NEFT Vs IMPS Vs RTGS

[ontherocks]

IMPS and RTGS are real time transfers whereas NEFT is not.
For transfers within the limits of these modes, why would anyone choose NEFT over IMPS/RTGS?
RTGS generally has much more daily limits than IMPS. On the same note, why would anyone choose IMPS over RTGS?

 

[TUSHAR.]

I hope you are using the last 16 digits of AAN rather than whole 19. Exclude the first 3 zeroes.

To check, I made a payment of Rs.100 to my AAN at 10:15 AM and it was credited within 23 mins at 10:38 AM. So it is working 🙂

Yes I am using the last 16 digits only
Then also failing.

You paid to BOB CC ?

 

[HumorSimpson]

Always do NEFT when half hour passing is near like for e.g. at 09:25 AM which will clear by 09:31-09:35 AM or 09:55 AM which will clear by 10:01:10:05 AM. As NEFT always clear in next batch so better to do it 5 mins before every half hour ends.

Well said . This will keep our mind sane for 30 mins.

 

[TUSHAR.]

I hope you are using the last 16 digits of AAN rather than whole 19. Exclude the first 3 zeroes.

To check, I made a payment of Rs.100 to my AAN at 10:15 AM and it was credited within 23 mins at 10:38 AM. So it is working 🙂

Tried just now also, but still failing.

 

[desiviru]

Tried just now also, but still failing.

Try from other bank then.

 

[TUSHAR.]

Try from other bank then.

Failed via Indusind bank also
Don't know what I and doing wrong

 

[Trust Me]

Banks should reduce waiting time after beneficiary addition, thats the real problem.
Waiting for 4hours just to send money is too much. There is too much reliance on upi for this reason

I thought that 4 hr. wait is unique to SBI (maybe other PSBs too, I don't know. SBI is the only PSB for me). In my experience private banks don't require such ridiculous waiting period.
.

 

[desiviru]

I thought that 4 hr. wait is unique to SBI (maybe other PSBs too, I don't know. SBI is the only PSB for me). In my experience private banks don't require such ridiculous waiting period.
.

But the thing which seems ridiculous to common people is actually for security. People want it to be instant and when someone illegally gets account access, they drain bank account in instant.

It used to be 30 mins before and only after RBI directive citing security concerns, beneficialry activation was given more time. Also first 24 hrs, it is 50K in many banks and 1L in ICICI Bank. Some banks still have 30 mins but then they allow 10K in first 4 hrs and 50K in 4-24 hrs.

Unfortunately people are impatient and they want everything in seconds. Gen Z is a gone case. When I see them talking and looking at world, it seems to me that their survival in coming time is too difficult as they are destined to lose more than gain.

Soon people will start asking trees to provide fruits the day seed is sown in earth by them. 😏 Life is such a load for some impatient people. I saw people bashing employees in banks or whatever department just because they want their work to be done instantly. I feel like slapping such people so hard that they start bleeding.

 

[hender]

But the thing which seems ridiculous to common people is actually for security. People want it to be instant and when someone illegally gets account access, they drain bank account in instant.

It used to be 30 mins before and only after RBI directive citing security concerns, beneficialry activation was given more time. Also first 24 hrs, it is 50K in many banks and 1L in ICICI Bank. Some banks still have 30 mins but then they allow 10K in first 4 hrs and 50K in 4-24 hrs.

Unfortunately people are impatient and they want everything in seconds. Gen Z is a gone case. When I see them talking and looking at world, it seems to me that their survival in coming time is too difficult as they are destined to lose more than gain.

Soon people will start asking trees to provide fruits the day seed is sown in earth by them. 😏 Life is such a load for some impatient people. I saw people bashing employees in banks or whatever department just because they want their work to be done instantly. I feel like slapping such people so hard that they start bleeding.

He mahabali shant ho jao ...
Aapke Krodh Se duniya mein vinash Ho jaega

 

[desiviru]

He mahabali shant ho jao ...
Aapke Krodh Se duniya mein vinash Ho jaega

Vinash already ho raha hai. Krodh toh bas vinash ko rokney ke liye hai. 🤣

Trans: Gen Z is stupid and unfortunately produced by somewhat less-stupids who don't even care how unlucky their kids are not to understand fabric of world.

Accha hai abhi villages mein log samajhdaar hai.

 

[Ram1]

Lol if we are talking about illegally draining bank accounts just with someone's lost login access.
There is nothing safe in this world.
There is otp authentication for a reason.

Also there can be certain amount of transaction that can be allowed instantly without waiting time like 1L or 2L. Beyond which bank can always call and authenticate or ask more personal details before processing transaction like icici grid.

If u r still talking about vulnerability, even debit cards not safe through which major frauds are happening these days.
Even fingerprints can be stolen.

So in my opinion, 4hours wait time just to send money is ridiculous and inconvenience. People are always tempted to use UPI for this reason which will be chargeable very soon

 

[Trust Me]

But the thing which seems ridiculous to common people is actually for security. ....
It used to be 30 mins before and only after RBI directive citing security concerns, beneficialry activation was given more time.

I don't think I ever saw SBI delaying less than 4 hours. In any case, is it an established fact that banks that allow transactions in less than 4 hours suffer more frauds?!

Also, with UPI around, what's the point of this inordinate delay?! Can't we expect any consistency in various rules?

For example, it was easy enough for me to transfer money via UPI when the preset too low TPT limit, -- indeed, in fact the then non-functional netbanking itself for a bank wasn't allowing me to perform necessary money transfers!
.

 

[Ram1]

I don't think I ever saw SBI delaying less than 4 hours. In any case, is it an established fact that banks that allow transactions in less than 4 hours suffer more frauds?!

Also, with UPI around, what's the point of this inordinate delay?! Can't we expect any consistency in various rules?

For example, it was easy enough for me to transfer money via UPI when the preset too low TPT limit, -- indeed, in fact the then non-functional netbanking itself for a bank wasn't allowing me to perform necessary money transfers!
.

Yeah exactly if u r talking about security then why not waiting time for upi? Why only neft imps? If no waiting time needed for upi upto 1L, make it same for neft imps too?
Suppose a person phone is stolen after observing his upi pin, then 1L is gone Right.

There is also cybercrime dept to complain if money stolen through netbanking, upi or any source. There is no need to harass customers with 4hours long waiting time.