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.
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What 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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What is difference between NEFT and RTGS and IMPS?
Harman
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2 Year
2023-06-02T19:30:33+00:00 2023-06-02T19:46:48+00:00Comment
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