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Di!erence Between NEFT, RTGS

and IMPS

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Account holders don’t have to wait for days to receive

money in their bank accounts as with the help of the
latest digital payment systems like NEFT, RTGS, and
IMPS, money can be sent and received in an instant
anytime from anywhere. Let us know in detail the
fundamental di!erence between the three.

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िहं दी में पढ़े

Updated: 22-01-2024 10:17:15 AM

Di!erent payment and settlement systems in India have

made the task of transferring money from one bank
account to another easier and faster. A large number of
banks, private companies and government bodies along
with others are adopting di!erent payment and settlement
methods such as NEFT, RTGS and IMPS. This has helped in
reducing the gap between the entities and their customers
and other concerned people. These methods are fast,
convenient and useful for documentation purposes. Read
on to know more.

BANK
DIFFERENCE
TRANSACTION

BETWEENNEFT,
RTGSANDIMPS

BASISOF NEFT RTGS IMPS

COMPARISON

Minimum
transfervalue Re.1 Rs.2lakh Re.1

Payment Onlineand Onlineand Online

options offline offline

Maximum
transfervalue
Nolimit Nolimit Rs.2lakh

Settlement Halfhourly Realtime Realtime

type basis

Inward Decidedby
theindividual
transaction Nocharges Nocharges memberbanks
charges andPPIs

paisabazaare

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What are the di!erent ways to transfer 

funds online in India?

India currently has various methods to transfer

money online such as digital wallets, UPI, and more.
However, the most commonly used online fund
transfer method has been:

National Electronic Funds Transfer (NEFT)

Real-Time Gross Settlement (RTGS)

Immediate Mobile Payment Service (IMPS)

While NEFT and RTGS were introduced by RBI

(Reserve Bank of India), IMPS was introduced by
National Payments Corporation of India (NPCI). Read
further to learn more about these three payment
systems.

NEFT
National Electronic Funds Transfer (NEFT) is a
payment system that facilitates one-to-one funds
transfer. Using NEFT, people can electronically
transfer money from any bank branch to a person
holding an account with any other bank branch,
which is participating in the payment system. Fund
transfers through the NEFT system do not occur in
real-time basis and the fund transfer settles in 23
half-hourly batches.

RTGS
Real-Time Gross Settlement (RTGS) is another
payment system in which the money is credited in
the beneficiary’s account in real-time and on a gross
basis. The RTGS system is primarily meant for large
value transactions that require and receive
immediate clearing.

IMPS
Immediate Mobile Payment Services(IMPS) is a real-
time instant inter-bank funds transfer
system managed by National payment corporation
of India. IMPS is available 24/7 throughout the year
including bank holidays, unlike NEFT and RTGS.

NEFT, RTGS and IMPS payment systems were

introduced to o!er convenience and flexibility to the
account holders. To use these online fund transfer
services, the remitter must have the basic bank
account details of the beneficiary. The bank account
details include the beneficiary’s name and bank’s
IFSC. Though all three payment systems are used for
funds transfer, they exhibit a few di!erences.

Before learning their di!erences, let’s first learn

some basic terms revolving around payment
systems. These terms will help in understanding the
di!erence between di!erent payment systems
better.

Fund Transfer Limit

The maximum and minimum amount of money

allowed for transfer by each payment system may
di!er. Therefore, fund transfer value is an important
factor in determining which fund transfer method
will be appropriate for a customer.

Service Availability

Some payment systems are available for 24*7 while

others have specific timings. Payment systems that
are available 24*7 allow remitters to initiate money
transfers anytime and any day. However, the funds
will settle only when the service is available.

Fund Settlement Speed

Di!erent fund payment systems have di!erent fund

settlement speeds. Fund settlement speed here is
the total time consumed to settle money from one
account to another after the transfer has been
initiated.

Fund Transfer Charges

Transferring money involves charges. As per RBI,

fund transfer charges for each payment system are
decided by banks. The amount charged is based on
the amount to be transferred, transfer speed, and
other features o!ered by the bank.

Although there are various other important terms,

these are the few basics that will help you
understand the di!erence between NEFT, RTGS, and
IMPS.

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Comparison between NEFT, RTGS and 

IMPS

Comparison
NEFT RTGS IMP
Category

Settlement Half hourly

Real-time Real-t
Type batches

Minimum
Transfer Re.1 Rs.2 lakh Re
Limit

No Limit
However,
the
maximum
amount per
transaction
is limited to
Rs.50,000/-
Maximum
for cash-
Transfer No limit Rs.2 l
based
Limit
remittances
within India
and Nepal
under the
Indo-Nepal
Remittance
Facility
Scheme.

Available
Service Available 365 Availab
365 days
Timings days 24×7 days
24×7

No charges for
inward
transactions
No Charges for
online
transactions
Charge
No charges
remitt
for inward Charges
throu
transactions applicable for
IMPS
(at outward
decide
destination transactions for
Transaction th
bank amount:
Charges indivi
branches
mem
for credit to Rs.2 lakh – Rs.5
banks
beneficiary lakh: not
PPIs.
accounts) exceeding Rs.25
taxes
includ
Above Rs.5
lakh: not
exceeding Rs.50

GST is also
applicable

Payment Online and Online and

Onli
Options O$ine O$ine

Account Balance by Bank

SBI Balance Check

PNB Balance Enquiry

Indian Bank Balance Enquiry

HDFC Account Balance Check

ICICI Account Balance Check

Bank of Baroda Account Balance Check

Bank of India Account Balance Check

Canara Bank Account Balance Check

Union Bank Balance Enquiry

Axis Bank Balance Enquiry

Kotak Mahindra Bank Balance Enquiry

Karnataka Bank Balance Enquiry

IDFC First Bank Balance Enquiry

DBS Bank Balance Enquiry

Utkarsh SFB Balance Enquiry

Ujjivan SFB Balance Enquiry

Fincare SFB Balance Enquiry

Jana SFB Balance Enquiry

UCO Bank Balance Enquiry

All about Cheques

What is a Cheque

Types of Cheque

Cheque vs Demand Draft

All about Demand Drafts

What is Demand Draft

SBI Demand Draft

DD vs Pay Order

All about Overdrafts

Overdraft Limit

Overdraft Loan

Passbook by Banks
SBI mPassbook

PNB Passbook

Canara Bank Passbook

Cent mPassbook

Savings Account By Banks

Axis Bank Savings Account

Kotak Mahindra Bank Savings Account

YES Bank Savings Account

HSBC Bank Savings Account

ICICI Bank Savings Account

SBI Savings Account

Standard Chartered Bank Savings Account

Canara Bank Savings Account

DBS Bank Savings Account

All about IMPS

What is IMPS

MMID in IMPS

IMPS vs NEFT

ICICI Bank IMPS Charges

HDFC Bank IMPS Charges

SBI IMPS Charges

Axis Bank IMPS Charges

Kotak Mahindra Bank IMPS Charges

NEFT vs RTGS vs IMPS

All about UPI

What is UPI

BHIM App

UPI Apps

Virtual Payment Address

UPI 123Pay

UPI Collect

UPI Lite

UPI vs NEFT

UPI by Banks
SBI UPI

HDFC Bank UPI

ICICI Bank UPI

Axis Bank UPI

PNB UPI

Bank of Maharashtra UPI

Union Bank UPI

YES Bank UPI

Paytm Payments Bank UPI

Bank of India UPI

Indian Overseas Bank UPI

Fincare SFB UPI

UCO Bank UPI

Central Bank of India UPI

Equitas SFB UPI

AU SFB UPI

Utkarsh SFB UPI

ESAF SFB UPI

Suryoday SFB UPI

Indian Bank UPI

All about RTGS

What is RTGS

SBI RTGS

HDFC RTGS

Bank of India RTGS Form

Union Bank RTGS Form

ICICI Bank RTGS Form

Canara Bank RTGS Form

PNB RTGS Form

Axis Bank RTGS Form

Kotak Mahindra Bank RTGS Form

YES Bank RTGS Form

IndusInd Bank RTGS Form

UCO Bank RTGS Form

Central Bank of India RTGS Form

DCB Bank RTGS Form

Mobile Banking
SBI Mobile Banking

HDFC Mobile Banking

ICICI Mobile Banking

Kotak Mahindra Bank Mobile Banking

Axis Bank Mobile Banking

PNB Mobile Banking

Bank of Baroda Mobile Banking

Canara Bank Mobile Banking

Union Bank of India Mobile Banking

Bank of India Mobile Banking

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