UPI – Unified Payment Interface

When we’re too lazy to go to the bank to make any transaction, we just use technology and explore various platforms to make payments and carry out transactions. Although all these platforms aren’t safe each platform has its own pros and cons. Another such platform is UPI that comes with far more pros and almost negligible cons. Unified Payments Interface (UPI) is a National Payment Corporation of India (NPCI) announced officially operational system to transfer money by just a simple click on the app on your smartphones. Download the UPI app transfer money between any two bank accounts without using sensitive data such as credit card details, IFSC codes, net banking passwords etc. This is a round-the-clock transfer mobile application where different bank accounts can be accessed on Smartphone by using this single app.

By using UPI, you can pay bills, utility bills, school fees, and much more by just scanning the barcode. While shopping online, the customer can pay using UPI, instead of opting for Cash on Delivery.

UPI can also be used for donations, collections, disbursements scalable, bill-sharing among friends, PUSH and PULL payments for various purposes, Merchant Payment with Single Application or In-App payment.

Soon, 29 banks will be providing UPI app for the customer to download straight from the google play store. The banks providing UPI facility include Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal Bank, ICICI Bank, TJSB Sahakari Bank, Oriental Bank of Commerce, Karnataka Bank, UCO Bank, Union Bank of India, United Bank of India, Punjab National Bank, South Indian Bank, Vijaya Bank and YES Bank.

How to Register?
How does UPI work?

UPI provides bank customer email like virtual address also called as virtual id. Different bank account holders have different virtual addresses. Customer’s own bank is the only account number mapper in order to ensure customer’s data privacy. So it is safe to use UPI as we are not providing any credentials than virtual id. The maximum per transaction amount is Rs.1,00,000.

How to make payments using UPI?
How to receive payment using UPI?

While NEFT, IMPS, RTGS are today’s high-value payment money transfer modes, UPI targets small digital payment modes. It focuses on small peer to peer payments. This app can be used by both bank's customers as well as non-customers.

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What is IFSC code?

IFSC is an acronym for Indian Financial System Code. It is a 11 characters alphanumeric code which is unique for every bank's branch. The last 6 characters of an IFSC code represents a specific branch of a bank.

Why we need IFSC code?

For online funds transfers via National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment System (IMPS), we need IFSC code of the beneficiary account.

What is NEFT?

NEFT is an acronym for National Electronic Funds Transfer. It is the most commonly used method for online funds transfer. The transfer doesn’t happen in real-time, rather in slots. There are 11 slots from 8 am to 7 pm on weekdays (Monday through Friday) and 6 slots from 8 am to 1 pm on Saturdays (except 2nd and 4th Saturday).

NEFT Charges

  • - Transactions up to ₹ 10,000 – not exceeding ₹ 2.50 + service tax
  • - Transactions above ₹ 10,000 and up to ₹ 1 lakh – not exceeding ₹ 5 + service tax
  • - Transactions above ₹ 1 lakh and up to ₹ 2 lakhs – not exceeding ₹ 15 + service tax
  • - Transactions above ₹ 2 lakhs – not exceeding ₹ 25 + service tax

Note: There is no minimum or maximum transfer limit.

What is RTGS?

RTGS is an acronym for Real Time Gross Settlement. Real Time means that the settlement of fund happens in real-time, individually on an instruction by instruction basis, without any delay. RTGS transfer has a minimum limit of rupees 2 lakhs (200,000). As per Reserve Bank of India, there is no maximum limit defined on an RTGS transfer, though the banks might put their own limits. An RTGS can be done between 9 am to 4.30 pm from Monday to Friday and 9 am to 2 pm on Saturday.

RTGS Charges

  • - RTGS charges ranges between ₹ 25 to ₹ 52 per transaction
What is IMPS?

IMPS is an acronym for Immediate Payment Service. It is the latest electronic fund transfer facility which enables an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc. Through IMPS, the money is transferred instantly to the beneficiary’s account, in no time. Through IMPS we can transfer the money 24x7 throughout the year, all 365 days, even on bank holidays.

IMPS Charges

  • - Transactions up to ₹ 1 lakh – not exceeding ₹ 5 + service tax
  • - Transactions above ₹ 1 lakh and up to ₹ 2 lakhs – not exceeding ₹ 15 + service tax

Note: The minimum amount is ₹ 1 and maximum amount is ₹ 2 lakhs, which can be transferred via IMPS.