Intermediate payment service means instant payment service. It helps in sending and receiving money through the service on real time basis. Through this you can send only up to 2 lakh rupees in a day.
Instant money transactions are done through internet banking. Internet banking saves us from long queues at the bank. Money transactions can be done through this at any time. Internet banking reduces the dependence of customers on the bank to a large extent. There are many types of questions in the minds of people often regarding Internet Banking.
One question is, in which ways money is transferred through internet banking? So let us tell you that money can be transferred in three ways in Internet Banking. Intermediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) and the third method is Real Time Gross Settlement (RTGS).
Intermediate payment service means instant payment service. It helps in sending and receiving money through the service on real time basis. Through this you can send only up to 2 lakh rupees in a day.
At the same time, National Electronic Fund Transfer provides the facility to transfer money from one bank to another and from one bank branch to another bank branch. There is no minimum limit for fund transfer through this. At the same time, the maximum limit in this is set differently in different banks.
Whereas funds are transferred on a real time basis through Real Time Gross Settlement. It is one of the fastest medium used by banks for money transfer within the country.
On transfer of funds under RTGS, the money is credited by the beneficiary bank to the recipient’s account within 30 minutes. It is important to note that while doing internet banking, you should avoid sharing personal details of your bank account with anyone. Apart from this, the information should be entered with utmost care while transferring money.
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