{"id":152479,"date":"2025-06-09T17:38:05","date_gmt":"2025-06-09T12:08:05","guid":{"rendered":"https:\/\/www.practicemock.com\/blog\/?p=152479"},"modified":"2025-06-09T21:05:16","modified_gmt":"2025-06-09T15:35:16","slug":"how-many-types-of-money-transfers-are-there-in-india","status":"publish","type":"post","link":"https:\/\/www.practicemock.com\/blog\/how-many-types-of-money-transfers-are-there-in-india\/","title":{"rendered":"How many types of money transfers are there in India?"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/www.practicemock.com\/blog\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/www.practicemock.com\/blog\/category\/banking-awareness\/\">Banking Awareness<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\">How many types of money transfers are there in India?<\/span><\/span><\/div>\n\n\n<p><\/p>\n\n\n\n<p>The Money Transfer is a part of the Banking Awareness\/ General Awareness topics, mostly asked in the Bank Exams. Knowledge of this topic will help you clear the General Awareness Section in the exam. If you are a banking aspirant, you must have a crystal clear knowledge of banking terms. Questions about different types of money transfers are frequently asked in the exam. There are various types of money transfer facilities provided by the banks. Therefore, it becomes an important topic, and the candidates need to gain a thorough knowledge of this topic. Continue reading below to know all the important information about the different types of money transfers in India.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-vivid-cyan-blue-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.practicemock.com\/ibps-po-test-series\/?ref=13280\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Sign Up to Get The Best IBPS PO Mock Test Series &amp; Skyrocket Your Prep<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Types of Money Transfers: Overview<\/h2>\n\n\n\n<p>The Money Transfer in India is controlled by an umbrella organisation called the National Payment Corporation of India (NPCI). The money transfer is a part of the general awareness topic, which is also related to our daily life. The Money transfer topic includes learning about different methods to transfer money domestically or internationally. The different modes of transferring funds involve understanding basic terms such as NEFT, RTGS, IMPS, Cheque, SWIFT, IFSC, UPI, and other conventional methods such as Money Order, Instant Money Order, Electronic Clearance Service, and Mobile Money Transfer. It also includes terms such as Rupay, NACH, ABPS, AePS, and NFS.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A Brief Introduction to NPCI<\/h2>\n\n\n\n<p>National Payments Corporation of India (NPCI) is an <strong>umbrella organisation<\/strong> for operating retail payments and settlement systems in India. It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks&#8217; Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007. It has been established to create a wider Payment &amp; Settlement Infrastructure in India. NPCI, during its journey, has made a greater impact on the retail payment systems in the country.&nbsp;The ten main promoter banks of NPCI  are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank Limited, HDFC Bank Limited, Citibank N. A. and HSBC. The shareholding was broad-based to 56 member banks in 2016. It includes more banks representing all sectors. In 2020, new entities regulated by the RBI were introduced. It consists of payment service operators, payment banks, small finance banks, etc.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Different Types of Money Transfers in India<\/h2>\n\n\n\n<p>In India, various methods are utilized for the transfer of money. These methods facilitate the movement of funds across different bank accounts. NEFT, RTGS, IMPS, and UPI are used mainly for domestic transfers, whereas cash transfers, cheque payments, and digital wallets offer an alternative option for moving funds.  The money transfer methods are divided here such that first we understand the most used methods, and then we understand the conventional methods of transferring money. The different types of money transfers and important terms related to money transfer in India are explained below.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/www.practicemock.com\/ibps-clerk-test-series\/?ref=13280\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Take IBPS Clerk Free Mock Test Based on the Latest Pattern<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Most Used Methods of Money Transfer in India<\/h3>\n\n\n\n<p>The most used methods include NEFT, RTGS, IMPS, UPI, and Cheque. These are explained in detail below.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">1. NEFT<\/h4>\n\n\n\n<p><strong>NEFT<\/strong> is an <strong>electronic payment system<\/strong> developed by the <strong>Reserve Bank of India (RBI)<\/strong> that enables individuals, firms, and corporates to transfer funds <strong>from one bank account to another<\/strong> across India securely and efficiently.<\/p>\n\n\n\n<p><strong>Key Features of NEFT:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Feature<\/th><th>Details<\/th><\/tr><\/thead><tbody><tr><td><strong>Full Form<\/strong><\/td><td>National Electronic Funds Transfer<\/td><\/tr><tr><td><strong>Operated By<\/strong><\/td><td>Reserve Bank of India (RBI)<\/td><\/tr><tr><td><strong>Availability<\/strong><\/td><td>24x7x365 (including weekends and bank holidays)<\/td><\/tr><tr><td><strong>Settlement Type<\/strong><\/td><td>Half-hourly batches (from Dec 2019 onwards)<\/td><\/tr><tr><td><strong>Mode<\/strong><\/td><td>Online via internet\/mobile banking or at bank branches<\/td><\/tr><tr><td><strong>Transaction Type<\/strong><\/td><td>Domestic fund transfer only<\/td><\/tr><tr><td><strong>Minimum Amount<\/strong><\/td><td>\u20b91<\/td><\/tr><tr><td><strong>Maximum Amount<\/strong><\/td><td>No upper limit (subject to bank limits)<\/td><\/tr><tr><td><strong>Charges<\/strong><\/td><td>No charges for online NEFT; banks may levy minimal charges for branch transactions<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>How NEFT Works<\/strong>:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Initiation:<\/strong> The Sender initiates transfer through online banking or by visiting a bank branch.<\/li>\n\n\n\n<li><strong>Batch Processing:<\/strong> RBI processes transactions in half-hourly batches.<\/li>\n\n\n\n<li><strong>Credit to Beneficiary:<\/strong> Funds are credited to the recipient&#8217;s account once processed.<\/li>\n\n\n\n<li><strong>Confirmation:<\/strong> Both sender and receiver get SMS\/email confirmation if enabled.<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading\">2. RTGS<\/h4>\n\n\n\n<p>The <strong>RTGS (Real-Time Gross Settlement)<\/strong> is a payment system that enables <strong>instant<\/strong> and <strong>final settlement<\/strong> of large-value funds transfers between banks on a <strong>real-time<\/strong> and <strong>gross basis<\/strong>. It is used for high-value transactions that require immediate clearing.<\/p>\n\n\n\n<p><strong>Key Features of RTGS:<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading\">1. Real-Time<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Transactions are processed <strong>immediately<\/strong> as they are initiated.<\/li>\n\n\n\n<li>No waiting period or queue.<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\">2. Gross Settlement<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Transactions are settled <strong>individually<\/strong>, not bundled or netted with other transactions.<\/li>\n\n\n\n<li>The full amount is transferred without deductions.<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\">3. Final and Irrevocable<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Once processed, the payment cannot be reversed.<\/li>\n\n\n\n<li>Considered <strong>final settlement<\/strong> by central banks.<\/li>\n<\/ul>\n\n\n\n<p><strong>Typical Use Cases:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Large-value interbank transfers.<\/li>\n\n\n\n<li>Corporate transactions requiring speed and finality.<\/li>\n\n\n\n<li>Government and financial market settlements.<\/li>\n<\/ul>\n\n\n\n<p><strong>How RTGS Works:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>A customer requests a high-value transfer via their bank.<\/li>\n\n\n\n<li>The bank forwards the request to the central RTGS system (usually operated by a central bank like the Reserve Bank of India or the Federal Reserve).<\/li>\n\n\n\n<li>The central system verifies, debits the sender&#8217;s bank, and credits the receiver&#8217;s bank.<\/li>\n\n\n\n<li>The beneficiary bank receives the funds and credits the beneficiary&#8217;s account.<\/li>\n<\/ol>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/www.practicemock.com\/ibps-rrb-officer-test-series\/?ref=13280\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Attempt RRB PO Free Mock Test Based on the Latest Pattern<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">3. IMPS<\/h4>\n\n\n\n<p>The IMPS was launched by NPCI in 2010 as a pilot project. The <strong>IMPS (Immediate Payment Service)<\/strong> is an instant, interbank electronic fund transfer, a 24*7 service that allows users to send or receive money using <strong>mobile numbers, account details, or UPI<\/strong>. It is <strong>available 365 days<\/strong>, including <strong>Sundays and holidays<\/strong>.<\/p>\n\n\n\n<p><strong>Key Features of IMPS:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Feature<\/th><th>Details<\/th><\/tr><\/thead><tbody><tr><td>Availability<\/td><td>24&#215;7, 365 days<\/td><\/tr><tr><td>Speed<\/td><td>Instant money transfer<\/td><\/tr><tr><td>Transfer Limit<\/td><td>Usually \u20b91 \u2013 \u20b95 lakh (bank dependent)<\/td><\/tr><tr><td>Security<\/td><td>End-to-end encrypted, highly secure<\/td><\/tr><tr><td>Modes<\/td><td>Mobile number + MMID, Account number + IFSC, UPI<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>How to Use IMPS:<\/strong> <\/p>\n\n\n\n<p>Example via Internet\/Mobile Banking:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Log in to mobile\/internet banking.<\/li>\n\n\n\n<li>Select \u201cIMPS Transfer.\u201d<\/li>\n\n\n\n<li>Choose between:\n<ul class=\"wp-block-list\">\n<li>Mobile No. + MMID<\/li>\n\n\n\n<li>Account No. + IFSC<\/li>\n\n\n\n<li>UPI ID<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Enter recipient details and amount.<\/li>\n\n\n\n<li>Confirm and authenticate using OTP or MPIN.<\/li>\n\n\n\n<li>Transaction is processed instantly.<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading\">4. UPI<\/h4>\n\n\n\n<p>The <strong>UPI (Unified Payments Interface)<\/strong> is a <strong>real-time payment system<\/strong> developed by the <strong>National Payments Corporation of India (NPCI)<\/strong> that allows users to instantly transfer money across bank accounts using a <strong>mobile phone<\/strong>. It works 24*7 and is the <strong>most widely used digital payment method in India<\/strong>.<\/p>\n\n\n\n<p><strong>Key Features of UPI:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Feature<\/th><th>Details<\/th><\/tr><\/thead><tbody><tr><td>Availability<\/td><td>24&#215;7, 365 days including holidays<\/td><\/tr><tr><td>Speed<\/td><td>Instant transfer of funds<\/td><\/tr><tr><td>Amount Limit<\/td><td>Up to \u20b91 lakh to \u20b95 lakh per transaction (depends on the bank\/app)<\/td><\/tr><tr><td>Interoperability<\/td><td>Works across all banks and UPI-enabled apps<\/td><\/tr><tr><td>Security<\/td><td>Two-factor authentication (mobile + MPIN)<\/td><\/tr><tr><td>Platform<\/td><td>Mobile apps like PhonePe, Google Pay, Paytm, BHIM, etc.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>How to Use UPI:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Download any UPI-enabled app (e.g., PhonePe, Google Pay, Paytm, BHIM).<\/li>\n\n\n\n<li>Link your bank account.<\/li>\n\n\n\n<li>Create a UPI ID and set a 4\/6-digit MPIN.<\/li>\n\n\n\n<li>Use the UPI ID or scan QR code to send\/receive money.<\/li>\n\n\n\n<li>Authenticate with your MPIN to complete the transaction.<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading\">5. Cheque<\/h4>\n\n\n\n<p>A <strong>cheque<\/strong> is a <strong>written order<\/strong> instructing a bank to <strong>pay a specific amount of money<\/strong> from a person&#8217;s account to the person or entity named on the cheque. It is a traditional, non-digital method of making payments.<\/p>\n\n\n\n<p>Parties involved in a Cheque:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Role<\/th><th>Description<\/th><\/tr><\/thead><tbody><tr><td><strong>Drawer<\/strong><\/td><td>The person who writes the cheque (account holder)<\/td><\/tr><tr><td><strong>Drawee<\/strong><\/td><td>The bank where the drawer holds an account<\/td><\/tr><tr><td><strong>Payee<\/strong><\/td><td>The person to whom the payment is to be made<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Key Features of a Cheque:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It must be written and signed by the <strong>drawer<\/strong>.<\/li>\n\n\n\n<li>It must include:\n<ul class=\"wp-block-list\">\n<li>Date<\/li>\n\n\n\n<li>Payee\u2019s name<\/li>\n\n\n\n<li>Amount in words and figures<\/li>\n\n\n\n<li>Drawer\u2019s signature<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Valid for <strong>3 months<\/strong> from the date mentioned on it.<\/li>\n\n\n\n<li>Can be <strong>cancelled<\/strong> by the drawer before it is cleared.<\/li>\n<\/ul>\n\n\n\n<p><strong>Types of Cheques:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Type<\/th><th>Description<\/th><\/tr><\/thead><tbody><tr><td><strong>Bearer Cheque<\/strong><\/td><td>Payable to the person holding (bearing) the cheque<\/td><\/tr><tr><td><strong>Order Cheque<\/strong><\/td><td>Payable only to the named person or party<\/td><\/tr><tr><td><strong>Crossed Cheque<\/strong><\/td><td>Cannot be encashed; must be deposited into a bank account (<code>\/\/<\/code> mark)<\/td><\/tr><tr><td><strong>Post-dated Cheque<\/strong><\/td><td>Dated for a future day; can\u2019t be encashed before that date<\/td><\/tr><tr><td><strong>Stale Cheque<\/strong><\/td><td>Presented <strong>after 3 months<\/strong> of the issue date; invalid<\/td><\/tr><tr><td><strong>Blank Cheque<\/strong><\/td><td>Signed by drawer but with no amount\/date filled<\/td><\/tr><tr><td><strong>Cancelled Cheque<\/strong><\/td><td>A cheque that has been crossed and marked \u201cCancelled\u201d; used for verification<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>How to Write a Cheque (Correctly):<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Write the <strong>date<\/strong> on the top right (DD\/MM\/YYYY).<\/li>\n\n\n\n<li>Mention the <strong>name of the payee<\/strong> clearly.<\/li>\n\n\n\n<li>Write the <strong>amount in words<\/strong> (e.g., &#8220;Rupees Ten Thousand Only&#8221;).<\/li>\n\n\n\n<li>Write the <strong>amount in numbers<\/strong> in the box (e.g., &#8220;Rs. 10000&#8221;).<\/li>\n\n\n\n<li>Sign at the bottom right with your <strong>official signature<\/strong>.<\/li>\n\n\n\n<li>Draw lines after the written amount to prevent alteration.<\/li>\n\n\n\n<li>Do <strong>not leave blank spaces<\/strong>.<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading\">6. IFSC<\/h4>\n\n\n\n<p><strong>IFSC (Indian Financial System Code)<\/strong> is an <strong>11-character alphanumeric code<\/strong> used to <strong>identify individual bank branches<\/strong> for electronic money transfers like <strong>NEFT, RTGS, and IMPS<\/strong> in India.<\/p>\n\n\n\n<p><strong>Structure of IFSC Code:<\/strong><\/p>\n\n\n\n<p>Example: <code>SBIN0001234<\/code><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>First 4 letters<\/strong>: Bank name (e.g., SBIN = State Bank of India)<\/li>\n\n\n\n<li><strong>5th character<\/strong>: Always 0 (reserved for future use)<\/li>\n\n\n\n<li><strong>Last 6 digits<\/strong>: Branch code<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Conventional Methods of Money Transfer in India<\/h3>\n\n\n\n<p>The most conventional methods of money transfer include Money Order, Instant Money Order, Electronic Clearance Service, and Mobile Money Transfer. These are explained in detail below.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">1. Money Order<\/h4>\n\n\n\n<p>A <strong>Money Order<\/strong> is a <strong>financial instrument<\/strong> used to <strong>send money securely<\/strong> from one person to another through a <strong>postal or financial service<\/strong>. It is a <strong>prepaid<\/strong>, <strong>paper-based<\/strong> method commonly used when the sender or receiver does not have a bank account.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">2. Instant Money Order<\/h4>\n\n\n\n<p><strong>Instant Money Order (IMO)<\/strong> is a <strong>fast, electronic money transfer service<\/strong> offered by <strong>India Post<\/strong>, allowing people to <strong>send money quickly<\/strong> to any individual across India through <strong>post offices<\/strong>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">3. Electronic Clearance Service<\/h4>\n\n\n\n<p><strong>Electronic Clearance Service (ECS)<\/strong> is an electronic mode of transferring <strong>bulk payments<\/strong> or <strong>receipts<\/strong> from one bank account to multiple accounts. It is mainly used for <strong>automated transactions<\/strong>, such as <strong>salary payments, dividends, pension, EMI deductions<\/strong>, or <strong>utility bill collections<\/strong>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">4. Mobile Money Transfer<\/h4>\n\n\n\n<p><strong>Mobile Money Transfer<\/strong> refers to the <strong>electronic transfer of funds<\/strong> from one person to another using a <strong>mobile phone<\/strong>, without the need for a traditional bank account or visiting a bank.<\/p>\n\n\n\n<p><strong>How Mobile Money Transfer is used:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Uses <strong>mobile apps, SMS, or USSD codes<\/strong><\/li>\n\n\n\n<li>Works via <strong>UPI<\/strong>, <strong>wallets<\/strong>, or <strong>mobile banking services<\/strong><\/li>\n\n\n\n<li>Available <strong>24&#215;7<\/strong>, even in remote areas<\/li>\n\n\n\n<li>Can be used to <strong>send, receive, or store money<\/strong>, pay bills, and recharge<\/li>\n<\/ul>\n\n\n\n<p><strong>Examples:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>UPI apps<\/strong> like Google Pay, PhonePe, Paytm<\/li>\n\n\n\n<li><strong>Mobile wallets<\/strong> like MobiKwik, Airtel Money<\/li>\n\n\n\n<li><strong>USSD-based banking<\/strong> (e.g., *99# service) for feature phones<\/li>\n\n\n\n<li><strong>International mobile money<\/strong> (e.g., M-Pesa)<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/www.practicemock.com\/ibps-rrb-assistant-test-series\/?ref=13280\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Attempt RRB Clerk Free Mock Test Based on the Latest Pattern<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Important Terms Related to Money Transfer in India<\/h2>\n\n\n\n<p>The important terms apart from the money transfer methods are discussed here. These include the terms that are highlighted on the website of NPCI. These terms are such as: Rupay, NACH, ABPS, AePS, and NFS.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Rupay<\/h3>\n\n\n\n<p><strong>RuPay<\/strong> is an Indigenously developed Payment System \u2013 designed to meet the expectations and needs of the Indian consumer, banks, and merchant ecosystem. RuPay supports the issuance of debit, credit, and prepaid cards by banks in India and thereby supports the growth of retail electronic payments in India.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. NACH<\/h3>\n\n\n\n<p><strong>National Automated Clearing House (NACH)<\/strong> is an offline web-based system for bulk push and pull transactions. NACH provides an electronic mandate platform to register mandates, facilitating a paperless collection process for corporates and banks. It provides for both account-based and Aadhaar-based transactions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. ABPS<\/h3>\n\n\n\n<p>The <strong>Aadhaar Payment Bridge (APB) System<\/strong> is helping the government and government agencies make direct benefit transfers for various central and state-sponsored schemes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. AePS<\/h3>\n\n\n\n<p>To access these funds at the doorstep &amp; drive financial inclusion in India, an <strong>Aadhaar-enabled Payment System (AePS)<\/strong> has been introduced. Since its inception, it has become instrumental in increasing the accessibility of basic banking services in underserved areas. To extend the convenience of biometrics to merchant payments, BHIM Aadhaar has been launched by the Hon&#8217;ble Prime Minister Narendra Modi.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. NFS<\/h3>\n\n\n\n<p><strong>National Financial Switch (NFS)<\/strong> is the largest network of shared Automated Teller Machines (ATMs) in India, facilitating interoperable cash withdrawal, card-to-card funds transfer, and interoperable cash deposit transactions, among other value-added services in the country.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. Bharat Bill Payment System<\/h3>\n\n\n\n<p><strong>Bharat Bill Payment System<\/strong> is offering a one-stop bill payment solution for all recurring payments with 200+ Billers in the categories Viz. Electricity, gas, water, telecom, DTH, loan repayments, insurance, FASTag recharge, cable, etc., are available across India.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">7. NETC<\/h3>\n\n\n\n<p>National Payments Corporation of India (NPCI) has developed the <strong>National Electronic Toll Collection (NETC) program <\/strong>to meet the electronic tolling requirements of the Indian market.<\/p>\n\n\n\n<p>It provides an electronic payment facility for customers to make payments at national, state and city toll plazas by identifying the vehicle uniquely through a FASTag. FASTags are Radio-Frequency Identification (RFID) stickers that are affixed to the vehicle windshield and enable the driver to make toll payments electronically while the vehicle is in motion without stopping at the Toll plazas by saving fuel and time.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.practicemock.com\/?next=https%3A%2F%2Fwww.practicemock.com%2Fs1pricing%2Findex.php%3Fc%3Dpremium&amp;ref=13280\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1300\" height=\"500\" src=\"https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2025\/06\/Banking-Max-Course-1.png\" alt=\"\" class=\"wp-image-152654\"\/><\/a><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Difference Between Various Money Transfer methods<\/h2>\n\n\n\n<p>NEFT Vs RTGS Vs IMPS: Know the basic difference<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Feature<\/th><th>NEFT<\/th><th>RTGS<\/th><th>IMPS<\/th><\/tr><\/thead><tbody><tr><td>Settlement<\/td><td>Half-hourly batch<\/td><td>Real-time<\/td><td>Real-time<\/td><\/tr><tr><td>Minimum Amt<\/td><td>\u20b91<\/td><td>\u20b92 Lakhs<\/td><td>\u20b91<\/td><\/tr><tr><td>Maximum Amt<\/td><td>No Limit<\/td><td>No Limit<\/td><td>Usually \u20b95 Lakhs<\/td><\/tr><tr><td>Availability<\/td><td>24&#215;7<\/td><td>24&#215;7<\/td><td>24&#215;7<\/td><\/tr><tr><td>Ideal For<\/td><td>Regular transfers<\/td><td>High-value transactions<\/td><td>Instant small transfers<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>UPI vs other payment modes: Know the basic differences<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Feature<\/th><th>UPI<\/th><th>IMPS<\/th><th>NEFT<\/th><th>RTGS<\/th><\/tr><\/thead><tbody><tr><td>Transfer Speed<\/td><td>Instant<\/td><td>Instant<\/td><td>30 min \u2013 2 hrs<\/td><td>Real-time (high value)<\/td><\/tr><tr><td>Availability<\/td><td>24&#215;7<\/td><td>24&#215;7<\/td><td>24&#215;7<\/td><td>Business hours only<\/td><\/tr><tr><td>Min Amount<\/td><td>\u20b91<\/td><td>\u20b91<\/td><td>\u20b91<\/td><td>\u20b92 lakh<\/td><\/tr><tr><td>Max Amount<\/td><td>\u20b91\u20135 lakh*<\/td><td>\u20b95 lakh*<\/td><td>No limit<\/td><td>No limit<\/td><\/tr><tr><td>Platform<\/td><td>Mobile apps<\/td><td>Mobile\/Online<\/td><td>Internet banking<\/td><td>Internet banking<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Cheque Vs other payment methods:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Feature<\/th><th>Cheque<\/th><th>UPI<\/th><th>NEFT\/RTGS<\/th><th>Cash<\/th><\/tr><\/thead><tbody><tr><td>Speed<\/td><td>1\u20133 days<\/td><td>Instant<\/td><td>30 mins\u20132 hrs<\/td><td>Immediate<\/td><\/tr><tr><td>Cost<\/td><td>Usually free<\/td><td>Mostly free<\/td><td>Nominal fee<\/td><td>No fee<\/td><\/tr><tr><td>Safety<\/td><td>Risk of bounce\/fraud<\/td><td>Highly secure<\/td><td>Secure<\/td><td>Risk of theft<\/td><\/tr><tr><td>Physical Form<\/td><td>Yes<\/td><td>No<\/td><td>No<\/td><td>Yes<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Summary<\/h2>\n\n\n\n<p>Money Transfer is an important topic that is frequently asked in the bank exams. The banking exam aspirants must know about the most commonly used money transfer methods in India. Learn about the different types of money transfers in India and their detailed explanation. Also, learn the comparison of different payment systems that are frequently used. Make notes of the information provided to you. Revise and recall the concepts learned about money transfers in India.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.practicemock.com\/?next=https%3A%2F%2Fwww.practicemock.com%2Fs1pricing%2Findex.php%3Fc%3Dpremium&amp;ref=13280\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1141\" height=\"550\" src=\"https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2025\/06\/Banking-Packages-Banner-4.png\" alt=\"Banking Packages 2025\" class=\"wp-image-152652\"\/><\/a><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-text-align-center\"><em><strong>Join our exclusive Telegram group where our experts are ready to answer all your queries, guide you in banking exam preparation, and give personalized tips to boost your success. Access real-time solutions, expert advice, and valuable resources to improve your study journey. <\/strong><\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-vivid-red-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/t.me\/bankgovtjobexamprep\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>PracticeMock Telegram group Link<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How many types of money transfers are there in India?: FAQs<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1749464166948\"><strong class=\"schema-faq-question\">What are the different types of money transfers used in India?<\/strong> <p class=\"schema-faq-answer\">The detailed information about the type of money transfers used in India are provided in the above blog.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1749464239664\"><strong class=\"schema-faq-question\">Is the money transfer topic asked in the bank exam?<\/strong> <p class=\"schema-faq-answer\">Yes, questions on the money transfer topic are frequently asked in the examination.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1749464311245\"><strong class=\"schema-faq-question\">What is NEFT?<\/strong> <p class=\"schema-faq-answer\">The NEFT is the National Electronic Fund Transfer developed by the National Payment Corporation in India (NPCI).<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1749464373721\"><strong class=\"schema-faq-question\">What is the RTGS?<\/strong> <p class=\"schema-faq-answer\">The RTGS is the Real Time Gross Settlement used to transfer high-value amounts immediately across the banks.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1749464526900\"><strong class=\"schema-faq-question\">What is IMPS?<\/strong> <p class=\"schema-faq-answer\">IMPS is the Immediate Payment Service used for the electronic fund transfer by using mobile apps, account number, or UPI.<\/p> <\/div> <\/div>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>How many types of money transfers are there in India? Know the types of money transfers in India and all the information related to them.<\/p>\n","protected":false},"author":29,"featured_media":152484,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[3998],"tags":[],"class_list":["post-152479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-awareness"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How many types of money transfers are there in India?<\/title>\n<meta name=\"description\" content=\"How many types of money transfers are there in India? 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Over the years, I've been a dedicated government job aspirant, having attempted various competitive exams conducted by the Government of India, including SSC JE, RRB JE, Banking &amp; Insurance exams, UPSC CDS, UPSC CSE and GPSC. This journey has provided me with deep insights into the examination patterns and preparation strategies. Currently, I channel this experience into my role as a passionate content writer at PracticeMock, where I strive to deliver accurate and relevant information to candidates preparing for Banking exams, guiding them effectively on their preparation journey.","url":"https:\/\/www.practicemock.com\/blog\/author\/sandhya\/"},{"@type":"Question","@id":"https:\/\/www.practicemock.com\/blog\/how-many-types-of-money-transfers-are-there-in-india\/#faq-question-1749464166948","position":1,"url":"https:\/\/www.practicemock.com\/blog\/how-many-types-of-money-transfers-are-there-in-india\/#faq-question-1749464166948","name":"What are the different types of money transfers used in India?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The detailed information about the type of money transfers used in India are provided in the above blog.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.practicemock.com\/blog\/how-many-types-of-money-transfers-are-there-in-india\/#faq-question-1749464239664","position":2,"url":"https:\/\/www.practicemock.com\/blog\/how-many-types-of-money-transfers-are-there-in-india\/#faq-question-1749464239664","name":"Is the money transfer topic asked in the bank exam?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, questions on the money transfer topic are frequently asked in the examination.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.practicemock.com\/blog\/how-many-types-of-money-transfers-are-there-in-india\/#faq-question-1749464311245","position":3,"url":"https:\/\/www.practicemock.com\/blog\/how-many-types-of-money-transfers-are-there-in-india\/#faq-question-1749464311245","name":"What is NEFT?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The NEFT is the National Electronic Fund Transfer developed by the National Payment Corporation in India (NPCI).","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.practicemock.com\/blog\/how-many-types-of-money-transfers-are-there-in-india\/#faq-question-1749464373721","position":4,"url":"https:\/\/www.practicemock.com\/blog\/how-many-types-of-money-transfers-are-there-in-india\/#faq-question-1749464373721","name":"What is the RTGS?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The RTGS is the Real Time Gross Settlement used to transfer high-value amounts immediately across the banks.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.practicemock.com\/blog\/how-many-types-of-money-transfers-are-there-in-india\/#faq-question-1749464526900","position":5,"url":"https:\/\/www.practicemock.com\/blog\/how-many-types-of-money-transfers-are-there-in-india\/#faq-question-1749464526900","name":"What is IMPS?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"IMPS is the Immediate Payment Service used for the electronic fund transfer by using mobile apps, account number, or UPI.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"uagb_featured_image_src":{"full":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2025\/06\/How-many-types-of-money-transfers-are-there-in-India.png",1200,675,false],"thumbnail":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2025\/06\/How-many-types-of-money-transfers-are-there-in-India.png",150,84,false],"medium":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2025\/06\/How-many-types-of-money-transfers-are-there-in-India.png",300,169,false],"medium_large":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2025\/06\/How-many-types-of-money-transfers-are-there-in-India.png",640,360,false],"large":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2025\/06\/How-many-types-of-money-transfers-are-there-in-India.png",640,360,false],"1536x1536":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2025\/06\/How-many-types-of-money-transfers-are-there-in-India.png",1200,675,false],"2048x2048":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2025\/06\/How-many-types-of-money-transfers-are-there-in-India.png",1200,675,false],"web-stories-poster-portrait":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2025\/06\/How-many-types-of-money-transfers-are-there-in-India.png",640,360,false],"web-stories-publisher-logo":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2025\/06\/How-many-types-of-money-transfers-are-there-in-India.png",96,54,false],"web-stories-thumbnail":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2025\/06\/How-many-types-of-money-transfers-are-there-in-India.png",150,84,false]},"uagb_author_info":{"display_name":"Sandhya","author_link":"https:\/\/www.practicemock.com\/blog\/author\/sandhya\/"},"uagb_comment_info":6,"uagb_excerpt":"How many types of money transfers are there in India? Know the types of money transfers in India and all the information related to them.","_links":{"self":[{"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/posts\/152479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/comments?post=152479"}],"version-history":[{"count":0,"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/posts\/152479\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/media\/152484"}],"wp:attachment":[{"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/media?parent=152479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/categories?post=152479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/tags?post=152479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}