Explore IFSC Codes
List of IFSC Code, MICR Code and Addresses of all Banks details of any bank and brach in India.
List of IFSC Code, MICR Code and Addresses of all Banks details of any bank and brach in India.
Do you know what is IFSC code? And why do we need it specifically to transfer money to another person's account? If not, today we are going to tell you about this.
Till a time, people had to go to the bank and wait in lines for hours to send money somewhere. Times changed and facilities like internet banking came. Now people can easily send or receive money anywhere sitting at home. IFSC Code is required in this process. Do you know what this IFSC Code is? RBI issues a special type of code for each bank, which is called IFSC Code. It is used to transfer funds online through NEFT and RTGS.
IFSC code stands for Indian Financial System code. It is a unique code that is Assigned by the Reserve Bank of India (RBI) to every branch of bank in India. Each bank branch is uniquely identified by its IFSC code during electronic money transfer processes such as NEFT (National Electronic money Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment Service). Typically generated up of 11 Characters, this alphanumeric code facilitates smooth and accurate transactions between various bank branches around the nation. Each Bank Branch has its own unique IFSC code, which is used to ensure that the funds are transferred money to the appropriate location.
Any bank branch can be easily searched through IFSC Code. With this, any problem in the process of fund transfer can be removed.
IFSC CodeFor example we have an IFSC code, let us understand from this...
You can easily find out about the IFSC Code of your bank or the person to whose bank account you want to send money. There are many ways to know this.
There are many methods for this today. You can find out IFSC Code through your passbook or checkbook.
SBIN0001851IMPS, short for Immediate Payment Service, is a service through which one bank can send money to another bank within a few minutes. You can use it to send money on weekends and holidays.
IMPS can be accessed using a variety of electronic tools including mobile phones, internet, text messages and ATMs. Its objective is to facilitate easy and reliable cash transfer transactions between customers. In 2010, IMPS was launched by two important organizations in India NPCI and RBI for efficient fund transfer between bank accounts. Following is an analysis of the key features of IMPS and a guide to using the useful payment method.
Many banks provide instant funds transfer service called IMPS-Immediate Payment Service. IMPS allows you to transfer money 24x7, unlike NEFT, which functions only till 6pm, Saturdays and national holidays. The main objective of IMPS is to make electronic remittances user-friendly for customers while contributing to the Reserve Bank of India's vision of increasing adoption of e-payments in retail. Additionally, IMPS is also the basis for many other mobile banking ventures.
There are four parties involved in IMPS transaction:IMPS is primarily designed for use on mobile phones. The user only needs a GSM enabled phone with a data pack to use IMPS. Customers will have to activate mobile banking in their bank account. IMPS can also be accessed through internet banking using the beneficiary's bank information.To transfer funds through IMPS over the internet, customers require internet banking facility in their account.
To transfer funds through IMPS on the mobile platform, you need to download the mobile banking application of the respective bank and generate a 7-digit MMID (Mobile Money Identifier). This is a unique ID and without it you cannot avail the service. To transfer money to someone's bank account you need the beneficiary's MMID and their registered mobile number.
Most users prefer to send money through IMPS using mobile platforms as it does not require entering bank information. The limit for transferring funds through IMPS is usually Rs 10,000. to Rs 2 lakh. Is. This limit depends on the policy of the concerned bank.
National Electronic Funds Transfer (NEFT) is a payment system by which money can be transferred from one bank account to another. With the increasing trend towards online banking, NEFT has become one of the most popular ways to transfer money. Since it can electronically transfer funds from any bank branch to an individual, it eliminates the need to visit the bank branch for transfer. Let us know how NEFT works in India and what are its benefits.
If a person wants to transfer money from his bank account to another person's bank account, he can do so with the help of NEFT. For this he does not need to withdraw money from the bank and then pay it through check or cash.
The major advantage of NEFT is that it can transfer funds from any account at any branch to any other bank account located at any location.
The only condition is that both the branches sending and receiving funds should be NEFT-enabled.
You can also check the list of NEFT-enabled bank branches on the RBI website or call your bank's customer care service to confirm the same.
The NEFT system also facilitates fund transfer from India to Nepal under the India-Nepal Remittance Facility Scheme.
NEFT works on the basis of a clearance system which means that transactions are done in batches. There is a sale every half hour, which is from 8 am to 7 pm.
In India, NEFT or National Electronic Funds Transfer has many benefits for individuals and companies. Following are the main benefits of using NEFT for fund transfer:
RTGS stands fo Real-Time Gross Settlement. This is a form of fund transfer system that is fast, easy and simple. You can easily transfer funds or securities from one bank to another using this system. This can be done on gross settlement basis or even in real time.
Here, "real-time" means that the sender transfers the money immediately. Similarly, gross settlement refers to instructions that relate to fund transfers that transpire on one-on-one notes. Learn more below.
RTGS, as mentioned above, is an instant money transfer system. To start this type of transfer, you must have at least Rs. 2 lakh. Among other payment methods, this transfer is one of the safest and most secure.
You can transfer funds or securities without going to a bank branch by using the RTGS technology. Not even a cheque needs to be written. Latency period is also reduced dramatically as transferring money with this system is quite easy and instant.
Note that RTGS timings for high value transactions vary from bank branch to branch. So, you may have to get the details accordingly.
RTGS is a system of instant money transfer which can happen easily from one bank to another. This happens in real time and on a gross settlement basis. The best thing about using this type of system is that you can use it from anywhere and everywhere. As a result, it has high-end accessibility and cutting-edge services.
This transfer can be both offline and online depending on the preference, need and requirement.
Make sure all these details are correct and up to date. This system helps in transferring money and securities with minimum disruption. If you please, the financial advisor can also help you learn more about the meaning of RTGS. Therefore, don't be scared to consult one if you need one.
What do you think of when you hear real time period? Naturally this means that settlement takes place on an instant basis. Simply, the transaction takes place after the sender sends the money to the other bank.
In contrast, when you talk about gross settlement, it states that the transactions are managed and administered individually. This means that different transactions are not grouped together in this process.
After understanding the full form of RTGS in Banking, it becomes easy to understand its concept. This type of system is commonly used in types of bank transfers where cash is of high value. Hence they need to be cleaned immediately with flawlessness and precision. Thank you, they deliver on this. But once these transactions are processed, they are not eligible for reversal.
Real-time gross settlement helps reduce any risks associated with the settlement process. They are also known as delivery risks for this reason. This type of process minimizes any form of bank transfer risks.
If you have understood the full form of RTGS in banking, now it is time to go for its use. Anyone who wants to transfer a lumpsum amount through a bank can use this process to make it happen.
Since this happens instantly, there is less risk of RTGS fraud. Today, many industries, including the corporate and retail sectors, leverage their effects for their business success. Here are some important features of the RTGS process that can help you:
For sending money offline, use the Gross Settlement Real-Time System. Go to the relevant bank branch for this.
Once there, correctly enter all of your beneficiary information on the RTGS form. Pay the amount using check system or cash.
Make sure that all the RTGS details are provided correctly. Verify again to be sure there are no mistakes. This method makes it easier to send payments and ensures that the other party receives them quickly.
UPI (Unified Payments Interface) is a fast instant payment system developed by the National Payments Corporation of India (NPCI). Transferring money through UPI is quite easy. Before you can do this, you must have a UPI app on your phone, such as Phone Pay, Paytm, Google Pay, BHIM, etc., and you must link the UPI app to your bank account. After this you can use it. One bank account can be linked to multiple UPI apps using UPI.
UPI i.e. Unified Payment Interface, is a system developed by National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI). UPI means a real-time payment system, with the help of which you get the facility to instantly transfer money from one bank account to another bank account. Its special thing is that you can transfer money through UPI anytime day or night.
One reason why UPI has been so successful is that it is completely free. You can transfer any amount of money to anyone, at any time, without paying any additional charges to NPCI. You can use UPI even for small payments at local shops. There is no minimum limit on transaction amount.
As a UPI user, you need to create a unique identifier called a UPI ID. It is linked to your bank account. With its help, money can be easily sent and received from the bank account. For this, you do not need to share your account number or other information.
With Google Pay, your UPI ID is created by payment service providers, such as:Your bank account can have up to four UPI IDs added to it. For one bank account, multiple UPI IDs can be linked. This helps in reducing problems like delay in payment or non-payment. Plus, Google Pay keeps them safe.
Due to glitches in the UPI payment server, sometimes it may happen that the payment gets delayed or the payment does not happen. Having additional UPI IDs improves your transaction completion rates. This happens because it routes your transactions with the help of servers. This ensures verified fulfilment of payments.
For example, let's say you have to go from your home to office by scooter. You have four different paths. If the usual route is blocked by traffic, you will have to choose one of the three available routes to reach the office.
Different banks provide different routes for making additional UPI ID transactions. If a UPI ID is not working, Google Pay will use another UPI ID to make the payment, so that your payment can be made easily.
There are several ways to create an additional UPI ID:
Note: To activate the UPI ID, Google Pay sends an SMS to the partner bank on your behalf. Standard charges will have to be paid for messages (SMS).
When you look at the IFSC code of any bank, you will find that the first four digits are alphabets. You can guess the name of this bank. After that there is a zero and then there is a six digit bank code. For example, IFAC code of SBI branch starts with SBIN.
Today, the benefits of various government schemes are reaching our bank accounts directly. It is noteworthy that whenever we have to transfer money to another person's account. In this situation, we have special need of IFSC code. Only after entering the IFSC code, your money successfully reaches the bank account of the concerned person.
Today most of us have a bank account. The Government of India is also running Jan Dhan Yojana to connect the people living in poor and marginalized areas of the country with the banking system.
It is a total of 11-digit alphanumeric code. It contains both alphabets and numbers. It is used for NEFT, IMPS and RTGS. IFSC code used by the central bank to identify the bank and bank branch under the NEFT network. The first four digits of the IFSC code represent the bank and the last six digits represent the branch while the fifth digit is always 0 for each bank and each branch.
When you look at the IFSC code of any bank, you will find that the first four digits are alphabets. You can guess the name of this bank. You need to ensure that you enter the code correctly when using it to transfer funds. If you enter the code incorrectly, your transfer does not go through.
Indian Financial System Code or IFSC is an 11 digit alpha-numeric code, which is assigned by RBI (Reserve Bank of India). This code is given to every bank branch. That means every branch has a unique code. Any transfer system regulated by the RBI will require the use of an IFSC code. IFSC code plays an important role in transferring funds online.
The code helps to easily identify the bank and its branch without any discrepancy in the money transfer process. We use IFSC in online banking (NEFT, IMPS and RTGS). We are unable to conduct online banking or send money without a working IFSC.
Any bank branch can be easily searched through IFSC Code. With this, any problem in the process of fund transfer can be removed. It is used for electronic money transfer across India. If you want to identify a bank branch anywhere in the country, IFSC code helps. When a person makes any payment or fund transfer through Immediate Payment Services (IMPS), Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) system, it is done with the help of IFSC code.
There are many methods for this today. You can find out IFSC Code through your passbook or checkbook. Apart from this, you can also find out this from your bank's mobile banking app. If you are not able to find out the IFSC Code in this way then you can do it online. For this you can use the website of RBI or BankBazaar.
The check book given to you by your bank has the Indian Financial System Code (IFSC) printed on its front page and on each page of the cheque. IFSC is used while transferring funds online through NEFT (National Electronic Fund Transfer), IMPS (Immediate Payment Service) or RTGS (Real Time Gross Settlement). The first 4 digits of IFSC represent the name of the bank, followed by zero and the last 6 digits stand for the branch of the bank.
You can easily find out about the IFSC Code of your bank or the person to whose bank account you want to send money. There are many ways to know this.
Indian Financial Service Code, commonly known as IFSC, is an eleven digit number. It is used for online money transfers for RTGS, IMPS, and NEFT transaction. IFSC is a combination of letters and numbers. This is also mentioned on the leaf of the check book that your bank gives you. It is also printed on the first page of the passbook that the bank gives to its account holder.A bank branch has a unique IFSC code which is assigned by the Reserve Bank of India (RBI). Without a valid IFSC, users cannot initiate internet banking or fund transfers using NEFT, IMPS and RTGS.
IFSC code specifically identifies every branch of the bank which is participating in NEFT and RTGS. This 11-digit code's first four digits stand for the bank. The next digit is 0, which is reserved for future use. The branch is indicated by the last six digits.
When we transfer money to someone online through Immediate Payment Services (IMPS), Real Time Gross Settlement (RTGS), National Electronic Fund Transfer (NEFT), we enter his bank details. This detail includes customer name, bank name, account number and IFSC code. After filling all these details correctly, the money reaches the right account.
The main use of IFSC is in electronic fund transfer. The alpha-numeric IFSC specifically identifies every branch of a bank that participates in National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS). The first part of the eleven-digit IFSC code is made up of four letters representing the bank. The next digit after this is zero which is reserved for future use. Its last 6 digits are the branch identification code.
The main use of IFSC is in electronic fund transfer. The alpha-numeric IFSC specifically identifies every branch of a bank that participates in National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS). The first part of the eleven-digit IFSC code is made up of four letters representing the bank. The next digit after this is zero which is reserved for future use. Its last 6 digits are the branch identification code.
You must have come to know why we need this code, so you can get this code in three ways.
So let us talk about these methods one by one,
1. from websiteThis is the easiest method. To get IFSC Code, if you look at the first page of your bank account, then along with some facts like account number, address, branch code, name of the account holder, you will also get the IFSC Code there.
Like there is a picture below, you can easily understand there. If this method also seems difficult then you will find another method below, you can know that also. Well the next method is not for everyone.
3. From Check BookYou must be aware that making a check book is not everyone's cup of tea, certainly not mine, still if you have a check book then you can find out your IFSC from there also. So how to get it? Then we will get the answer to this also.
There are many banks but the check book of every bank looks different. Like in some banks this IFSC code is at the top and in some it is at the bottom. You just have to look at your check carefully, somewhere you will definitely get to see the IFSC Code, for better understanding I have given a picture below.
In which IFSC Code will be found in the red box, so by now you know what is Indian Finance System Code (what is IFSC Code in Hindi) and how to find IFSC code. If you are not able to get this IFSC by any of the above methods, then you can get this code by going to any branch.
Money can be transferred in many ways through IFSC code. These methods are -
The Reserve Bank of India is the national banking authority that oversees all fund transfers. It creates and provides the payment infrastructure to ensure that the security of every transaction is maintained.The Reserve Bank of India is the national banking authority that oversees all fund transfers. It creates and provides the payment infrastructure to ensure that the security of every transaction is maintained.
To transfer funds using IFSC code, customers must first register the bank account of the person to whom they want to transfer money. They have to register under the list of recipients/beneficiaries for fund transfer through NEFT, RTGS and IMPS. For this they will have to provide beneficiary details including account holder name, bank name, account number and IFSC code. Customers should add the name of the recipient while transferring funds online.
For an 11-digit IFSC code of Axis Bank, the first four characters will be 'UTIB', and the last 6 digits will represent a specific branch code. For example, the IFSC code of AXIS branch located at GROUND FLOOR BASEMENT SILVER PLAZA PANCHAVATI MAIN ROAD RAJKOT 360001 is UTIB0003135.
Every bank branch is assigned a unique IFSC code. Along with an account number, this alphanumeric code serves to identify transactions. However, after some time, the bank IFSC codes of the amalgamated branches no longer exist, even though the account of an individual remains the same.
We have many options for online money transfer. Like IMPS i.e. Immediate Payment Services, RTGS i.e. Real Time Gross Settlement, NEFT i.e. National Electronic Fund Transfer. In this process, the name of the account holder person or firm, name of the bank, account number and IFSC code have to be entered. The money reaches that account only after filling all the details correctly.
This code was brought into use in India in 1980. Initially it is used in check clearance. Then gradually it started being used for other purposes by changing it into a unique code.
If you have ever done any banking transaction then you must have heard this word MICR Code at some point of time. IFSC, MICR are very familiar names in the world of banking. These are often used during financial transactions like money transfer via NEFT, RTGS. Even though these terms are very common, their importance is very high, hence it is very important to know about them properly. Since you will not find details about all these basic information anywhere, it is very important to know about them because they are very useful during your banking transactions.
MICR Code or also called Magnetic Ink Character Recognition (MICR) code is a 9-digit code that helps in identifying a particular bank branch, which is also a part of the Electronic Clearing System (ECS). You will easily see this code in the check leaf which is issued by the bank and it is also often printed in the passbook which is issued to an account holder.
You must have noticed that there are magnetic ink code bars at the bottom of every check leaf, this is the MICR code and only the bank can decode it. It works on character recognition technology and through this the branch is identified.
MICR works on two Section:
Any one of these fonts is printed on documents; magnetic ink or toner is used in the printing of fonts. Magnetic ink or toner is solidly formulated with iron oxide so that the reader can pick it up faster.
When a document containing this magnetic ink (such as bank checks and drafts) is to be processed, it is passed through a machine that magnetizes the ink, and then special character information is extracted and expressed as characters. Is translated into.
Thus the computer can easily find out which branch the check belongs to without any human intervention.
Note:Even if the printing is damaged or overprinted, Magnetic scanning technology can still read the document easily.
IFSC code is used for online fund transfer through methods like NEFT and RTGS whereas MICR code is required for withdrawing money by cheque. MICR is a Magnetic Ink Character Recognition Code which is a character recognition technology primarily used by the banking industry to streamline the processing and clearance of checks and other documents.
The MICR read head is a device built into the scanner that is designed to read the magnetic signal emitted by the MICR ink character on a check. Each character produces a unique waveform that is read and translated by the MICR read head. Challenges to accurately reading MICR characters include the speed at which characters pass through the MICR read head, the consistency of the ink on the document, the quality of the ink on the document, the MICR algorithm used to interpret the signals, , and the quality of the MICR read head, all this depends on the technology.
A clearinghouse, a bank, or both process each and every cheque that is sent. They verify the check and finalize the transaction, deducting the correct amount from one account and depositing it in the other. The same check can be processed multiple times in different banks.
The bank uses code for the majority of its work. This helps the process of finding important details among large amounts of data. MICR code technology is used to track the condition of checks and other documents deposited in banks. Verifying transactions made primarily through checks in the banking system is its primary goal. The RBI provides each bank with this code.
These are mainly used to protect your transactions like a security bar code. Apart from this, MICR code is also an important part of online money transfers. Because every bank branch is given a unique MICR code and it helps RBI to identify the bank branch which speeds up the clearing process.
If you want to know your MICR code, then follow these steps given below -
When you place a demand draft or pay order in a bank, you get to see MICR there.
If you want to know the MICR number of your bank, you can find it from your check book. On your cheque, the MICR number is printed next to the cheque number. the MICR code's printing ink and typeface. The MICR code's ink for printing and typeface. It can be read only by a magnetic character ink reader.
In addition, you can find your bank's MICR number by going to the RBI's official website. You can see MICR code in your bank cheque. It is inside the white colored strip at the bottom of your bank cheque, which we call MICR band. You will easily see this code in the check leaf which is issued by the bank and it is also often printed in the passbook which is issued to an account holder.
If you want to know about MICR code then follow the steps given below, through which you can easily get MICR code from anywhere.
MICR Code can be divided into three parts-
You need this code while filing any kind of financial instrument like investment portfolio, lump sum mutual fund and SIP application. For any bank credit transaction made through the electronic clearing system, the MICR Code functions similarly to a barcode. With this, we check the authenticity and validity of paper-based documents in the banking system.
CIF (Customer Information File Number) is called customer information file. This is a unique number, which every bank account holder gets. According to experts associated with the banking sector, this number contains the complete horoscope of the bank account holder. By entering this number, complete details of the customer are available. If you do not have a CIF number then it is not difficult to get it. This work can be done both online and offline. This is a banking term which means customer information file. Just like there is an account number, CIF is also a number which you will see on your passbook also.
The full name of CIF is Customer Information File, which means that all the information about your account and about you is in this data file. When you go to the bank to open your account, you will need the bank account number as well as the C.I.F. Also gives number. Which contains all the information about your account.
It contains your full name, your father's name and your mother's name, your date of birth and the date of opening your account. CIS number is known by different names in different banks as That CIF, Customer ID, User ID, CRM.
In SBI it is called CIF number.
Whereas in ICIC Bank, BOB Bank, HDFC Bank and other banks it is called customer ID.
As I have already told that CIF numbers of all banks are in different formats i.e. CIF number is CIF digit code.
CIF number Format:If you want to use internet banking or mobile banking, then you have to provide your CIF number there, hence it is very important for you to know your CIF number. This is a banking term which means customer information file. Just like there is an account number, CIF is also a number which you will see on your passbook also. You open your bank passbook and see the first page where all the information about your account is kept safe, from there you can find your C.I.F. can see the number.
In today's time, it is very important for everyone to know their CIF number because it is used in many places. You can find out the CIF number with the help of many different methods, here we have told all the ways by which you can find out the CIF number.
Find CIF number from bank passbookEvery bank issues a passbook for its account holder in which important information related to your account is given. To know your CIF number, open the first page of your bank passbook in which important information like account holder's name, account number, address and CIF number etc. will be written.
Know CIF Number from CheckbookYour CIF number is also given in the check book issued by the bank. To know the CIF number from the check book, open the first page of your check book where your address, account number and CIF number / customer ID will be written.
Know CIF number from E-StatementNowadays, almost all banks send e-Statement to their account holders every month through email. In which complete information about your monthly transactions is given, along with this your account holder name, bank account number and CIF number are also given.
Find out CIF Number with the help of InternetNowadays most of the people use internet banking or net banking, in such a situation you can easily find your CIF number online. To know the CIF number through Internet Banking, first open the Internet Banking portal of your bank and login.
Now open your Internet Banking profile where your account holder name, account number, address, mobile number, email ID etc. will be given along with CIF Number.
You can also call toll-free numbers (1800112211, 18004253800 or 080-26599990) anytime to know the CIF number. To verify your identity, you will have to share your account details. To know the CIF Number from Customer Care, call the customer care of your bank on the toll-free number and ask them for your CIF Number. When you ask for CIF number, the bank employee will ask you for some information for verification. The employee will tell you your CIF number after giving the requested information.
According to the information released by SBI, CIF (CIF- Customer Information File Number) SBI issues a separate CIF number for every account. It is of 11 digits. SBI has CIF number. Whereas in ICICI Bank, Bank of Baroda, HDFC Bank and other banks, it is also called customer ID.
This is a banking term which means customer information file. Just like there is an account number, CIF is also a number which you will see on your passbook also.
Most of the people must have used Check Book. The check must have been issued and the check must have also been taken. There must have been a need for a check at some point or the other. But, have you ever noticed what are the numbers written on the cheque? Apart from the account number, what are these numbers used for? If you are asked what happens on a cheque, you will hardly have an answer. One check opens the horoscope of your entire bank account.
The check number is of 6 digits. This is the running series number of your check book. For any kind of record, the first thing to be seen is the check number. If you are issuing a check to someone then the most important thing is the check number.
This means Magnetic Ink Character Recognition (MICR). This number helps the bank to trace the branch from which the check has been issued. This code of the check is read by a special check reading machine. This is a 9 digit number, which is very important for cheque. This number is divided into three different parts.
The first three digits of the MICR code are the city code. It consists only of the first three digits of the pin code of your city. By looking at this number you can find out from which city your check has come.
The next three digits of the MICR code open the horoscope of that bank, which is a unique code for every bank. With this code you can locate the bank. For example, ICICI Bank's code is 229, HDFC's is 240.
The last three digits of the MICR code are the branch code. Every bank has its own separate branch code. This code is used in every transaction related to the bank.
There is another special number present in your check which may have caught your attention. This is your bank account number. This happens in new check books. If you pay attention to the old check books, which were printed before the core banking solution, this number is not there.
The last two digits of the numbers printed on the bottom of your check represent your Transaction ID. 29, 30 and 31 represent at par checks and 09, 10 and 11 represent local cheques.
| IFSC Code | MICR Code | Swift Code |
|---|---|---|
| IFSC code in India has been developed mainly to initiate electronic money transfer between any two banks. | MICR is a Mdagnetic Ink Recognition technology, so it is mainly used to make check processing faster and simpler. | With the use of this code, money can be transferred quickly and easily from one bank account in one nation to another. |
| IFSC code has a unique alphanumeric code of 11 digits. | MICR code has 9 digit numeric code. | Swift has a alphanumeric code which can be between 8-11 Character long. |
| IFSC code is used in money transfer like NEFT and RTGS. | MICR Code is used only for clearing cheques. | Swift code is used while specific bank during an international transaction. |
Money can be moved between bank accounts via the National Electronic Funds Transfer (NEFT) payment system. Fund transfer through NEFT does not happen in the same time. NEFT fund transfer batches are released every half hour, in which all the people who have transferred funds from their account in the last half hour reach their other accounts. Whenever you transfer through NEFT, the transfer is completed after half an hour.
The money is transmitted instantly when it is sent using Real Time Gross Settlement (RTGS). RTGS is primarily for large amount transfers that need to be delivered immediately.
The National Payment Corporation of India is in charge of the online fund transfer system called Immediate Mobile Payment Services (IMPS). IMPS offers 24/7 access all year rounded while NEFT and RTGS do not.
Account holders now enjoy the ease of using NEFT, RTGS, and IMPS. This allows the sender to transfer payments to the recipient while also providing the recipient's account details. However, there are some differences between these three payment systems which are explained below.
Before knowing the difference between these three, let us know about some terms. Knowing these will make it easier for us to understand further information.
There are different limits on how much minimum or maximum funds can be transferred through these three. Therefore, before transferring, you should know the minimum and maximum limits of all three so that you can choose the best option according to the transfer amount.
Some payment systems are available 24*7 hours while others are available for a limited period of time. Therefore, it is better to know which payment system is available 24*7 hours. Because transfer through limited time payment system will be successful only when its service is available.
This means the time in which the fund transfer will take place. Some payment systems transfer funds instantly and some take a certain amount of time to transfer.
Fees have to be paid for fund transfer. According to RBI rules, the bank will decide how much fee will be charged for fund transfer. Fees depend on transfer amount, transfer speed etc.
| NEFT | RTGS | IMPS |
|---|---|---|
| In NEFT Transaction,Minimum Transfer Value is Rs 1. | In RTGS Transaction,Minimum Transfer Value is 20000. | In IMPS Transaction, Minimum Transfer value is RS 1. |
| It takes a time for transaction is half an hour. | It can transaction instantly. | It can do transaction within a minute |
| It allows a Online and Offline payment. | It allows a Online and Offline payment. | It allows Only Online Payment. |
| In this Transaction providing a service to consumer 24*7 | In this Transaction providing a service to consumer 24*7 | It also provide a service to consumer 24*7 |
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