Send Money to Bank Account

UPI stands for Unified Payment Interface which is a free of charge unified payment system, seamlessly connected to all the partner banks. UPI is specifically designed for smartphone users. It allows you to send money to bank account regardless to the account type. UPI facilitates money transfer through a VPA (Virtual Private Address) both for the sender and receiver. The biggest advantage of UPI is that it is available 24/7 and 365 days in a year. There are no restrictions such as bank holidays or gazetted holidays. This comes as a great aid in situations where you need to send or receive money instantly.

UPI comes with a per day maximum transaction limit of Rs. 1 lakh and per transaction limit of up to Rs. 25,000 depending on the bank’s regulations.

Both sender and recipient must have their respective bank’s UPI mobile application or universal UPI app BHIM to avail the facility. The app can be downloaded from Google Play Store or App Store for Android and iPhones. You only have to enter your bank name and your registered mobile number and the app will automatically fetch the additional bank details. The last step is to create your unique VPA and you are good to go.

The money transfer procedure in UPI is not so different from registration. You just have to enter the registered mobile number or VPA of the recipient to send money to bank account. The last step is to verify the details and confirm the transaction. The money is sent instantly.

IMPS stands for Immediate Payment Service. IMPS is quite similar to UPI as this is also an instant money transfer service that transfers funds directly to the recipient’s bank account. IMPS is also available 24/7 and 365 days and it requires a unique MMID similar to the VPA in UPI. However, it differs from UPI in several aspects. Standard IMPS requires mobile banking facility in your bank account and minimal charges are associated to it. And it is not essential to have a data pack or internet connection to use IMPS. Another difference from UPI is that IMPS supports multiple platforms and can be used from the bank’s website as well.

Individuals who want to use IMPS have to download the mobile application of their respective bank and generate their unique MMID. However, IMPS is not specifically designed for smartphone users as it works on basic mobile phones as well. Customers can use USSD service to generate their unique MMID and transfer funds. To use IMPS through the internet, customers have to visit their bank’s website and log in with their internet banking ID and password and get their MMID.

Customers have to keep in mind that MMID works as a virtual address and they cannot confirm the transaction without the MMIDs of both the parties. Talking about compulsions, IMPS has two mandatory criterions for each platform that are mobile banking and internet banking respectively.

NEFT or National Electronic Funds Transfer is one of the first online fund transfer system in the country. This is a nationwide fund transfer system that settles transactions in batches. It takes about 2 to 3 hours to settle a transaction between banks. The service is available in every public and private sector bank in the country. The customers are not required to have mobile banking or internet banking to use this service. They can visit their branch and transfer money by filling up the NEFT form. The customers can choose to pay the bank in form of cash or cheque. However, the cash payments have a limit of Rs. 50,000 per transaction and beyond that customers are required to pay through cheque.

NEFT works in a specific time frame. It operates and settles transaction in hourly batches from 8 am to 7 pm on weekdays and 8 am to 1 pm on Saturdays. This enables NEFT to settle 12 batches on weekdays and 6 on Saturdays. Only the transactions received in the specific cut-off time are cleared on the same day while the delayed transactions are settled on the next working day. As per RBI directives, there is no minimum or maximum limit for NEFT transactions. However, most banks have a maximum limit of Rs. 10 lakh per transaction. NEFT also charges a small fee from the customers for the transactions. The fee varies as per the amount of transaction.

RTGS or Real Time Gross Settlement is another fund transfer service which transfers funds in real time. Similar to NEFT, this service is also available at specific time on weekdays and weekends and unavailable during bank holidays and gazetted holidays. RTGS can be considered as one of the fastest ways to transfer money in the standard banking system. In addition, RTGS does not settle transactions in batches as it settles one transaction at a time. Even in the case of a technical issue or server downtime, the bank has to transfer funds within 2 hours from receiving the fund transfer message. The funds are credited back to the sender’s account if it is still not transferred to the beneficiary’s account. The transactions of any amount performed through RTGS are considered as final and go directly in the books of the RBI.

Opposite to NEFT, RTGS does not have a waiting period and transfers money instantly. And RTGS cannot be done from any bank you want. Only the banks having core banking facility have this facility. RTGS timings are 9 am to 4:30 pm on weekdays and 9 am to 3 pm on Saturdays. There is no maximum fund transfer limit in RTGS. However, the minimum transaction limit is kept at Rs. 2 lakh which makes it highly useful for business organisations.

Charges for all the above-explained money transfer medium are explained below.

UPI	IMPS		NEFT		RTGS
Maximum Limit Rs. 1 lakh per day and up to Rs. 25,000 per transaction with no charges at all	Transfer Amount	Charges	Transfer Amount	Charges	Transfer Amount	Charges
	Up to Rs. 10,000	Rs. 2.50 + Applicable GST	Amounts Up to Ts. 10,000	Rs. 2.50 + Applicable GST	Above Rs. 2 lakh & Up to Rs. 5 lakh	Rs. 25 + Applicable GST
	From Rs. 10,000 to Rs. 1 lakh	Rs. 5 + Applicable GST	Above Rs. 10,000 & Up to Rs. 1 lakh	Rs. 5 + Applicable GST
	From Rs. 1 lakh to Rs. 2 lakh	Rs. 15 + Applicable GST	Above Rs. 1 lakh & Up to Rs. 2 lakh	Rs. 15 + Applicable GST
	Rs. 2 lakh and Above	Rs. 25 + Applicable GST or No Charge (as per the bank)	Above Rs. 2 lakh & Up to Rs. 5 lakh	Rs. 25 + Applicable GST	Above Rs. 5 lakh	Rs. 50 + Applicable GST
			Above Rs. 5 lakh & Up to Rs. 10 lakh	Rs. 25 + Applicable GST