Which online money transfer method will suit you? Find out

Demonetisation led to greater use of digital transactions. Digital payment gateways such as NEFT, RTGS, e-wallets and UPI emerged to cater to customers facing cash crunch. So how do you decide which one to opt for? We help you to find what suits you best.

NEFT
The National Electronic Fund Transfer is the most commonly used method to transfer funds from one bank account to another.

RTGS
The Real Time Gross Settlement is used to transfer large amounts of money.

UPI
Unified Payments Interface enables fund transfers through smartphones using lesser number of steps, free of cost.

What is the transfer interface?
NEFT: Bank’s website or app.
RTGS: Bank’s website or app.
UPI: Only app.

How long does it take?
NEFT: The money is transferred after a time lag.
RTGS: The transfer is real-time. UPI: Instant.

How much money can you transfer?
NEFT: No minimum amount, but not more than Rs 10 lakh. RTGS: A minimum of Rs 2 lakh. No upper limit.
UPI: No minimum amount, but upper limit is Rs 1 lakh.

Are there transaction costs?
NEFT: Yes
RTGS: Yes
UPI: No

Can you make international transfers?
NEFT: Yes
RTGS: Yes
UPI: No

What are the details required?
NEFT: Beneficiary’s name, account number and IFSC code.
RTGS: Beneficiary’ name, account number and IFSC code.
UPI: Beneficiary’s VPA.

How easily accessible are these modes?
NEFT: Available across all banks.
RTGS: Available across all banks.
UPI: Limited availability.