NEFT, RTGS and IMPS- Fund Transfer Charges

In India there are 165 computerized financial institutions are providing services for their customers through 1,20,000 branches. Recently indian government launches zero-balance accounts for the people who are non-banked. So this help the people to know about banking and fund transfer. All bank ifsc code is used for fund transfer.

electronic fund transfer

Nowadays all the banking facilities are available in online banking. Especially fund transfer. All the banks in India has three different types of fund transfer mode. RTGS, NEFT, IMPS.

1) NEFT:

NEFT stands for National Electronic Fund Transfer which is introduced by the RBI to all the banks in India for transfer fund between bank branches in India. Make sure that your bank has enabled NEFT option for your bank account. Let’s see fund transfer charges.

For Inward Fund transfer (transaction at the destination bank branches)- No charges will apply
For Outward Fund transfer (transaction at the originating bank branches)

– Fund transfer up to 10,000: not exceeding र 2.50 + service tax
– Fund transfer between 10,000 – 1,00,000: not exceeding र 5 + service tax
– Fund transfer between 1,00,000 and 2,00,000: not exceeding र 15 + service tax
– Fund transfer between 2,00,000: not exceeding र 25 + service tax

2) RTGS:

RTGS stands for Real Time Gross Settlement. RTGS is another mode of fund transfer. RTGS is entirely differ from NEFT. Minimum transfer amount in this mode is 2,00,000. The beneficiary added in the RTGS mode is processed within 2 hours.

For Inward Fund transfer (No charges will apply)
For Outward Fund transfer
– Fund transfer between र 2,00,000 to र 5,00,000: not exceeding ( र 30 + service tax)
– Fund transfer above र 5,00,000: not exceeding ( र 55 + service tax)

3) IMPS:

IMPS stands for Interbank Mobile Banking Service also called as Immediate Payment service. IMPS is can be used 24*7*365. Charges applied for these fund transfer will be similar to the NEFT fund transfer.
– Fund transfer up to 10,000: not exceeding र 2.50 + service tax
– Fund transfer between 10,000 – 1,00,000: not exceeding र 5 + service tax
– Fund transfer between 1,00,000 and 2,00,000: not exceeding र 15 + service tax

You can Find bank by IFSC code: Entire details like MICR code, SWIFT code, Address and PIN code in Indianbankdetails.com