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How To Transfer Or Send Money Within India?


Gone are the days when doing banking transactions was a tedious job and consumed a lot of time. Earlier, the common method of transferring funds was through cheque which would take 2-5 days to clear depending on the city.


In fact, if you were doing an inter city transaction, the cheque would have taken as much 7-21 days to clear.

How To Transfer Or Send Money Within India?

Here are different ways using which you can transfer money. Today, you have many options to transfer money within India. Some of these mechanisms are:


RTGS is based on the gross settlement where the transaction is settled on an instruction by instruction basis. In RTGS the minimum amount should be above Rs 2 lakh and maximum amount is Rs 10 Lakh. In case of a holiday, the amount gets credited on the next working day.

The Fund transfer through RTGS involves comparatively lower remittance charges. Inward remittances are free of cost, while banks can charge a fee not exceeding Rs 30 for an outward remittance on transaction amount of Rs 2 lac-5 lac. For higher amounts, banks could charge a fee of Rs 55.



Individuals, firms or corporates having accounts with a bank branch can transfer funds using NEFT. While, there is no limit either minimum or maximum on the amount of funds that could be transferred using NEFT.

Presently, NEFT operates in hourly batches - there are twelve settlements from 8 am to 7 pm on week days (Monday through Friday) and six settlements from 8 am to 1 pm on Saturdays. Note that second and fourth Saturday's are non working days for banks.


IMPS basically involves a transfer mechanism using the mobile phone. A host of banks allow the transfer through this mechanism including the reputed banks like State Bank of India, ICICI Bank and Axis Bank. There is the limit is set by the bank.

For example, State Bank of India permits only one beneficiary in a calendar day. Which means one cannot send money through IMPS for more then one beneficiary in a day.

Banking Apps

Many banks have come up with their bank apps which help us to make online Transaction, Pay Bills, Recharge Mobile Phones through our mobile. They even have the option to send money through apps.

E wallets

E-Wallet is an electronic wallet, where one can safely maintain money, credit cards to be used as and when required. Many e wallet have option to send or transfer to another person.

Read more about: online transfer rtgs neft imps how to
Story first published: Monday, February 8, 2016, 10:46 [IST]
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