Top banks today offer multiple services that enable the customer to make a wire transfer, or online money transfer. From net banking to phone banking, the customer today can choose from a number of options. NEFT, RTGS and IMPS are three popular facilities available today. Offered by most banks across the country today, wire transfer or instant money transfer refers to a service provided by a bank wherein the user can transfer funds, or money, from one account to another through computer-based systems.
NEFT, RTGS and IMPS timings (schedule)
National Electronic Funds Transfer (NEFT) transactions are settled in batches. Currently, top banks offer more than 20 half-hourly batches on most days for making a money transfer through NEFT. Unlike NEFT, RTGS or Real Time Gross Settlement transactions are processed instantly, i.e. on a real-time basis. RTGS is meant for large value transactions.
NEFT, RTGS, IMPS money transfer timings
Money transfer service Weekday Weekend
NEFT Half-hourly batches from 8:00 am to 7:00 pm (except second and fourth Saturday)
IMPS Round the clock – 24 hours
RTGS 8:00 am to 4:30 pm 9:00 am to 2:00 pm
The Reserve Bank of India (RBI), which manages both NEFT and RTGS payments, offers a service window to banks from 9:00 am to 4:30 pm on weekdays and from 9:00 am to 2:00 pm on Saturdays for settlement at its end. The timings that the banks follow may vary depending on the customer timings of the bank branches, according to the central bank. Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service managed by the NPCI or National Payments Corporation of India. (Read: What are NEFT, RTGS, IMPS transactions? All you need to know)
NEFT, RTGS, IMPS charges levied by top banks today
Top banks today charge a fee ranging from ₹ 1 to ₹ 50 per transaction (plus GST) for the three money transfer services (NEFT, RTGS and IMPS). These charges depend on the type of money transfer and factors such as amount and time of transaction. The user may choose one of these technologies as per his or her money transfer requirements.
State Bank of India (SBI)
For transactions made through net banking or mobile banking, SBI charges a fee of ₹ 1 (plus GST) per NEFT transaction of an amount up to ₹ 10,000. For any such NEFT transfer of an amount between ₹ 10,000 and ₹ 1 lakh, SBI charges ₹ 2 (plus GST), and ₹ 3 (plus GST) per NEFT transaction for an amount between ₹ 1 lakh and ₹ 2 lakh. For transfers above ₹ 2 lakh, SBI charges a fee of ₹ 5 (plus GST) per transaction. For RTGS transactions made through net banking or mobile banking, SBI charges ₹ 5 per transaction for an amount between ₹ 2 lakh and ₹ 5 lakh. For an RTGS transfer above ₹ 5 lakh, the bank charges a fee of ₹ 10 per transaction, according to its website. For IMPS transfer, the bank charges ₹ 5 plus GST for any transaction of an amount between ₹ 1,001 to ₹ 1 lakh. For an IMPS transaction from ₹ 1,00,001 to ₹ 2 lakh through net banking or online banking, SBI charges a fee of ₹ 15 plus GST, it mentioned.