www.study4u.in: Online Payment System in India (Neft, RTGS, AePS)

Monday, 18 September 2017

1. NEFT - “National Electronic Fund Transfer”

It is a nation-wide payment system .
One can transfer funds to others though self-account.
Applicable to both Account holders and Non-Account holders.
Funds can be transferred through electronic media
Funds can be transferred in 12 slots on weekdays and 6 slots on Saturday
Applicable for those customers, Corporates, Firms,whose bank is entitled with NEFT payment system.

There is no minimum or maximum limit while transferring through NEFT platform.
If you have Bank account in any NEFT enabled branches , then you can transfer fund through internet or bank branches directly.
If you don’t have an account, then there are few norms you need to follow, RBI sets an upper limit ceiling i.e. one can transfer up to Rs.50,000 per transaction.
NEFT mode can also be used while transferring fund to Nepal under Indo- Nepal Remittance Facility scheme. Here also RBI sets an upper limit ceiling i.e. one can transfer up to Rs.50,000 per transaction.
For these schemes, Banks charges as service charge or processing fee for each ENFT transactions.
While transferring NEFT fund you to anyone you must have His/Her Bank Accounts Details like Account Number , Account Holders Name , IFSC code.

Processing of instructions starts at the same time
Settlement of fund transfer occurs according to individuals basis or it can be transferred instantly. There is no such time slot.
Funds can be transferred in Real Time Basis.
RBI sets a limit, One can transfer a minimum of Rs.2 Lakh
The scheme is only applicable for those customers, Corporates, Firms, whose bank is entitled with RTGS Payment platform system.

Only Account Holders can enjoy the service. There is no provision to transfer funds for Non-Account holders.
The customer can transfer funds in Between 9AM to 4:30PM on Monday to Friday. & 9AM to 1:30PM on Saturday.
But Bank transaction time is in between 9AM to 4:30PM on Monday to Friday. & 9AM to 3PM on Saturday.
As per RBI guidelines, Banks charges Rs.25 + Application time charge (Rs.5) A total of Rs.30 for each transaction in-between Rs.2 lakh to Rs.5 lakh.
However, Above Rs.5 lakh Bank charges Rs.50 + Application time charge

IMPS is an instant interbank electronic fund transfer service through mobile phones.

This service is available 24x7 for a transaction between interbank.
It doesn’t require any “batches”. Though IMPS offers Instant Transfer.
To be able to transfer fund through IMPS route you must first register for the immediate payment services with your bank.
After successful registration, the bank will provide you “Mobile Money Identifier(MMID) and Mobile Personal Identification number(MPIN).
For transferring of funds the Minimum & Maximum amount is to be Rs.1 and Rs.2,00,000.

It is a payment system which uses Aadhar card number and individuals online UIDAI authentication, which are linked to a customer's Bank account.
A customer will have to register his/her Aadhar number to their existing bank account, provided their bank is AEPS enabled.
Through AEPS, the customer can withdraw or deposit cash, make the balance enquiry, and transfer funds.
The maximum amount of transaction per account per day is Rs.50,000.
These transactions are normally conducted by Business Correspondents (BCs) service centres.

It is a system of money transfer for transferring personal remittances from abroad to beneficiaries in India.
Through this only inward remittances into India are permissible. No outward remittance allowed.
A maximum of Rs.50,000 can be remitted inwards as per the money value. And a maximum of 30 transactions per the calendar year.

It is a cross-border one-way remittance facility scheme for remittance from India to Nepal.
Maximum amount remittance is INR 50,000 and beneficiaries will receive in Nepalese Rupees.