All of us have heard about NEFT (National Electronic Fund Transfer) as we generally select NEFT at a time of fund transfer through internet banking. But we have also seen that there are two more options to select as transaction type. Those are IMPS and RTGS.
The acronym RTGS stands for Real Time Settlement System. It is an individual real time settlement of fund which takes place in the book of Reserve Bank of India.
The acronym NEFT stands for National Electronic Fund Transfer. Customers can electronically transfer fund from one bank account to another bank account. It's not an instant fund transfer. All such orders will be settled in hourly batches.
The acronym IMPS stands for Immediate Payment System. Customers need to link your mobile number to your bank account number. Customers can transfer and receive funds by selecting IMPS using their registered Mobile Number and Mobile Money Identifier (MMID) or they can transfer fund through Internet Banking using their Account number and IFSC (Indian Financial System Code)code. This facility is provided under the umbrella of NPCI (National Payment Corporation of India).
The acronym RTGS stands for Real Time Settlement System. It is an individual real time settlement of fund which takes place in the book of Reserve Bank of India.
The acronym NEFT stands for National Electronic Fund Transfer. Customers can electronically transfer fund from one bank account to another bank account. It's not an instant fund transfer. All such orders will be settled in hourly batches.
The acronym IMPS stands for Immediate Payment System. Customers need to link your mobile number to your bank account number. Customers can transfer and receive funds by selecting IMPS using their registered Mobile Number and Mobile Money Identifier (MMID) or they can transfer fund through Internet Banking using their Account number and IFSC (Indian Financial System Code)code. This facility is provided under the umbrella of NPCI (National Payment Corporation of India).
RTGS-NEFT-IMPS AT a Glance
| RTGS | NEFT | IMPS | |
|---|---|---|---|
| Full Form | Real Time Settlement System | National Electronic Fund Transfer | Immediate Payment System |
| What is it? | Real Time Settlement (within 30 minutes of receiving message) |
|
|
| Minimum Amount for Transaction | 2 Lac | No limit | No Limit |
| Maximum Amount for Transaction | No Upper Ceiling | No Limit (Rs.50,000/- for cash-based remittances within India) | Varies from Bank to Bank |
| Service Window | From 9.00 hours To 16.30 hours on week days From 9.00 hours To 14:00 hours on Saturdays | From 8 am to 7 pm on week days (Monday through Friday)- 12 batches From 8 am to 1 pm on Saturdays- 6 batches | Instant 24*7 |
| Charges |
Above 5 lakh – max 55.00 / transaction |
Up to Rs 10,000 : not exceeding Rs 2.50 (+ Service Tax) Above Rs 10,000 up to Rs 100,000: not exceeding Rs 5 (+ Service Tax) Above Rs 100,000 and up to Rs 200,000: not exceeding Rs 15 (+ Service Tax) Above Rs 200,000: not exceeding Rs 25 (+ Service Tax) | Similar to NEFT but charges varies bank to bank |
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