Electronic transfer is the modern way to transfer funds. Gone are the days where you would have to visit your bank branches and get the money transferred to the desired account. Today, thousands of amounts can be transferred in a few clicks on your touch smartphone. Also, electronic transfer systemshave added more security with increased usage, to avoid incidences of wrong transactions.
Have you seen yourself jumbled with the different modes of fund transfers, namely NEFT, RTGS and IMPS? While the common objective of all these modes is the same, they still have functionality differences based on which they operate. There are differences on charges, the time it takes to transfer, the daily time till which you can transfer funds and some other operational differences
However, each transfer mode has its purpose and none of them is a clear-cut winner, below are some of the reasons people choose NEFT over other modes:
- It is the oldest electronic mode of transfer. For those who play safe and have lesser information on new digital banking offerings, they would always choose NEFT mode of transfer.
- For RTGS, the minimum amount to be transferred is 2 lakhs. With NEFT there is no minimum limit while there is a limit of maximum of 10 lakhs per day for the retail banking.
- With IMPS, if a new beneficiary is added, you can only transfer a maximum of INR 10,000 in the first 24 hours and a maximum of INR 25000 in the first 48 hours. With NEFT, you can transfer INR 50,000(in full or parts) in the first 24 hours and INR 100,000 for the first 48 hours.
- NEFT has the lowest charge structure. So, if you have no hurry on a fund transfer, NEFT should always be your preferred choice.
Even though the banking sector has developed considerably in the past few years, getting fast, going digital and much more secure, the unlucky ones still face issues with it. Things like transactions going into the wrong account, wrong amount getting credited etc. keep happening. www.BankingComplaint.comis a portal which guides people to get a quick resolution on such situations, if happened with them. Industry experts at BankingComplaint help people with the steps to be followed to get their bank solve the problem at the earliest.
