Fund Transfer in India

Hi friends,

                In India, commonly there are 3 modes of fund transfer used in online.

 * RTGS
        It refers to Real Time Gross Settlement.
        From the name, it tells that the transfers is done at the real time ( instantly ).
        The Minimum transaction limit is Rs. 2 Lakhs,

 * NEFT
       It refers to National Electronic Fund Transfer.
       Maximum number of banks, provides this offer.
       The transaction is not done instantly, since the request is sanctioned by RBI ( Reserve Bank of India ). Only after that, the transaction is made between accounts.
       Within a day, the transaction is done to the beneficiary.
       There is no Minimum transaction limit here.

        RTGS and NEFT have leisure time in public holidays and Sundays. This is a disadvantage here.

 * IMPS
       It refers to IMmediate Payment Service.
       There is no Minimum transaction limit here too.
       One of the biggest advantage is, it works 24*7. There is no leisure time for IMPS even in public holidays or Sundays.

Hope its useful.