Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
Do you hold an HDFC credit card? If yes, which type of internet banking payment option (s) do you prefer the most? Is IMPS or NEFT? In fact, both are the most commonly used payment recipes. Most credit cardholders prefer using these options due to their unique features and benefits. They differ from each other in terms of payment processing and the way they function. NEFT and IMPS are advanced internet banking credit card payment options provided by a majority of credit card companies, including HDFC. This page gives HDFC customers valuable insights into internet banking credit card payment options, especially IMPS and NEFT.
Immediate Payment Service, abbreviated as IMPS, is an instant online banking mechanism for fund transfer and payment. It was commenced by the Government of India in 2010. IMPS is presently supported and administered by National Payment Corporation of India. As it name signposts, transactions are immediately processed. This payment service is accessible through various channels, including registered mobile numbers and digital banking platforms. Currently, 101 cooperative banks, 53 commercial banking entities, and 24 PPli offer IMPS.
Note: HDFC code for card remittance via IMPS is HDFC0000128. Use this code.
You can add beneficiaries online. First, you need to login to the HDFC internet banking facility using your user name and password, and then you have locate the ‘Fund Transfer’ tab and click the same. You can add beneficiaries by clicking the ‘Add a beneficiary’ tab. Furnish details such as MMID, contact number, account number, and IFSC code. Finally, click the ‘Add’ tab and authenticate. The same process is followed to add a list of beneficiaries for NEFT as well. Beneficiaries are added and confirmed within 30 minutes.
The Reserve Bank of India (RBI), the Central Bank of the country, manages National Electronic Funds Transfer (NEFT), which is an advanced system for electronic fund transfer and payments, including credit card bills. This facility allows the transfer of funds amid NEFT-registered banking institutions in India. The requests for fund transfers and bill remittance shall be processed batch wise. According to recent reports, the NEFT payment facility today is provided by more than 101 banks nationwide at 74, 680 bank branches.
You can initiate an NEFT transaction through the following channels:
HDFC credit card users can make use of the NEFT internet banking payment option to remit their credit card bills. It is easy. To do so, you should have an HDFC Bank Savings Bank Account.
Note: HDFC code for card remittance via NEFT is HDFC0000128. Use this code.
Both options differ from each other in many aspects. The primary differences between IMPS and NEFT have been outlined in the below table:
| Parameters | IMPS | NEFT |
|---|---|---|
| Fund transfer mechanism | Funds are transmitted instantly. | Funds are transferred within 1-2 business days. |
| Charges | Customers are not charged for using this facility. They can either transfer or receive funds at not costs. | Payment fees are levied on this facility. They differ from bank to bank. |
| Failed transactions | Funds shall be instantly retuned for unsuccessful banking transactions. | For failed banking transactions, funds shall be returned within a few hours. |
| Processing time | This system can be accessed anywhere anytime. | This facility can be accessed only during banking hours. |
| Holiday limitation | IMPS has no holiday restriction | NEFT has holiday restrictions |
The full form of MMID is Mobile Money Identification Number. It is basically a 7-digit number.
You can generate MMID through HDFC mobile banking, HDFC phone banking, and HDFC internet banking.
Payers have to provide the following details to process an NEFT credit card payment transaction through HDFC Bank:
Yes, you can pay your HDFC credit card bill through NEFT under net banking.
An NEFT transaction takes 30 minutes to four hours to get credited to your beneficiary.
No. There are no charges for paying your HDFC credit card bill through NEFT.
An IMPS transaction is credited instantly to the beneficiary.
No. The IMPS service is available 24/7 on all days.
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