Due to the emergence of numerous payment methods like National Electronic Funds Transfer (NEFT), Unified Payments Interface (UPI), etc., transferring money has become much simpler in India. Among these many payment systems, Real-Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS) stand out for a variety of reasons. Everyone can send money fast and easily with these two commonly accepted payment methods. But IMPS vs RTGS is still a hot debate when it comes to efficiency and security of transactions. I will tell you all the differences between the two ahead.
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What is the difference between RTGS and IMPS?
Real-time gross settlement is referred to by the abbreviation RTGS. The continuous (real-time) and gross settlement financial transactions between banks are made possible by the RTGS, also referred to as a dedicated funds transfer system.
IMPS is an abbreviation for "Immediate Payment Service". You get immediate, safe access to your bank account thanks to this interbank electronic transfer of funds service. Numerous systems, such as ATMs, mobile devices, online banking, etc., are available for this. The transferred monies are right away credited to the beneficiary account. National Payments Corporation of India introduced this service in 2010. (NPCI).
RTGS and IMPS Difference
To help you decide, the following table compares RTGS and IMPS and highlights their key differences:
| Basis of Difference | RTGS | IMPS |
Definition |
The process of electronically transferring funds from one bank or bank branch to another while the funds are being transmitted in real-time. |
There is a system in place in India for rapid, real-time interbank money transfers. |
Fund Transfer Limit (Rs.) |
2 Lakh and above |
2 Lakh per day |
Required Device |
Internet, Website & Application |
Internet, Website & Application |
Information Required |
Account Number & IFS Code |
Account Number & IFS Code/ MMID |
Fund Transfer Time |
Real time, usually within 30 minutes |
Instant |
Fund Transfer to abroad |
Yes |
Yes |
Beneficiary Registration Required |
Yes |
Yes/ No, if using Mobile Number & MMID |
24 X 7 Money Transfer |
Yes |
No |
Cost of Fund Transfer |
Rs. 30 to Rs. 55 plus taxes |
Rs. 5 to Rs. 15 plus taxes |
Alert sent after money collection |
No |
No |
Payment gateway involvement |
Yes |
Yes |
Banks offering payment method |
Almost all banks in India |
Almost all banks in India |
E-Commerce transactions |
Yes, possible |
Yes, possible |
Now you know what is
IMPS vs RTGS.
Read More: What Is The Minimum Amount Of RTGS? How Much Time does RTGS take To Transfer Money?Your Feedback Matters! How was this Answer?
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What is the Difference Between RTGS And IMPS?
Aditya
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2 Year
2022-08-12T14:16:23+00:00 2022-08-12T14:16:24+00:00Comment
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