Unified Payment Interface (UPI) Vs National Electronic Funds Transfer (NEFT)

Check all about NEFT and UPI @ Rupeenomics.com

Digital Revolution in India has been speeding up in the improvement of the technology, improving the quality of service. It has been spreading its wings like an Eagle and pointing our country to the point of Victory. As more and more service providers are adopting the advanced technologies to provide a good customer experience, on the other side the banking industry is also taking the spotlight and offers the best of its product service. The Unified Payment Interface is one such highly advanced technological service product that is backed by the Government of India and Reserve Bank of India to provide and promote the cashless economy.

The Unified Payment Interface is basically a type of funds transfer technology which can be done through the bank’s app installed on your smart phones. The user can transfer the funds offline as well as online, without typing the credit card details, or IFSC code(Visit Rupeenomics.com to find IFSC and MICR Codes of any bank) or net banking. It just works with the virtual address details if shared.

Whereas, the NEFT is the one-to-one fund's transfer. Here the user can transfer the funds electronically from any bank branch of the individual to any other bank and branch of the individual.


There are many differences between UPI and NEFT money transfer which we are going to know about.


S. No





Device through which the money transfer is done


Website & App


Transfer Speed Rate


Time consuming


Can You Send money to abroad




Can you transfer money 24*7






Complexity of the transfer details


Very easy, just the virtual address required.

IFSC code of the specific branch and bank, which is very difficult to remember.


Occurrence of Recurring Bill




Time taken for New Payee Registration

Not Required

Minimum 30 minutes required


Are the bank details required for the transfer?





Transfer Charge Rates

Rs 0.50 per transaction

Rs 5 per transaction


Can you perform e-commerce transactions




Any payment gateway involved?




Is adding a beneficiary mandatory?




OTP required for the transaction?




Transfer Limit?

Rs 1,00,000

Rs 10,00,000


How many authentication details required?

UPI app login and 4 to 6digit M-pin needed

Internet/Mobile Banking/ OTP etc.



As you can see from the above that the UPI is a customer centric technology. It has just changed the lifestyle of the people. It's a game changer towards the Globalization of the India’s Banking History. Only the banks are allowed to access and integrated UPI in their apps. The more people will start using this technology, the more UPI will provide benefits and super facilities to the users. As of now, 160 merchants have implemented UPI in their systems. It is estimated that over 1 million transactions are expected by the end of the year.


Central Bank of India is a government owned bank which is one of the oldest and largest commercial banks in India. The bank has over 4730 branches, 5319 ATMs, and 4 extensions counters across 27 Indian states and three Union Territories.

The bank offers various types of banking facilities such as

  •  Loans
  •  Savings Accounts
  • Fixed Deposit Accounts
  •  NRI (Non – Resident of India) Banking
  •  Internet Banking
  •  Debit Card
  • Credit Card


IFSC Code Central Bank of India, Chennai


Reserve Bank of India (RBI) has launched IFSC codes which stand for Indian Financial System Code. This code was introduced by the RBI in order to ensure security and safety of the transactions. IFSC Code also helps in indentifying the bank and branch where the account of the beneficiary is held. RBI has also mandated IFSC code for different bank transactions. The IFSC code helps in recognizing each and every bank and its branches separately. The IFSC Codes follow two payment and settlement systems in India which are as follows:

(a)  RTGS (Real Time Gross Settlement)

(b)NEFT (National Electronic Fund Transfer)

IFSC Code is 11- digit code assigned by the Reserve Bank of India (RBI) to every bank as a part of NEFT / RTGS.

In IFS Code

(a) First four characters identify the bank name i.e. CBIN

(b) The fifth character is always 0

(c) And the last character represents the branch address i.e. 282331

[The IFS code used in above example is of Shakthi Towers, 766, Anna Salai, Chennai i.e., “CBIN0282331”].


Chennai is the capital of Tamil Nadu and it has played a really important role in the traditional, historical and academic growth of the country. It is also considered to be the cultural hub of South India which is famous for its rich heritage in classical dance, music, architecture, sculpture, crafts etc.