how do banks make NEFT or RTGS? IMPS/UPI/MMID transfers
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In case of mobile transfer, you have to know the beneficiary's account number as well as the MMID (Mobile Money Identifier) code, a seven-digit number issued by the bank if the person is using mobile banking as a beneficiary. In case of IMPS through mobile, there is no need to register the beneficiary.
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National Electronic Funds Transfer (NEFT) is transfer of funds online by a financial institution, mainly for the banks in India.
NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches.
NEFT has no limit either minimum or maximum - on the amount of funds that could be transferred using NEFT.
Real Time Gross Settlement (RTGS)
RTGS is based on the gross settlement where the transaction is settled on an instruction by instruction basis.
In RTGS the minimum amount should be above Rs 2 lakh and maximum amount is Rs 10 Lakh.
For more see the video
https://youtu.be/lXHJpx_SnVE
NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches.
NEFT has no limit either minimum or maximum - on the amount of funds that could be transferred using NEFT.
Real Time Gross Settlement (RTGS)
RTGS is based on the gross settlement where the transaction is settled on an instruction by instruction basis.
In RTGS the minimum amount should be above Rs 2 lakh and maximum amount is Rs 10 Lakh.
For more see the video
https://youtu.be/lXHJpx_SnVE
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