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Difference Between NEFT And Instant Electronic Transfer - Business - Nairaland

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Difference Between NEFT And Instant Electronic Transfer by domack99(m): 5:58pm On Mar 26, 2013
Please i don't know which section am suppose to post this topic, i would like to no the major difference between neft nad instant transfer. Most bank have the two form of electronic transfer but can't really find any difference in the two

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Re: Difference Between NEFT And Instant Electronic Transfer by biolabee(m): 6:38pm On Mar 26, 2013
cost

For GTB
Instant transfer is cheaper (35N or so) while NEFT costs 400
Re: Difference Between NEFT And Instant Electronic Transfer by iyerim: 11:21pm On Mar 26, 2013
NEFT is an e-payment platform that is best suited for bulk transfers eg salary upload and takes a minimum of 24hrs to b effective because it has to go thru clearing process

While Instant electronics transfer(NIPs) just like d name is an e-payment platform that is instant,less than 2mins to b effective and its made for single/individual funds transfer

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Re: Difference Between NEFT And Instant Electronic Transfer by DerrenBrown: 3:45am On Mar 27, 2013
Hello Friends,

National Electronic Fund Transfer (NEFT) is an online system for transferring funds of financial institution, especially for the banks in India. This service is used mainly to transfer funds below Rs 100000.
The instant funds transfer system, known as the Real Time Gross Settlement(RTGS) cannot be used for an amount below Rs. 1 lakh by the banks as per the instructions of the banking regulator, the Reserve Bank of India. RBI has asked banks to offer National Electronic Fund Transfer (NEFT) which provided T+0 and T+1 settlement system depending on the time a customer gives instruction to the bank for transferring the fund for small transactions.

Thanks and Regards,
Derren Brown

Transcription services
Re: Difference Between NEFT And Instant Electronic Transfer by presegsADESIDA(m): 5:05am On Mar 27, 2013
iyerim: NEFT is an e-payment platform that is best suited for bulk transfers eg salary upload and takes a minimum of 24hrs to b effective because it has to go thru clearing process

While Instant electronics transfer(NIPs) just like d name is an e-payment platform that is instant,less than 2mins to b effective and its made for single/individual funds transfer


You got it absolutely right.

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Re: Difference Between NEFT And Instant Electronic Transfer by adekunle55(m): 10:50am On Aug 07, 2014
What are the transactions charges for using NEFT to pay workers salary?

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Re: Difference Between NEFT And Instant Electronic Transfer by Nobody: 2:38pm On Aug 10, 2014
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Re: Difference Between NEFT And Instant Electronic Transfer by ceejay675(m): 11:13am On Sep 25, 2014
guys pls in fidelity ibanking i saw instant transfer NIP and instant transfer QT.....i dont know the difference between the two and which one is cheaper for transferring money...any idea guys
Re: Difference Between NEFT And Instant Electronic Transfer by stepo707: 12:30pm On Sep 21, 2015
I would love to know more about the NAPS.anybody has an idea please and how much they charge.and also how much is the instant one for other banks as well.
Re: Difference Between NEFT And Instant Electronic Transfer by afolayangs(m): 6:13pm On Jun 09, 2016
What os Ribs?
Re: Difference Between NEFT And Instant Electronic Transfer by nettpatrick(m): 8:11am On Nov 23, 2016
NIP/NEFT/RTGS
These are all channels to initiating transfers in Nigeria.
NIP - just as the name suggests "NIBSS-Instant-Payment" within a minute the beneficiary gets the funds either inter/intra bank means.

NEFT - "NIBSS-Electronic-Fund-Transfer", after 24hrs, beneficiary gets this either initiated from electronics means from your convenience or at the initiating banks' branch.

RTGS - "Real-Time-Gross-Settlement, the beneficiary gets the funds immediately, but initiated from the branch most times. Hence, be informed that the huge difference of this and the above 2, is the "batch disposition " of funds.

On the whole, all is good to go, depending on what, timing, and the nature of the transaction that will determine which to venture into.

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Re: Difference Between NEFT And Instant Electronic Transfer by pranayZealous: 10:38am On Nov 23, 2016
They are 2 different electronic funds transfer methods

1. NEFT stands for national electronics funds transfer
2. Instant EFT stands for instant electronic funds transfer

while both of them are used for transferring funds, the difference lies in the nature of a transaction:-

NEFT is best suited for bulk transfers eg salary uploads, corporate payments, online payment for premium goods and takes a minimum of 24hrs for clearance

Instant EFT on the other hand, is for transactions within a certain limit determined by the central bank of a nation. The transfer is immediate without any clearance procedure (the account transfer takes place in real time). The average duration of a transaction is 2 mins. It is the most suited e-payment option for online purchases.

Benefits of Instant EFT in Online Retail

Merchants
-Immediate payment clearance: no waiting
-No proof of payment required
-Easy Checkout
-Compatible with all browsers and platforms
-Lower transaction fee (less than 2 to 4 percent of transaction fee)
-Easy to setup (web developers can make the merchant go online in no time)

Consumers
-Hassle free instant checkout
-Instant EFTs have higher trust among consumers
-Instant feedback in case of insufficient funds

References:-
http://www.zealousys.com/blog/instant-eft-boon-sa-online-retail/

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Re: Difference Between NEFT And Instant Electronic Transfer by Chukatabra: 2:10pm On Apr 16, 2023
EFTs are very different from wire transfer although similar. The major difference is in how they are executed.

Stumbled on this article during one of my research that really opened my eyes: https://blog.sanatransfer.com/electronic-funds-transfer-vs-wire-transfers/

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