What is the difference between NEFT, RTGS and IMPS?
National Electronic Funds Transfer (NEFT), Real-Time Gross Settlement (RTGS), Immediate Payment Service (IMPS) are 3 types of digital payment systems used to make fund transfers.
| Characteristics | NEFT | RTGS | IMPS |
|---|---|---|---|
| Full Form | National Electronic Funds Transfer | Real-Time Gross Settlement | Immediate Payment Service |
| Settlement Type | Half hourly | Real-time | Real-time |
| Payment Options | Online/ Offline | Online/ Offline | Online |
| Transaction Charges | No charges for inward transactions (at destination bank branches for credit to beneficiary accounts) | * No charges for inward and online transactions. * GST applicable * Charges applicable for outward transactions | Charges as per the individual member banks. Taxes are included. |
| Service Timings | 365 days 24×7 | 365 days 24×7 | 365 days 24×7 |
| Minimum Transfer Limit | Rs. 1 | Rs. 2 lakhs | Rs. 1 |
| Maximum Transfer Limit | Rs.50,000/- for cash-based remittances within India and Nepal. | No limit | Rs. 2 lakhs |
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