Through internet banking, you can transact money anytime in 24 hours. This saves a lot of time. There is no such concern that the bank is open or closed.
The use of Internet banking is increasing. For this, you can transact money anytime in 24 hours. This saves a lot of time. There is no such concern that the bank is open or closed.
Money can be transferred in Internet banking in three ways.
Intermediate payment service (IMPS)
National Electronic Fund Transfer (NEFT)
Real Time Gross Settlement (RTGS)
NEFT and RTGS can also be used online and by going to the bank branch.
If you want to transact money through any of these means, then you should gather some information in advance. Know about them…
Person to person transaction
Recipient’s 7 digit Mobile Money Identification Number (MMID). Recipient’s name and mobile number.
Person to account transfer
Recipient’s name, account number and IFS code
You will be able to transfer money after 4 hours of adding the benefit.
RTGS and NEFT
In case of online RTGS, internet banking should be operational.
Account number, from which money to be sent is deducted.
Beneficiary bank name, beneficiary customer name, beneficiary customer account number
Information from the sender to the recipient, if any
IFSC code of the money receiving bank branch.
Keep these things in mind
There is no minimum limit for fund transfer through NEFT.
The maximum limit of NEFT varies from bank to bank.
Instant money transfer can be done through RTGS and IMPS.
The limit for maximum amount through RTGS varies from bank to bank.
Through IMPS, you can transfer up to 2 lakh rupees in real time in a day.
Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.