UPI (Unified Payments Interface) is the best way to transfer money from one bank account to another but what if you want to transfer more than 1 lakh. This is where IMPS, NEFT, and RTGS come into place.
First thing first, to transfer money using IMPS, NEFT, or RTGS, you will need Net Banking Account. So if you don’t have a Net Banking account yet then you can visit your nearest bank or open Online.
I’m assuming, you have Net Banking Account, so let’s see How to Transfer Money using IMPS, NEFT, or RTGS?
I have a Bank Account on the State Bank of India, so I’m going to show you How to Transfer Money with SBI but the process will be the same on all the banks.
Contents
How to Transfer Money using IMPS?
As I said, I have an SBI account, so I’m going to tell you how to Transfer Money using IMPS, NEFT, or RTGS on SBI but the process will be the same with all the Banks.
Step 1: Log in into Your Net Banking Account
Step 2: Click on, Payment/transfer.
Step 3: Now You will see, add/manage beneficiary, click on that.
Step 4: Here, you have to type the name which you want to transfer money along with Account Number, IFSC code, Bank transfer limit, Address (optional), and then click on submit.
Step 5: After that, Bank will take some time to verify the account details, so wait for sometime.
Step 6: To see, what’s the status, you can click on View tab.
Step 7: As you can see, I had added to PayTM payment bank and it’s approved after 1 hour.
Step 8: After the verification, go back to the home page and again, click on Payment/transfer.
Step 9: Now, if you want to transfer money into the same Bank account as yours the click on it within SBI but if you want to transfer money to other banks then click on the Other Bank Transfer tab which will be under Outside SBI.
Step 10: As we’re using IMPS to transfer money , so here have to choose IMPS.
Step 11: Here, enter the amount you want to transfer along with the purpose of transfer and click on submit.
Step 12: That’s it, it will take less then minute for money transfer.
Note: As of now, you don’t have to pay any kind of charges to SBI on IMPS money transfer.
NEFT Money Transfer Timing: 24/7. You can transfer money anytime.
IMPS Charges: NO, charges on IMPS money transer.
How to Transfer Money using NEFT?
The process is the same on NEFT transfer as IMPS money transfer, that added beneficiary account can be also used for NEFT or IMPS. So I’m going to skip the first eight steps because to add a beneficiary account, the process is the same.
Step 1: Log in into Your Net Banking Account
Step 2: Click on, Payment/transfer
Step 3: Now, if you want to transfer money into the same Bank account as yours the click on it within SBI but if you want to transfer money to other banks then click on the Other Bank Transfer tab which will be under Outside SBI.
Step 4: As we’re using NEFT to transfer money, so here have to choose NEFT.
Step 5: Here, enter the amount you want to transfer along with the purpose of transfer and click on submit.
Step 6: That’s it but as we have transfer money using NEFT, it will take 1-2 hours to deposit money.
Also, NEFT is not free as IMPS, so you have to pay some charges to your bank but the charges are not very high. I have added the charges down below.
NEFT Money Transfer Timing: The NEFT transfer timings are from 8.00 am to 6.30 pm. Also, NEFT money transfer is not available everyday, so NEFT will available all days except on Sundays and the second and fourth Saturdays.
NEFT Charges
| Transaction Amount | Transaction Fee |
| Up to Rs.10,000 | Rs.2 |
| Above Rs. 10,000 to Rs.1 lakh | Rs.5 |
| Above Rs.1 lakh to Rs.2 lakh | Rs.15 |
| Above Rs.2 lakh | Rs.25 |
How to Transfer Money using RTGS?
Again, the process is the same on RTGS transfer as IMPS money transfer, that added beneficiary account can be also used for RTGS, NEFT, or IMPS. So I’m going to skip the first eight steps because to add a beneficiary account, the process is the same.
Step 1: Log in into Your Net Banking Account
Step 2: Click on, Payment/transfer
Step 3: Now, if you want to transfer money into the same Bank account as yours the click on it within SBI but if you want to transfer money to other banks then click on the Other Bank Transfer tab which will be under Outside SBI.
Step 4: As we’re using RTGS to transfer money, so here have to choose RTGS.
Step 5: Here, enter the amount you want to transfer along with the purpose of transfer and click on submit.
Step 6: That’s it but as we have transfer money using RTGS, it will take 30 minutes to deposit money.
RTGS Money Transfer Timing: The RTGS transfer timings are from 8.00 am to 4:30 pm. Also, RTGS money transfer is not available every day, so RTGS will available all days except on Sundays and the second and fourth Saturdays.
RTGS Money Transfer Charges: No charges on transferring money via RTGS.
Conclusion
Transferring money using IMPS, NEFT or RTGS is kind of easy which I think, you have learned today but still, if you’re facing any problem while money transfer then do let me know in the comment box.