A Quick Comparison Of Different Payment Transfer Modes On The Basis Of Cost Parameter

Posted By:
Subscribe to GoodReturns

    The latest mode of payment transfer from amongst the already existent NEFT, RTGS and IMPS is the UPI or Unified Payment Interface. As of now it is available for free that is customers using this fund transfer can do it at no cost. But still some of the banks, including the State-run SBI and HDFC bank have been in news and had issued notification to this effect to charge for such transactions with effect from some future time.

     A Quick Comparison Of Different Payment Transfer Modes On The Basis Of Cost

    The charges notified were based on the transaction amount

    Know more on such notification on IMPS fund transfer cost here,

    So, until now the cost-free mode shall also attract some transaction charges depending on the amount of such transaction. The simplicity of UPI also makes it the most convenient mode with no input required per se bank account details. Virtual Payment address is the only requirement for the transfer to be effected.

    Also another main facet to the UPI is cross-platform functionality which enables payments across gateways.

    After knowing the likely ease with which you can use the new fund transfer mode. Here is a quick comparison to help you reduce your cost on the front.

    Transaction Amount"Charges for different modes
    NEFT"RTGSIMPSUPI (proposed)
    Amount less than 10000Rs. 2.5 plus applicable STNARs. 5 plus STRs. 0.5
    Upto Rs. 1 lakhRs. 5 plus STNARs. 5 plus STRs. 0.5
    Amount over Rs. 1 lakh and upto Rs. 2 lakhsRs. 15 plus STNARs. 15 plus STNA
    Amount over Rs. 2 lakh and upto Rs. 5 lakhRs. 25 plus STRs. 25 plus STNANA
    Amount over Rs. 5 lakh and upto rs. 10 lakhsRs. 25 plus STRs. 50 plus STNANA

    Though one or two fund transfer will not your cost much, but if you are a big corporate, considering this chunk of information could save you immensely.

    Read more about: banks funds transfer neft rtgs upi imps
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more