PNB Online: Bank waives off transaction charges on IMPS, NEFT, RTGS and UPI payments

PNB Online: Great news for all Punjab National Bank account holders. India's second largest state lender has waived-off charges for transactions performed through internet banking and mobile banking using IMPS, NEFT, RTGS and UPI mode and with effect from 23 April. You can now transfer money through the IMPS mode without being subjected to any transfer fee. 
IMPS, NEFT RTGS and UPI are different ways of carrying out digital transactions. You need to have access to internet banking to use these digital options for transactions.

Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. This service is available 24x7 throughout the year including bank holidays.

NEFT or National Electronic Funds Transfer is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme. There is a certain limit for transferring funds through this mode.

RTGS or Real-time Gross Settlement is a continuous process where money is moved from one bank to another in ‘real-time’, and on gross basis. It is the fastest possible way to transfer money when using the banking method. In this type of transaction mode, the payment transaction isn’t subject to any waiting period.

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UPI or Unified Payments Interface is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.