Money transfer services such as NEFT,
RTGS and IMPS are offered by most banks across the country today. Wire
transfer or instant money transfer service refers to a service offered by a
bank wherein the user can transfer funds, or money, from one account to another
through computer-based systems. NEFT, RTGS and IMPS are three such modes of
wire transfer. Top banks charge a fee up to Rs. 50
per transaction for these money transfer services. These charges depend
on the type of money transfer and factors such as amount and time of
transaction. The user may choose one of these technologies as per his or her
money transfer requirements.
National Electronic Funds Transfer
(NEFT) allows for electronic transfer of funds from any bank branch to any
individual having an account with any other bank branch in the country
participating in this scheme. NEFT transactions are settled in batches. Real
Time Gross Settlement (RTGS) is a continuous process of settling payments on an
individual order basis without netting debits with credits across the books of
a central bank. Immediate Payment Service (IMPS) is an instant interbank
electronic fund transfer service.
Here's a comparison of different money transfer services (NEFT,
RTGS or IMPS) and the charges levied on per transaction basis by State Bank of
India (SBI), HDFC Bank, ICICI Bank, Punjab National Bank (PNB):
State Bank of India (SBI)
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