There are multiple modes available to transfer money within India.
Understanding money transfer jargon can be quite daunting to the uninitiated. There was a time when people used to go to banks for fund transfer. With the advent of technology, money transfer is as easy as the click/swipe of a button on your phone/computer
.Here are the available money transfer modes available currently:
NEFT – National Electronics Funds Transfer
This is a “net” transfer facility which is executed in batches resulting in a time lag.
NEFT transactions are not real time.
RTGS – Real Time Gross Settlement
This is a real time settlementt and the transaction happen without any waiting period per se.
RTGS is not available for less than INR 2,00,000/-
IMPS – Immediate Payment Service
A major drawback of NEFT/RTGS system is that these services do not operate on Bank Holidays and Sundays.
Sometimes, you may need to send money to someone urgently.
IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones.IMPS is an emphatic tool to transfer money instantly within banks across India through mobile,internet and ATM which is not only safe but also economical both in financial and non financial perspectives.
This facility is provided by NPCI through its existing NFS switch.
With the rise of mobile wallets,making money transfer is literally at your fingertips.
Some of the most pouplar wallets are :
Paytm(market leader), Freecharge , Chillr, Mobikwik , Oxigen , Citruspay , mRupee.
Banks have also joined in the fray . A few apps/wallets launched by banks are given below:
HDFC Bank: Chillr, Payzapp
Axis : Lime
So which is your favorite mode to transfer funds within India? Is it Paytm Or is it any other app?
Do share your preferred mode in comments section.
I shall keep updating this post in future.