In the modern era of digital finance, choosing the right payment method can be quite overwhelming due to the multitude of options available. However, two of the most common and easy-to-use payment modes in India are the National Electronic Fund Transfer (NEFT) and Immediate Payment Service (IMPS).
The choice between NEFT and IMPS often comes down to individual needs and preferences. This article aims to shed light on the nuances of NEFT vs IMPS, along with an introduction to the public financial management system.
What is NEFT?
NEFT is a pay-as-and-when convenient mode of fund transfer that enables one-to-one fund transfer. It operates in half-hour batches, and there is no minimum limit of transfer. However, the maximum limit depends upon the bank’s policies. NEFT operates from 8 AM to 7 PM on weekdays and from 8 AM to 1 PM on Saturdays, excluding holidays.
What is IMPS?
On the other hand, IMPS is an instant interbank electronic fund transfer service available 24x7x365. Unlike NEFT, it does not operate in batches and its services are available round the clock. There is no minimum transfer limit for IMPS as well, but the maximum limit is ₹2 lakhs.
Now let’s take a look into the public financial management system (PFMS), a secondary keyword in our context. PFMS, operated by the Controller General of Accounts under the Ministry of Finance, is another revolutionary platform amplifying digital transactions. PFMS plays a significant role in monitoring the utilization of financial resources allocated to various government programs and efforts.
In terms of NEFT vs IMPS, the choice eventually depends on the urgency and amount of money you wish to transfer. NEFT would be useful for transferring large sums of money during operational hours. Conversely, if the requirement is pressing and involves a relatively smaller amount, IMPS would be the apt choice.
Now let’s delve into the details of Bajaj Pay UPI. Bajaj Pay is a distinctive payment solution offered by Bajaj Finserv. It simplifies the process of making online transactions in a secure and smooth manner. Bajaj Pay provides multiple payment options such as a UPI, PPI (Prepaid Payment Instrument), and EMI network card.
Steps to use Bajaj Pay UPI are straightforward.
1. Download the Bajaj Finserv app from the Google Play Store or Apple App Store.
2. Register using your mobile number.
3. Create a four-digit MPIN for added security.
4. Link your bank account by selecting your bank’s name from the list provided and set up a UPI PIN.
5. Once your mobile number gets verified by your bank, you’ll be ready to use Bajaj Pay UPI for your transactions.
Conclusion
In conclusion, the choice between NEFT and IMPS may vary depending upon the nature and urgency of your transaction. The public financial management system is playing a significant role in the digitalization of transaction monitoring. Moreover, new entrants in the financial ecosystem like Bajaj Pay UPI are making transactions smoother, quicker, and accessible for all. Whether it’s NEFT or IMPS or UPI platforms like Bajaj Pay, the common objective is to ensure a seamless digital transaction experience. As technology continues to evolve, the scope and ease of digital transactions in India are rising, making finance matters less complicated and more user-friendly.
Rawat