Electronic Fund Transfer (EFT) is the electronic fund transfer of money from one bank to another bank. You can send to the single financial institution or multiple institutions via Internet Banking. This operation performed without any bank staff intervention.
The customer can use this EFT from the Office or Be Sitting at the Home.There are a lot of modes are available to perform your fund transfer. You can select any one it depends on your situation.
Modes of Electronic Fund Transfer
NEFT – National Electronic Fund Transfer is a national money transfer system which allows the customer to transfer money to their different bank account of the same network or any other bank accounts.
This service not only for the individuals but also corporate organizations and many firms using the NEFT to transfer the funds.
Fund transfer through NEFT requires some necessary details like Beneficiary Account Number, Mobile Number, Bank Branch and ifsc code. So with the help of those details, you can add your beneficiary data. Once added everything you can initiate the find transfer. Maximum limit of fund transfer using NEFT is Rs 10,00,000/-.
Note: – There is some time limits are available to use NEFT. For weekdays from 8 am to 7 pm and from 8 am to 1 pm on Saturdays. Sunday will not work.
RTGS – Real Time Gross Settlement as the name tells it is for real-time fund transfer. It allows you to transfer fund from one bank to another bank in real time. The transaction using RTGS will not put on the waiting list and cleared it instantly.
The transferred amount is detected from one bank account and transfer into another bank account. RTGS requires the minimum amount of Rs.2 Lakhs and above for transaction. Most of the corporates and firms even individuals can use this facility.
However, you need to add all essential details about your beneficiary like account number, phone number, ifsc code and branch location. If you don’t know your beneficiary branch location, you can search bank by ifsc code.
IMPS – The National Payments Corporation of India has introduced the mobile payment project is also known as Immediate Payment Service. Using, IMPS you can transfer money instantly just by adding the beneficiary mobile number.
For IMPS transaction no need of beneficiary ifsc code. You can send money without that. IMPS service available 24*7 so you can access your account through your mobile phone and make a fund transfer whenever you want.
To initiate IMPS fund transfer, you need an MMID number. Here is the easy way to get MMID.Send an SMS to 9222208888 along with last 4-digits of your account number, then Immediately you will get a message with your MMID.
Note: The 10 Digit Mobile number may vary from bank to bank so you can verify and get from your official bank website.