Difference between IMPS and
UPI online fund transfer 2024 : When you transfer money from one
bank account to other bank, bank uses different types of fund transfer it can
be NEFT or RTGS or IMPS or latest one UPI.when anyone transfer money from one
bank account to other for e.g. SBI to ICICI then digitally the money will be
deducted from SBI account and it will reflect money to ICICI bank account but
do you know when bank physically transfer all these money from SBI to ICICI so friends
in these article I am sharing all the fact about money transfer which you should
know before visiting to your bank and after reading whole article you will able
to explain others also about different type of money transfer methods in 2018. Difference
between NEFT and RTGS online fund transfer 2024
Difference between NEFT and
IMPS online fund transfer 2024
NEFT (NATIONAL ELECTRONIC FUND
TRANSFER): NEFT was launched in year 2015, In 2015 depending upon their man
powers, sources, and servers they have launched NEFT at that time they have generated
a system in which they make a bunch of all the transaction which has done in
one hours and they allow their servers to transfer all the money to the
requested account number and banks so, NEFT takes 3 to 4 hours to transfer money.
The timing is 8AM to 6:30 PM they have fixed timing in working hours because
they not totally believe on their serves they think if any problem might occur
they can handle in working hours only if the transfer process is opened in
night also the system can be hacked or overloaded to perform any action so they
placed all the work in working hours only by which if any problem occurs they
can handle easily and it is easy to monitor.
RTGS (REAL TIME GROSS
SETTLEMENT): In 2015 when someone come to bank and ask to transfer 2 lakh
rupees bank agree to transfer but they reply it may take time 3 to 4 hours to
reflect in bank account but the front person need the transfer in real time in
that case it is not possible so they use their resources, servers and other
data and in 2015 only they launched RTGS. In RTGS money above 2 lakh can be transferred
quickly to other bank account in the real time and in working hours only i.e. 8AM TO 6:30 PM.RTGS is running today also successfully
because people are good familiar with RTGS usage but now IMPS and UPI are more
frequently used.
IMPS (Immediate Payment
Service): IMPS is a form of RTGS only but it is running across 24x7 money
is transferred in real time, bank holidays is not dependent on money transfer any
were anytime and even any amount you can transfer from one account to other.
IMPS launched by NCPI it is like umbrella
on all banks .NCPI ask all the banks to transfer to connect with its servers
and perform all the transaction in real time if any problem happen then NCPI
team will handle any problem successfully it was launched in year 2010.
In NEFT and RTGS you have to add beneficially,
mobile number and you have to wait for 4 to 6 hours for approval bank will send
2 to 3 messages to confirm that the beneficially which you have add is in
process during these and these process is necessary for your security purpose
because if anyone has hacked your account to do any transaction by adding beneficially
then it can be prevented by blocking your bank account before transfer of any
amount.
UPI (UNIFIED PAYMENT INTERFACE):
UPI is above IMPS but UPI does not need bank account number, IFSC code, mobile
number etc. it need only UPI ID and map with bank account and payment will be
made on that UPI ID and automatically via IMPS ,in real time money will be credited
in other bank account and all these is managed by NCPI and it has all the
rights about how transaction take place of IMPS and NCPI enhances IMPS and
provide the opportunity to different developer after that UPI also offers different
API keys documentation, what Sapp, Google ,Facebook and all these 3 big
organization adopted the new system of payment they started transfer money from
one bank account to other, before we are using different banks but now Google
and Facebook get right to transfer money via UPI and supporting India to become
DIGITAL INDIA.
In short we are using NEFT, RTGS,
UPI and IMPS to transfer money from one bank account to other and money also transfer
successfully to show digital figure .SBI, ICICI, HDFC and all the other bank in
India has their account on RBI similarly as we have account in SBI, different
banks has account in RBI and RBI is the boss of all banks in India when we
deposit money in SBI, SBI deposit their money in RBI and digitally it is shown
that money is deposited. When we transfer money from SBI to ICICI then RBI will
pay after deducting the transferred amount to SBI.
Why government is promoting
DIGITAL INDIA: Because when we
withdraw money we get hard cash from ATM but the money which we have received
from ATM that money is printed and for printing that money. Money is required, paper,
ink, printing cost etc. After some years physical cash get damage it again need
money to replace it so, government is promoting IMPS, UPI payment gateway
system. ‘Difference between RTGS and IMPS online fund transfer 2024’
How bank earn money: Bank
earn money from fixed deposit they invest that fixed deposit and earn money by giving loans and credit
cards on interest. “Difference between RTGS and UPI online fund transfer 2024”
