UPI has its own limitations on the transfer of money, therefore you must understand what are the other different types of bank transfers - NEFT, RTGS and IMPS.
 
Additional points you should know:
 
1.⁠ ⁠RTGS and NEFT are not chargeable if completed online. However, you have to pay a small charge if you do these transfers by physically going to the branch
2.⁠ ⁠All three transfers are available 24/7 and 365 days
3.⁠ ⁠So, if you want your beneficiary to receive funds of up to ₹5 lakh in their account instantly, you may want to consider IMPS.
4.⁠ ⁠And if you do not want to pay transfer charges and your amount is less than ₹2 lakh, you can opt for NEFT
 
[Banking, NEFT, RTGS, IMPS, Money, UPI, CA Meenal Goel]
 
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