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how to transfer money online NEFT, Net Banking

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Online Paise Transfer Kaise Kare – The increasing progress of technology has inspired a lot to do online transactions. Changing technology has made the life of people very easy and simple. Transferring money online is currently the easiest and safest way. Now the question must have come to your mind why is the process of transferring money online considered so secure? So some reasons are given below. You can do online transactions anytime round the clock. There is a very low service charge for transferring money. You can do online money transfer sitting at home, for this, you do not need to go out to the bank. You do not have to do any kind of paperwork to transfer money online.

You can do online money transfers sitting at home, which saves your money and time. online ways to transfer money from one bank account to another, you can use any of the online methods given below-

  • UPI
  • OIL
  • RTGS
  • IMPS

Let us understand all these ways to transfer money online in context-

1. UPI- Unified Payment Interface

Unified Payment Interface (UPI) is a popular mobile payment method that allows you to transfer money from one bank account to another absolutely free of cost. To transfer money through UPI, every user is required to have an ID, which is called UPI ID. UPI ID is a unique identification for a bank account that is used to send and receive money from one bank to another.

UPI PIN is a 4 or 6-digit Personal Identification Number that is required to send money through UPI. Each account holder has the option to select his/her UPI PIN. The Paytm UPI payment application makes it easy for users to make direct bank-to-bank transfers within minutes. All you have to do is launch the Paytm application on your mobile device and create your UPI account and you will be good to go. If you want, you can also use other applications like Phone pe.

Process–

Selecting a Contact / Entering a Mobile Number – Sending money is as easy as sending a message. Simply select the contact you wish to send or enter a mobile number, the amount to be transferred and your PIN. this much only! Your transaction will be completed in few seconds.

Scanning UPI QR Code – You can also send money through UPI by scanning the QR code of the receiver. All you have to do is open the Paytm or PhonePe mobile payment application on your phone, click on ‘Pay’, and select the option ‘QR Code’. After that scan, the QR code of the receiver and enter the amount to be paid. Now enter your PIN and your payment will be completed in a matter of seconds.

Entering UPI ID – To send money through UPI ID, all you have to do is open the mobile payment application, and enter the UPI ID of the receiver. Next, you need to enter the amount that needs to be transferred and verify the transaction by entering your MPIN. Your transaction will be completed in a few seconds.

Entering Account Number and IFSC – This is the traditional mode of payment and is also supported on UPI. You can enter the account number and IFSC of the person to whom you want to send money, specify the amount, and enter your PIN. Your payment will be completed within seconds.

2. NEFT- National Electronics Fund Transfer

NEFT is basically a one-to-one payment facility in which transactions can be processed only between banks that provide NEFT-enabled services. Transactions done through NEFT do not happen in real-time; This means that NEFT transactions take a few days to complete. To transfer funds through NEFT, you need to add the beneficiaries on the internet banking portal of your required bank. There is no limit on the number of NEFT transactions. A charge is applicable on all NEFT transactions. 2.5 to Rs. 25, depending on the amount being put in. As per RBI guidelines, payments made through NEFT are processed and settled in half-hourly batches.

3. RTGS – Real Time Gross Settlement

RTGS stands for Real Time Gross Settlement. It is a money transfer system that allows the transfer of funds from one bank account to another bank account in real-time and on a gross settlement basis. The term, ‘real-time’ means that transactions through RTGS are processed exactly when they are initiated by the remitter, and ‘gross settlement’ means that the instructions regarding the transfer of funds are one-to-one. -On one basis. Transactions done through RTGS are processed on a one-to-one basis and can be done at any time of any day of the year. The real-time gross settlement method is mostly used for high-value transactions. RTGS transactions can be used both online and offline.

4. IMPS- Immediate Payment Service

IMPS is another method that allows users to transfer funds from one bank to another. IMPS stands for Immediate Payment Service, which means you can transfer money instantly using this method. The daily maximum limit for IMPS transactions is Rs. 1 lakh. The charges on transactions done through IMPS vary between Rs. 5 to Rs. 15, Depending on the terms of the bank. Instant Payment Service is a robust, real-time fund transfer option that provides a 24*7 inter-bank fund transfer facility, which is secure and affordable for all users.

I hope you have got this information well, in which we have seen how we can transfer money online through NEFT, IMPS, RTGS, and Net Banking.

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