What Are the Limits for NEFT Money Transfers and How Do They Work?

The scope of online transactions has widened drastically in the last decade. Enabled by the National Electronic Funds Transfer (NEFT) system, Make in India campaign has launched digital solutions like the Unified Payments Interface (UPI) and Immediate Payment Service (IMPS). But, what is the NEFT money transfer limit, and how do these digital payment solutions compare?



NEFT is a payments system enabling funds transfers from one bank to another without requiring physical cheques or cash. By the Reserve Bank of India's decree, there are no restrictions towards the NEFT money transfer limit. One can transfer any amount from as low as Re.1 to whichever extent they wish. The only limitation is the amount that one's bank permits, governed by its fund transfer policies.


Undertaken in a half-hourly settlement, NEFT transactions occur on a Deferred Net Settlement basis at settled times throughout each day. Unlike UPI and IMPS, that process fund transfers in real-time, NEFT's half-hourly batches can delay the money receipt occasionally.

UPI vs IMPS: Which One to Use?

UPI vs IMPS can get confusing as they are relatively similar services. However, UPI is a system that powers multiple bank transactions into a single mobile application. It merges several banking services, seamless fund routing, and merchant payment facilities into one. IMPS, conversely, is an instant, real-time interbank electronic fund transfer system reachable round the clock.


Often, the decision between using UPI, IMPS, or NEFT depends upon the urgency, the amount, and the charges one might incur with different systems.

Incorporating Digital Solutions

Incorporating these digital solutions, Bajaj Finserv has introduced Bajaj Pay, aiming to simplify online transactions for its users. This platform includes a UPI, the Bajaj Pay UPI and Bajaj Pay Wallet, in its features.


Bajaj Finserv BBPS platform has devised a cashless, straightforward, and secure way to pay all your bills. It aims to simplify bill payments, cutting down long queues and late payment penalties.


Using Bajaj Pay UPI, you can make payments directly from your bank account to any other bank account swiftly. The Bajaj Pay Wallet, on the other hand, allows you to send money, pay bills, recharge, shop, and much more. Equipped with top-tier data encryption, these Bajaj digital solutions ensure the utmost security of your transactions.


Of note is that the use of these platforms is not contingent upon a NEFT money transfer limit or any other transaction limit. Bajaj Finserv allows transactions as per the RBI guidelines and bank's discretions.

Conclusion

The digitalization of transactions and fund transfers has taken a great leap forward. From the no NEFT money transfer limit feature to the instant transaction of IMPS, these online solutions are making lives easier. Incorporation of these technologies into platforms like Bajaj Finserv BBPS further accentuates their utility. Making transactions through Bajaj Pay UPI and Bajaj Pay Wallet is just as simple, secure and intuitive. Thus, these technologies are rapidly becoming the prime choice for businesses and individuals alike.


Read More: Common Misconceptions About Imps Charges

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