Technology allows banks to offer cutting-edge banking services. As technology is helping banks to streamline their digital banking services, customers no longer need to approach banks to conduct banking transactions and avail of other services. However, remember to pick the best mobile money transfer app to make the most out of the banking services.
With banks continuously upgrading their banking services online, you can use online net banking or mobile net banking services to meet your banking needs. While concerns linked to your online banking safety exist, a considerable rise in the usage of online banking transactions and protection by the RBI (Reserve Bank of India) on such transactions has reduced the risk.
You now can access multiple online fund transfer facilities ranging from RTGS (Real-time Gross Settlement), NEFT (National Electronic Fund Transfer), and IMPS (Immediate Payment Service), to UPI-based options and digital wallets. This trend has grown enormously post-demonetisation, which made many realise the convenience and flexibility of mobile money transfer apps. We have discussed three major money transfer facilities in India available on mobile apps and internet banking.
- NEFT (National Electronic Fund Transfer)
NEFT is the simplest form of money transfer wherein you can transfer funds from your bank account to another bank account. To make the NEFT transaction, you require two crucial details: the destination holder’s account number and the IFSC code. Note that there are zero caps on the number of funds allowed for transfer in NEFT. However, you can set a limit.
Steps for transferring funds through NEFT
- Visit the fund transfer tab and choose ‘NEFT’
- Add the recipient account by providing the required details
- Agree to the terms & conditions
- Recheck the inputted details and complete the procedure
- RTGS (Real Time Gross Settlement)
RTGS is the same as NEFT, but the minimum payment and how it credits the fund may differ. You can use it if you want to transfer to over two accounts. There are zero upper limits on the fund permitted for transfer. RTGS transfer takes place on a real-time basis.
Steps for transferring funds through RTGS
- Visit the fund transfer tab and choose ‘RTGS’
- Add the recipient account by inputting the necessary details
- Agree to the terms & conditions
- Recheck the inputted details and complete the procedure
- IMPS (Immediate Payment Service)
IMPS is an instant fund transfer facility. In IMPS, the fund is transferred instantly.
Steps for transferring funds through IMPS
- Go to the fund transfer tab of your mobile banking or net banking app.
- Choose IMPS as the mode of transfer
- Add in the beneficiary account
- Input the amount you want to transfer and then submit
Note that the above three money transfer facilities are available in all mobile banking apps. Using the IMPS, you can transfer the funds 24×7. Meanwhile, NEFT and RTGS are received only on bank working days. Other than IMPS, NEFT and RTGS, you even can transfer your funds using a cheque or UPI facility.
All banking apps offer the three services. The speed and ease vary, with IDFC FIRST Bank’s mobile banking application leading the way, thanks to its superior build and use of cutting-edge tech. With IDFC FIRST Bank’s mobile app, you can also easily invest in mutual funds and pay your bills.
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