Online Money transfer in India

Demonetisation brought great changes in India. Demonetisation not just changed notes but even changed the way we make payments. Various digital payment methods came into lightfor cashless money transaction. Nowadays, there are different methods which are being used for transactions,such as NEFT, RTGS, e-wallets, UPI and many more.

1. UPI :

Unified Payments Interface (UPI) provides the facility for money transfers from smart phones. One just needs UPI enabled applications in any smartphone for transactions using Virtual Payment Address. It is instantaneous method for fund transfers which requires no IT skills. This method does not depend on banks’ working hours for transferring the amount.  Moreover, UPI does not have transaction charges.

There are also some limitations of UPI. Firstly, the maximum amount of money transfer is Rs. 1 lakh. Secondly, it does not provide international transactions.

2. NEFT :

The National Electronic Fund Transfer is one of the most widely used method to transfer funds from one bank account to another. This method works on deferred settlement basis i.e, the money is transferred in batches. To transfer money, both customer bank branches should be NEFT-enabled. Every bank has set a limit for NEFT transfer.In addition, there is no minimum amount limit of money transfer but maximum amount is not more than Rs10 lakh.
Only limitation of this method is that money transfer is not instantaneous. Even this facility is only convenient on banks’ working days.

3. RTGS :

The Real Time gross settlement (RTGS), that provides large amount of money transfers. The banks should be RTGS enabled,it roughly takes 30 minutes. The money transfer amount limit is minimum Rs. 2 lakh and it has no upper limit.But,the fund transfer is available only in working hours of respective banks. The time taken to transferring the money is based on real time. Moreover, one can avail the services of international transfers. But ,this method is requires some transaction cost for fund transfers

For more info, visit:

62 thoughts on “Online Money transfer in India”

  1. This is very interesting, You are a very professional
    blogger. I have joined your feed and look forward to looking for
    more of your fantastic post. Additionally, I’ve shared your site in my social networks liverpool trøje salg

  2. Great blog! Do you have any tips for aspiring writers?
    I’m hoping to start my own blog soon but I’m a little lost on everything.
    Would you suggest starting with a free platform
    like WordPress or go for a paid option? There are so many
    choices out there that I’m completely confused .. Any ideas?
    Thanks a lot!

  3. Many thanks spending some time to discuss this important, I find myself really do onto it and furthermore enjoy looking over read more about doing this idea. Whenever capabilities, simply because pull off skills, might you imagination bringing up-to-date a internet page by using extra info? This is a good choice for people.

  4. Nice blog! Is your theme custom made or did you download it from somewhere?
    A design like yours with a few simple adjustements would really make my blog
    jump out. Please let me know where you got your design. Appreciate it

  5. I am extremely inspired with your writing skills and also
    with the format in your weblog. Is that this a paid theme
    or did you customize it your self? Anyway keep up
    the excellent high quality writing, it is uncommon to look a great weblog like this
    one these days..

  6. What i do not understood is in reality how you’re no longer actually much
    more well-appreciated than you may be now. You’re very intelligent.
    You know therefore considerably relating to this subject,
    made me for my part believe it from so many various angles.
    Its like men and women are not fascinated unless it is
    something to do with Woman gaga! Your personal stuffs nice.

    At all times handle it up!

  7. I just want to say I am very new to blogs and truly savored you’re web site. More than likely I’m likely to bookmark your website . You amazingly come with superb articles and reviews. Regards for sharing your webpage.

  8. I wish to show thanks to this writer for rescuing me from this particular instance. Just after scouting throughout the online world and coming across tips that were not powerful, I thought my entire life was done. Living without the strategies to the problems you’ve sorted out by means of the website is a critical case, and the ones which may have negatively affected my career if I hadn’t come across your web page. Your primary capability and kindness in dealing with a lot of things was helpful. I don’t know what I would’ve done if I had not come upon such a subject like this. I can also at this point look ahead to my future. Thank you very much for the skilled and sensible guide. I will not think twice to recommend your site to any individual who desires guide on this subject matter.

  9. I like what you guys are up also. Such clever
    work and reporting! Keep up the excellent works guys I have incorporated you guys
    to my blogroll. I think it will improve the value
    of my website :).

Leave a Reply

Your email address will not be published. Required fields are marked *