative Bank Ltd.Shri Basaveshwar Sahakari Bank Niyamit, BagalkotUTTARAKHAND GRAMIN BANK
Jalore Nagrik Sahakari Bank Ltd.Shri Veershaiv Co-op Bank Ltd.Vananchal Gramin Bank
Jammu & Kashmir Bank LtdSouth Indian Bank Ltd.Varachha Co-op Bank Ltd.
Jammu & Kashmir Grameen BankState Bank of Bikaner & JaipurVijaya Bank
Janaseva Sahakari Bank Ltd.State Bank of HyderabadVishweshwar Sahakari Bank Ltd.
Janata Co-op Bank, MalegaonState Bank of IndiaYadagiri Lakshmi Narasimha Swamy Co Op Urban Bank Ltd
Janata Sahakari Bank Ltd., PuneState Bank of IndiaYes Bank Limited
Kallapana Ichalkaranji Awade Janaseva Sahakari BankState Bank of Mysore 

How to transfer money using Mobile Number and MMID

  • Login to ICICIBank.com
  • Click on Payments and Transfer
  • Select Transfer Funds through IMPS using Mobile Number and MMID
  • Enter Payee Mobile number, Payee MMID and transaction amount
  • Click on Next
  • Enter Your ATM/Debit Card Grid and One Time Password (OTP) to complete your transaction
  • Your transaction gets completed & your payment confirmation number will be displayed on screen
  • You will also receive an SMS informing you about the relevant status