There are various types of Domestic Money Transfers. Online money transfer has become the primary choice of individuals because it is convenient, safe and fast. aside from this, you’ll also keep an eye fixed on all of your transactions. A spread of online payment tools exist within the market and every tool provides flexibility and convenience to customers. Additionally, many banks have also introduced their digital wall to facilitate the online transfer. Here are four options for online money transfer, which you’ll easily use.
National Electronic Fund Transfer (NEFT)
National Electronic Funds Transfer (NEFT) may be a convenient online money transfer tool through which you’ll send payments to any account holder. Here money is transferred to the recipient’s account on a deferred basis. This fund transfer to the recipient’s account is predicated on the RBI guidelines, settlement slot supported the time. The transfer amount may vary from bank to bank. Generally, this settlement occurs between 8 am and seven pm on weekdays and between 8 am and 1 pm on Saturday. NEFT is convenient for those that want to transfer an outsized amount.
Real-Time Gross Settlement (RTGS)
Real-Time Gross Settlement (RTGS) is for an outsized amount transaction and through this, you’ll transfer an outsized amount of quite Rs 2 lakh. As its name suggests, money transfer through this happens on a true-time basis. There’s no upper limit for RTGS transfer.
The operating time of RTGS is between 9 am to 4.30 pm from Monday to Friday and 9 am to 2 pm on Saturday. Transaction costs through RTGS are usually above NEFT. RTGS is often done as long as the sender and receiver have an account within the qualified branch to require the RTGS transfer.