Check Out The Types Of Electronic Funds Transfer In India

RTGS or Real Time Gross Settlement
This fund transfer system allows transactions from one bank to another on a real time and on gross basis. ‘Real time’ implies the processing of instructions at the time as they are received; 'Gross Settlement' means the settlement of funds transfer instructions occurs in steps. As the RTGS payment gateway is maintained by the Reserve Bank of India (RBI), hence, the transfers are final and irretrievable. The advantage of RTGS over NEFT is transactions are processed continuously throughout the RTGS business hours. The range of amount transfer in RTGS starts with 2 lacs and there is no upward stop to this. For amount transfer via RTGS, both the sending bank branch and the receiving bank branch would have to be RTGS enabled. The list of RTGS authorized banks is available in the RBI website.
Necessities-
Amount to be remitted
Remitting customer’s account number which is to be debited
Name of the beneficiary bank and branch
The IFSC Number of the receiving branch
Name of the beneficiary customer
Account number of the beneficiary customer
Sender to receiver information, if any

IMPS or Immediate Payment Service
This immediate and instant mobile money transfer service across banks is a 24X7 service including all Sundays and bank holidays service between 8AM – 8PM. Mediums of IMPS transactions can be internet banking and ATM cards as well. The main aim to develop such a unique transfer method is to make customers experience a hassle free transfer over the phone. In November 2010, Smt. Shyamala Gopinath, DG RBI, made the public inauguration of IMPS in Mumbai. Now, this all Indian service is provided by NPCI through its existing NFS switch. Debits and credits of IMPS transactions are confirmed via SMS or texts.
Necessities-
7 digit MMID* (Mobile Money Identifier) number
MMID of the beneficiary
Mobile number of the beneficiary
Name of the beneficiary
Account Number of the beneficiary
IFS Code of the beneficiary bank

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