The introduction of various payment systems in India has made it easier to transfer money. Unlike earlier, you can transfer money from one bank account to another almost immediately. Due to various available payment options, money can be sent and received from anywhere at any given time.

Different Methods to Transfer Fund Online

The three different methods by which money can be transferred online are mentioned below:

● Immediate Payment Service (IMPS)

● National Electronic Funds Transfer (NEFT)

● Real-Time Gross Settlement (RTGS).

SBI also uses these methods to transfer funds online. Some of the related questions regarding these methods are answered below:

1. IMPS- Immediate Payment Service- This is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc.

2. RTGS- Real Time Gross Settlement- This is a system where the processing of funds transfer instructions takes place in real-time. Also, the settlement of funds transfer instructions occurs individually on an instruction by instruction basis. RTGS is the fastest possible interbank money transfer facility available through secure banking channels in India.

3. NEFT- National Electronic Fund Transfer- This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS. The system will be available on all days of the year, on a 24 x 7 basis, including holidays.

IMPS facility is only available for Retail users. While RTGS and NEFT facilities are available to both Retail and Corporate Internet Banking users of SBI.