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.
Consumers can use RTGS to transfer funds through two ways – online internet banking and offline by visiting a bank branch.
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.
RTGS is a convenient transaction mode that is ideal for high-value transactions. Individuals can use this form of payment for large investments & payments.