Are you looking for difference between IMPS NEFT and RTGS? The time required to process the transactions is a major factor that differs significantly between NEFT, RTGS, and IMPS. Scroll down to know the comparisons between three different payment services.
Pay utility bills via IMPS or NEFT or RTGS quickly hereWhat is the difference between NEFT and RTGS and IMPS?
The National Electronic Funds Transfer, also known as NEFT, is a system for interbank transfers that clears and settles transactions in groups. An NEFT transfer is processed in about two hours, which is a comparatively slow process.
Real-Time Gross Settlement, or RTGS, is a real-time payment system that permits immediate money transfers between two bank accounts on a one-to-one basis. It means that RTGS is a quicker method of payment than NEFT because payments made through it are settled right away.
Immediate Payment Service, or IMPS, is a mobile-based payment system that allows for instant money transfers seven days a week, 24 hours a day.
Check out the more parameters difference between RTGS and NEFT and IMPS below:
| Particulars | NEFT | RTGS | IMPS |
|---|---|---|---|
Minimum Transfer Value |
Rs 1 |
Rs 2 Lakh |
Rs 1 |
Maximum Transfer Value |
No particular limit (Based on the customer) |
No particular limit |
Rs 2 Lakh |
Settlement Type |
30 minutes batches |
Real-time |
Real-time |
Settlement Speed |
2 hours |
Promptly |
Promptly |
Service Timings |
24x7 (365 days) |
Based on the bank's timing |
24x7 (365 days) |
Payment Mode |
Online and Offline |
Online and Offline |
Online |
Transaction Charges |
0 charge is imposed for inner and online transaction modes. |
Zero charge is imposed for inner and online transaction modes. Applicable charges for outward payment amount:a) Rs 2 lakhs to Rs 5 lakhs: Up to Rs 25 plus GST b) Rs 5 lakhs and above: Up to Rs 50 plus GST |
Charges are applied based on the bank. |
Reliability |
Yes |
Yes |
Yes |
Managed by |
Reserve Bank of India (RBI) |
Reserve Bank of India (RBI) |
National Payment Corporation of India (NPCI) |
Hope you understand what is difference between NEFT and RTGS and IMPS. If you have any more questions on the matter, just drop them in the comments below.
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Authors Of The Question
What is difference between NEFT and RTGS and IMPS?
Harman
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1 Answers
1 Year
2023-06-02T19:30:33+00:00 2023-06-02T19:46:48+00:00Comment
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