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What is IMPS, NEFT, RTGS Complete Information

We will tell here complete information about what is IMPS, NEFT, RTGS. If you have an account with any bank and you use internet banking of that bank, then you must have heard about IMPS, NEFT, RTGS. Today the process of transaction through online banking has been made very easy. Now you can do banking transactions sitting at home without visiting the bank. This is possible with the help of net banking facility. IMPS, RTGS and NEFT are the three most important facilities for transferring money from one account to another.

But even today most of the internet banking users do not know what is IMPS, NEFT, RTGS, how it works and what are its benefits. Due to which they do not get the benefit of these important facilities of online banking. So we have tried to explain here in simple language what are these IMPS, NEFT, RTGS and what are its uses. So let’s  gets started.

What is IMPS?

The full form of IMPS is Immediate Payment Service, which you can also call as Immediate Payment Service . It is an electronic fund transfer facility just like NEFT or RTGS. The service of IMPS is convenient as it is quick and paperless and does not require bank account details for money transfer. Your mobile number is required to be linked to the bank account and MMID to avail the IMPS facility. You can make IMPS payments 24/7 and 365 days a year. Not only this, you can also transfer funds during bank or public holidays.

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How to transfer funds through IMPS?

It is easy to transfer funds using IMPS. This can be done by using the mobile banking facility of your respective bank. To know how to transfer funds through IMPS, we are giving you the steps below.

To start IMPS, install the mobile banking app available for your bank.

On that app, Log in using the User ID and Password provided by the bank. In most cases, the mobile banking app will automatically capture your bank details as and when required.

Then you go to the IMPS option in the app and look for the options to generate your MMID.

To transfer money, type the MMID of the receiver.

Then finally other required details like beneficiary name, mobile number registered with the bank and amount to be transferred using NPS.

What are the benefits of IMPS?

Can be used for mobile banking transactions.

Can be used to transfer funds.

Can be used to earn money.

What is NEFT?

The full form of NEFT is National Electronic Fund Transfer. NEFT is a payment facility created by the Reserve Bank of India in various public and private sector banks. According to NEFT, any person can transfer money to another person’s separate bank account. However, the respective bank accounts should be NEFT activated to activate this facility.

How to transfer funds through NEFT?

We are giving you the steps below to transfer funds through NEFT.

First of all log in to your bank’s internet banking.

Select the ‘Funds Transfer’ option on the homepage of Internet Banking.

Select this option by clicking on the ‘NEFT’ option.

Then select the name of the beneficiary to whom you want to send money.

However, it is to be noted that you can select only one beneficiary who is already in the list.

To add a new beneficiary, click on Add Beneficiary option that appears at the bottom of the page and type the required details like name, account number and IFSC code.

On typing the complete details, verify the details, and click on Confirm.

Type the 4 digit OTP received on your registered mobile number for further processing.

What are the benefits of NEFT?

Transfer money to save time.

NEFT payments are completely electronic.

Payment processing is secure and encrypted with a firewall gateway. Thus provides protection from frauds and thieves.

This payment process happens within the stipulated time and can be done as per the convenience of the users.

What is RTGS?

The full form of RTGS is Real Time Gross Settlement. It is an electronic way of transferring money from one bank to another on a real time or gross basis within the country. The term ‘real-time’ means that payments are made immediately without any delay and gross settlement means that funds are transferred from one to another basis. Business persons and business class use this RTGS facility the most for money transactions.

How to transfer funds through RTGS?

To transfer RTGS funds through online mode, we are giving you the steps given below.

Firstly, login to the bank’s net banking account using your login by visiting the bank’s website.

Now, type the beneficiary’s account details such as bank name, IMPS code, account name and account number.

Next, select the RTGS mode provided under the Fund Transfer tab and enter the fund transfer amount.

Last accept the terms and conditions and submit the RTGS online form.

Summary: IMPS, NEFT and RTGS are all electronic fund transfer facilities that can be used by online banking users. All these features are used in different situations. Through this electronic fund transfer facility, we can very easily transfer money from one account to another.