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A Quick Comparison Of Different Payment Transfer Modes On The Basis Of Cost Parameter
Though new, UPI is the bestest mode of fund transfer with the only requirement for a Virtual Address.
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.
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" | RTGS | IMPS | UPI (proposed) | |
| Amount less than 10000 | Rs. 2.5 plus applicable ST | NA | Rs. 5 plus ST | Rs. 0.5 |
| Upto Rs. 1 lakh | Rs. 5 plus ST | NA | Rs. 5 plus ST | Rs. 0.5 |
| Amount over Rs. 1 lakh and upto Rs. 2 lakhs | Rs. 15 plus ST | NA | Rs. 15 plus ST | NA |
| Amount over Rs. 2 lakh and upto Rs. 5 lakh | Rs. 25 plus ST | Rs. 25 plus ST | NA | NA |
| Amount over Rs. 5 lakh and upto rs. 10 lakhs | Rs. 25 plus ST | Rs. 50 plus ST | NA | NA |
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.
