The methods of transferring money have changed over the years. We have many options now. When I think of money transfer systems, I tend to pick one which is fast and legitimate. Though, I do get confused about IMPS NEFT RTGS which is faster. Let me share details about all of them.
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Before I tell you NEFT RTGS IMPS which is faster. Let me share the full form of all the terms.
NEFT or National Electronic Funds Transfer
RTGS or Real-Time Gross Settlement
IMPS or Immediate Mobile Payment Service
Which is faster IMPS NEFT or RTGS?
For governmental bodies, public and private organisations transferring money is a day-to-day activity. I believe that IMPS is the fastest out of all of them. Since IMPS is a system that was launched by the National Payments Corporation of India or NPCI, it is faster. It is available for use round the clock 365 days a year. I think it's available on bank holidays as well. A few examples of IMPS are mobile banking, net banking, via SMS and through ATMs.
It is significantly quicker because the sender only needs to input the account number and IFSC code of the beneficiary. You don't need to pay a big transaction fee for it as well. Isn't that great?
All the actions take place in real-time.
This is all from my end on IMPS NEFT RTGS which is faster.
Read more : What is IFSC code? What happens if IFSC code is wrong? How much time does it take for NEFT transfer? What is the difference between NEFT and RTGS? What is neft in banking? What if neft goes to wrong account?Your Feedback Matters! How was this Answer?
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Which is faster IMPS NEFT or RTGS ?
Sonia
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1
2 Year
2022-08-18T19:59:02+00:00 2022-08-18T19:59:03+00:00Comment
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