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Jun 6, 2024 · NEFT, RTGS and IMPS are the most commonly-used methods of online fund transfers in our country today. While the Reserve Bank of India (RBI) introduced NEFT and RTGS, the National Payments Corporation of India (NPCI) introduced IMPS. Read on to know their differences and other important details.
Banks provide several modes of fund transfer such as NEFT, RTGS and IMPS. Know the key differences between RTGS vs NEFT vs IMPS and the benefits of these online payment systems before making fund transactions.
NEFT is a centralised payment system operated by the Reserve Bank of India (RBI), whereas IMPS is a money transfer service managed by the National Payments Corporation of India (NPCI). Both methods of fund transfer are safe and fall under the purview of the Reserve Bank of India.
Which is better, NEFT, RTGS or IMPS? Note that all three fund transfer modes can work for based on your fund transfer requirements. If you want your beneficiary to receive funds of up to ₹5 lakh in their account instantly, you may want to consider IMPS.
Dec 6, 2023 · ‘IMPS’ means Immediate Payment Service. It is an electronic fund transfer mechanism of the Indian banking system. It lets you transfer funds to a payee’s bank account instantly. This service is available for the customers 24*7. ‘NEFT’ means National Electronic Funds Transfer (NEFT).
Key features of NEFT. 1. Batch processing: Transactions are settled in hourly batches, with a typical delay of a few hours within bank operating times. 2. Availability: Available 24x7, including holidays. 3. Transfer limits: No minimum or maximum limits on transaction amounts. 4. Cost-effective: Nominal fees; vary with the amount transferred. RTGS.
Feb 22, 2024 · IMPS vs NEFT differ primarily in transaction speed and limits, with IMPS offering quick transfers of up to ₹5 lakh, while NEFT is preferable for larger, scheduled transfers. IMPS is managed by NPCI while NEFT is backed by the RBI.
