HDFC Bank is one of India’s leading private banks and it was the first bank to get RBI’s approval to establish banking operations in the country. HDFC offers a variety of banking services to both retail as well as corporate customers. With the help of the latest digital payment systems like NEFT, RTGS, and IMPS, money can be instantly received and sent to any part of the world and at any time. Let us first know the difference between the three:
Difference between HDFC NEFT, RTGS and IMPS
| Type of Transfer | NEFT | IMPS | RTGS |
|---|---|---|---|
| Speed of settlement | Half hourly | Real-Time | Real-Time |
| Maximum Transfer Value | No Limit | INR 2 lakhs | INR 25 lakhs |
| Minimum Transfer Value | No Limit | No Limit | INR 2 lakhs |
| Charges | No Charges for online transfers | No Charges for online transfers | No Charges for online transfers |
| Timing | Monday to Friday and working Saturday
7 AM to 7 PM on bank working days |
24×7, 365 Days | Monday to Friday and working Saturday
7 AM to 5 PM on bank working days |
- HDFC NEFT:
National Electronic Fund Transfer (NEFT) is an inter-bank/ inter-branch online fund transfer within India. It is an online mode of funds transfer introduced by RBI that assists in the quick transfer of money between banks throughout India. A bank’s branch must be NEFT-enabled for a customer to transfer funds. One must have all the required bank details including the IFSC Code of the Beneficiary’s Bank. There are no limits on funds that can be transferred.
Details Required:
A customer requires below mentioned details to transfer funds via NEFT:
- Name of the beneficiary
- Amount to be transferred
- Customer’s account number
- Beneficiary’s Bank
- IFSC code
- Account number of self
NEFT Timings:
Customers are required to visit the bank during below mentioned hours to transfer funds via NEFT:
| Banking Days | NEFT Timings |
|---|---|
| Monday to Friday and working Saturday | 7 AM to 7 PM on bank working days |
NEFT Limit:
There is no limit on minimum and maximum amounts for funds transfer via HDFC NEFT. However, with Internet Banking, customers can transfer up to INR 25 lakhs. For funds transfers above this amount, customers are required to visit the branch.
Benefits of HDFC NEFT
Below mentioned are the features and benefits of HDFC NEFT:
- There is no minimum amount for funds transfer.
- Customers can use either offline modes i.e. by visiting a branch or online modes i.e. internet banking.
- The NEFT transactions are regulated by the RBI and hence highly reliable.
- It is a very easy and convenient process of funds transfer.
- The fees are relatively very low in the case of NEFT, hence this method is one of the widely used funds transfer mechanisms in the country.
- ii) HDFC RTGS:
Real Time Gross Settlement is a method that allows users to transfer funds on a real-time or gross basis. It means that the funds get transferred instantly without any delay in processing. The gross settlement means that the funds get transferred on a one-to-one basis.
Details Required:
A customer requires below mentioned details to transfer funds via RTGS:
- The amount to be transferred
- Account number
- Recipient’s bank
- Recipient’s IFSC code
RTGS Fees
Below mentioned are the fees for funds transfer through RTGS:
| Net Banking | Nil |
| Bank Branch | INR 15 + Applicable GST |
RTGS Timings
Below mentioned are the timings for funds transfer through RTGS:
| Mobile & Internet Banking | 7 AM to 5 PM (Monday to Saturday, except 2nd & 4th Saturday and bank holidays |
| Bank Branch | As per branch working hours |
RTGS Limit
Below mentioned are the timings for funds transfer through RTGS:
| Minimum Amount | INR 2 Lakhs |
| Maximum Amount | INR 25 Lakhs |
How to transfer funds via RTGS?
- By visiting Branch:
Mentioned below are the steps used to transfer funds via RTGS and execute offline funds transfers:
- Visit any nearest branch and request for RTGS form.
- Fill out the RTGS form with all the details required like date, amount for funds transfer, etc.
- Add the account details, and cheque details like Serial Number, and IFSC code.
- Sign the form to authorize the funds transfer.
- The bank will then process the fund’s transfer on the basis of details furnished by the customer.
- Via Internet Banking:
Mentioned below are the steps used to transfer funds via RTGS and execute online funds transfers:
- Log in to the official website of HDFC Bank using the User Name and Password.
- Click on the “Payments/ Transfer” section and select the appropriate option for fund transfer.
- Click on “Proceed”.
- Select the account from which the amount is to be transferred.
- Enter the amount, reason for transfer, and beneficiary account number.
- Verify all the details and click on “Confirm”.
- Enter the Internet banking password along with the OTP received on the registered mobile number and click on “Confirm”.
- A confirmation message will then be received and the transaction will be executed.
- HDFC IMPS:
HDFC Bank IMPS (Immediate Payment Service) is a funds transfer facility where one can send or receive money instantly 24*7, that too all year round i.e. 365 days. It allows users to send and receive funds from their savings bank account in real-time. It facilitates inter-bank transactions with the help of Internet and Mobile banking.
IMPS Charges
Below mentioned are the HDFC IMPS Charges:
| Transaction Type | IMPS Charges |
|---|---|
| Mobile and Internet Banking | Nil |
| Bank Branch | Up to INR 1 Lakh – INR 5+ GST
INR 1 Lakh – INR 2 Lakhs – INR 15+ GST |
How to Register for HDFC IMPS?
Mentioned below are the steps to register for HDFC IMPS:
- One can apply for IMPS registration at the time of account opening only with the help of a unique 7-digit MMID.
- This 7-digit MMID is received at the time of account opening only. Also, it can be generated via mobile app, SMS, or by calling HDFC Customer Care.
- Once the registration is completed, the HDFC mobile app can be used to transfer funds.
Benefits of HDFC IMPS
Mentioned below are the benefits of HDFC IMPS:
- IMPS can be done 24*7 i.e. even on bank holidays.
- The funds can be transferred from anywhere and at any time.
- Funds up to INR 2 lakh can be transferred each time instantly to the selected beneficiary.
- A track of several funds can be maintained of the funds transferred with the help of an SMS alert.
- The IMPS charges are quite nominal.