NEFT full form: must know RTGS, IMPS, UPI, NPCI full form

What is Full form of NEFT, RTGS, IMPS, UPI and NPCI

We must understand all terms like NEFT, RTGS, IMPS, UPI, NPCI before accepting as business related to finance, banking, or online marketing.

Many payment systems are available for the online transactions with minimum charges or free. Here, we present some of them in deeply.

Full form of NEFT

National Electronic Funds Transfer(NEFT) is one of the oldest online electronic transfer system in India which was presented by IDRBT (Institute for Development and Research in Banking Technology) under RBI in 2005.

NEFT is an online money transfer system that is founded on DNS (Deferred Net Settlement) in batches.

NEFT full form
NEFT full form

For any NEFT money transfer, a bank should be NEFT-enabled.
One account holder can online transactions from one bank to the beneficiary account holder. NEFT facility can be used anywhere to send money through Mobile, Internet Banking, Wallet, etc.

Limit of sending and Receiving fund

There is no limit for transfer minimum money and maximum transfer money.

Some information needed before transfer of funds

  1. Name of beneficiary and their Bank account number are must be needed.
  2. IFSC code of receiving bank/branch.
  3. Sending amount
  4. Name of receiving bank
  5. Amount to be sent

NEFT transfer time

The new timing of NEFT– 24X7 transfer facility is available, Active from 16th December 2019.
Earlier, the NEFT fund transfer was not available when there were free days. Though, active from 16th December 2019, NEFT fund transfer is accessible in all the 365 days of a year.

NEFT Charges

At present, Nil charges for NEFT transactions done through mobile, online banking, etc but some charges applied through offline mode transactions.

Also read-MP and MLA full form

Under RBI guideline, maximum charges which can be levied for outward transactions at originating bank for other transaction

Amount Total Charges
Rs.1 to 10k not exceeding Rs. 2.50 + GST charge
Rs.10k to 1 lacs not exceeding Rs. 5 + GST charge
Rs.1 lacs to 2 lacs not exceeding Rs.15 + GST charge
Above Rs.2 lacs not exceeding Rs.25 + GST charge

HDFC Bank fund transfer charges

Same way, if you check the HDFC Bank NEFT Fund transfer charges for offline transactions, then it is different and as below.

Amount Charges
Rs. 0-1 lakh Rs. 2 + GST charge
Rs. 1 lakh – 10 lakh Rs. 10 + GST charge

ICICI Bank NEFT Fund Transfer charges for offline mode are as below.

Amount Total Charges
Rs. 0 to 10k Rs.2.25 + GST charge
Rs.10 k to Rs.1 lakh Rs.4.75+GST charge
Rs.1 lakh to Rs.2 lakh Rs.14.75+GST charge
Rs.2 lakh to Rs.10 lakh Rs.24.75+GST charge

Above we know NEFT full form, timing, fund transfer.

Full form of RTGS

RTGS full form derived as Real-Time Gross Settlement.

RTGS is the real-time settlement of funds separately or on an arranged basis.
This account holder can online transactions from one bank to the beneficiary account holder. RTGS facility can be used anywhere to send money through Mobile, Internet Banking, Wallet, etc.

This system is generally used for high-value fund transfer that require instant payment. This type of system is operated by RBI.

RTGS charges

At present, Nil charges for RTGS transactions done through mobile, online banking, wallet. But some transaction charges are available through offline payment mode.

Any banks may choose to charge a lower rate but cannot charge more than the rates approved by Reserve Bank of India.below rates approved by RBI:

Amount Charges
Rs. 2lakh to 5 lakh Rs.24.50 + GST
Above 5lakh Rs. 49.50 + GST

ICICI bank RTGS charge

Amount Charges
2 lakh to 5 lakh Rs. 20 + GST
5 lakh to 10 lakh Rs 45 + GST

RTGS Timing time

RTGS is not a 24×7 system. The RTGS service window for customer transactions is available to banks from 7 am to 6 pm on a working day, for settlement at the RBI end.

Full form of IMPS

IMPS means Immediate Payment Service and it was the first time introduced in 2010. It was developed by NPCI and it’s built on the current National Financial Switch (NFS).

This payment system is a real-time fund transfer from one bank to another bank

NPCI introduced IMPS started as a pilot project for mobile device systems with SBI, Bank of India (BOI), ICICI Bank, and Union Bank of India (UBI) in 2010.

After some months, HDFC Bank, YES Bank, and Axis Bank these 3 Bank are included in IMPS and IMPS was widely introduced in November, 2010.

Other NEFT full form list

NEFT full form Category
New England Fly Tyers NGO
National Electronic Fund Transfer Banking sector
NIBSS Electronic Fund Transfer Business
North Eastern Frontier Tract Regional

Other RTGS full form list

RTGS full form Category
Real-Time Gross Settlement Banking Sector
Royal Thai General System Unclassified

Other IMPS full form list

RTGS full form Category
Intelligent Mathematical Programming System Computing software
Internet Miniature Pinscher Service Internet
Instant Messaging and Presence Service Networking
Institutional Meat Purchase Specifications Institution
Instant Message Presence Service Unclassified
Instant Messaging Presence Server Unclassified
Interbank Mobile Payment System Mobile system
Immediate Payment Service Banking Sector
Integrated Microcomputer Processing System Unclassified
Institute for Musicianship and Public Service Community
Innovations in Mobile Privacy Security Security
Imperial Military Personnel Stories Security
Intensity Modulated Photocurrent Spectroscopy Unclassified
Inter Mobile Payment System Unclassified
Interactive Mathematical Proof System Unclassified
Infinite Monkey Protocol Suite Unclassified
Instant Messaging And Presence Services Unclassified
Instant Messaging And Presence Services Unclassified
Integrated Mathematics And Physical Science Academic degrees

Frequently asked questions

1. What does NEFT stand for?

NEFT full form

Ans.
National Electronic Funds Transfer(NEFT) is one of the oldest online electronic transfer systems in India which was presented by IDRBT (Institute for Development and Research in Banking Technology) under RBI in 2005.
NEFT is an online money transfer system that is founded on DNS (Deferred Net Settlement) in batches

2. Is there any limit on funds to be remitted through NEFT system?

Ans.
There is no limit for transfer minimum money and maximum transfer money.

3. What is RTGS system?

Ans.

RTGS full form derived as Real-Time Gross Settlement.
RTGS is the real-time settlement of funds separately or on an arranged basis.
This account holder can online transactions from one bank to the beneficiary account holder. RTGS facility can be used anywhere to send money through Mobile, Internet Banking, or online mode.

4.What does UPI stans for?

Ans.
UPI system is an instant immediate online payment system introduced by NPCI facilitating, an RBI regulated entity.
It works immediately transferring money from one bank to another Bank on online mode.

5. What is the full form NPCI and UPI

Ans.
NPCI – National Payments Corporation of India
UPI – Unified Payments Interface

In this article, We learn NEFT full form, RTGS full form, IMPS full form, NEFT and RTGS timing, UPI full form, NPCI full form. If you have query related NEFT, RTGS, IMPS asked in a comment section we have replied ASAP.

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