There are many ways in which one can transfer money online including the National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Services (IMPS), among others.
Here are some of the methods:
UPI: The upper limit per UPI transaction is Rs 1 lakh, as per National Payments Corporation of India (NPCI) norms. Most banks cap the daily transaction limit via UPI at the same amount, so even if you are making multiple transactions, you may not be able to exceed transferring more than Rs 1 lakh per day. Also, some banks may have lower individual transaction limits, daily transaction limits, or both.
RTGS: One can transfer a minimum of Rs 2 lakh at a time in case of RTGS. The transfers are continuous, on a transaction-by-transaction basis. There is no limit on the amount one can transfer.
NEFT: The transfer in case of NEFT happens in batches of half an hour. NEFT is available 24*7. There is no maximum limit on the amount that one can transfer through NEFT, but different banks have different limits on the amount that can be transferred.
A person needs to mention the IFSC code, the name of the beneficiary, the name and bank account number of the person to whom money needs to be transferred in order to transfer money through NEFT.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
