NEFT is an extremely convenient form of making online transactions. It also accommodates transfers to NRE and NRO accounts.
One of the features of RTGS that make it particularly relevant for modern consumers is that the transactions can be initiated through net-banking.
UPI is a payment system that allows you to transfer money between any two parties. As compared to NEFT, RTGS and IMPS, UPI is far more well-defined and standardized across banks.
Both RTGS and NEFT have their strengths. Let’s understand these strengths and decide which mode to use and most importantly, when.
Currently, there are over 150,000 IFSC Codes operating in India, with more than 1,400 banks all over the country.
The characteristics of NEFT can help customers in spite of the dawn of faster payment solutions like IMPS in India.
NEFT allows people to transfer funds electronically from one bank account to another and is relevant to those who wish to transfer large sums of money.
NEFT enables easy fund transfers between two parties, as long as both parties have a NEFT-enabled bank account.