What is IFSC CODE ?

Ifsc code abbreviated as Indian Financial System Code. IFSC Code is a alphabet and numeric combination code that's used in indian electronic funds transfer. A code that's unique to each bank's branch. The primary use of the ifsc code is to locate the bank's branch between two account holders and make a smooth transaction.

What is RTGS ?

RTGS abbreviated as Real-time gross settlement. RTGS is primarily used for high-value transactions. The minimum transaction amount is 2 lakh and the transaction is done instantly.

a) Inward transactions - Free

b) Outward transaction - Rs. 2 lakh to 5 lakh - Maximum Rs. 30 per transaction;

Above Rs. 5 lakh - Maximum Rs. 55 per transaction. RTGS transaction timings for Monday - Friday is 9 A.M to 4.30 P.M and for Saturday it is 9 A.M to 2 P.M.

What is IMPS ?

IMPS abbreviated as Immediate Payment Service. IMPS is an instant payment system. Where the money is transferred between person A and person B in seconds. Unlike RTGS and NEFT, IMPS is 24*7.
- For transactions up to Rs 10,000 - Maximum Rs 2.50 (+ Service Tax)

- For transactions above Rs 10,000 up to Rs 1 lakh - Maximum Rs 5 (+ Service Tax)

- For transactions above Rs 1 lakh and up to Rs 2 lakhs - Maximum Rs 15 (+ Service Tax)

What is NEFT ?

NEFT abbreviated as National Electronic Funds Transfer. Unlike RTGS, NEFT transaction is done in batches.
a) Inward transactions at destination bank branches (for credit to beneficiary accounts) - Free, no charges to be levied from beneficiaries

b) Outward transactions at originating bank branches - charges applicable for the remitter

- For transactions up to Rs 10,000 - Maximum Rs 2.50 (+ Service Tax)

- For transactions above Rs 10,000 up to Rs 1 lakh - Maximum Rs 5 (+ Service Tax)

- For transactions above Rs 1 lakh and up to Rs 2 lakhs - Maximum Rs 15 (+ Service Tax)

- For transactions above Rs 2 lakhs - Maximum (+ Service Tax)

NEFT transaction timings for Monday - Friday is 8 A.M to 6.30 P.M and for Saturday it is 8 A.M to 12 P.M. There is no minimum and maximum limit for transfer.