Wondering about the differences between NEFT vs RTGS vs IMPS? Let's understand these payment systems to make your money transfers easier
Comparison Category | NEFT (National Electronic Funds Transfer) | RTGS (Real Time Gross Settlement) | IMPS (Immediate Payment Service) |
---|---|---|---|
Settlement Type | Half hourly batches | Real-time | Real-time |
Speed of Settlement | 2 hours (subject to batches and cut-off timings) | Immediately | Immediately |
Minimum Transfer Limit | Rs. 1 | Rs. 2 lakh | Rs. 1 |
Maximum Transfer Limit | No limit. However, the maximum amount for each transaction is limited to Rs. 50,000 for cash-based remittances between India and Nepal under the Indo-Nepal Remittance Facility Scheme. | No limit | Rs. 2 lakh |
Service Timing | Available 365 days, 24×7 | Available 365 days, 24×7 | Available 365 days, 24x7 |
Transaction Charges | No charges for inward transactions and online processes. | No charges for inward and online transactions, but charges are applicable for outward transactions for the amount: - Rs.2 lakh – Rs.5 lakh: not exceeding Rs.25 - Above Rs.5 lakh: not exceeding Rs.50 GST is also applicable |
Charges depend on the amount transferred along with service tax at 18%. The fees depend on the individual bank’s discretion. |
Payment Options | Online and offline | Online and offline | Online |
Processing Time | Slower | Faster | Faster |