Which is Faster IMPS or NEFT?

I have used both payment methods, and if you are trying to learn IMPS or NEFT which is faster, I can assist you. As per my understanding, IMPS is faster between the two. This is because IMPS is available 24/7 and you can make payment even outside of regular banking hours instantly. But it also has its drawbacks. I have shared the difference between IMPS and NEFT below for you.

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NEFT or IMPS Which is Faster?

As I mentioned above, IMPS is faster compared to NEFT, as it is available 24/7, but you can only make up to Rs. 5 Lakhs per transaction. This is very good for making urgent payments like bills or emergency expenses. But if you can wait, then NEFT is the better option, as there is no upper limit to the transaction. Here are a few more differences between the two. 

1. IMPS is best for frequent small-value payments, and NEFT is best for occasional large payments.

2. IMPS attracts a slightly higher fee, which is around Rs. 2.5 to Rs. 25. However, NEFT doesn’t require any service charges for savings account holders.

3. You can use IMPS if you prefer mobile-based transactions. For using bank details, NEFT is far more suitable. 

And that’s about it. I hope this solves your query regarding which one is faster IMPS or NEFT. I hope this helps. 

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How much time it takes for IMPS transfer?

The banking systems have seen a significant change in recent years. Following the creation of the NEFT, RTGS, and IMPS, the manner we can transfer funds has undergone a complete transformation. The transmission of money is now relatively easy thanks to the development of new services. Money can be transferred quickly between bank accounts using the various settlement processes. This facilitates quicker payments and lighter workloads for banks, customers, and various enterprises. Additionally, it narrows the gap between customers, entities, businesses, and other relevant persons and organisations. These techniques are quick, practical, and convenient. But the important question here is IMPS or NEFT which is faster? Let me help you with that.

Which is faster IMPS or NEFT?

The National Payments Corporation of India, also known as NPCI, launched IMPS while the Reserve Bank of India, or RBI, established NEFT and RTGS payment systems. We should first take a closer look at a few crucial aspects of online money transfer before learning about these payment services and how they differ from one another.

Before I tell you IMPS

is faster or NEFT, I will tell you what exactly NEFT and IMPS is.

Through NEFT, one can electronically transfer money from one bank account to another, whether they are in the same or a different bank. These transfers don't happen in real-time; instead, they happen in batches every 30 minutes. However, this does not guarantee that your money will be sent within that time frame; it may take longer. While the highest limit may differ from bank to bank, the least transaction might be for 1 Re.

It could take some time to transfer money via NEFT and RTGS. On the other hand, IMPS, which is run by the National Payment Corporation of India, is a highly speedy real-time inter-bank money transfer system that is accessible 24/7, 365 days a year, including bank holidays. Additionally, this system provides real-time financial transfer capabilities via ATMs, phone banking, net banking, and SMS on the banks' internet channels.

The minimum and maximum transaction amounts for IMPS fund transfers are one rupee and two lakhs, respectively. Because of this, even for low-value transactions, retail customers all over India choose this transfer of funds method over others.

Which is faster NEFT or IMPS?

Between NEFT, RTGS, and IMPS, the transaction processing is the quickest.

Which method will work best for you?

This is dependent upon the requirement for the money transfer and the cause for the transfer. For instance, IMPS is the greatest option if you need to transfer money promptly for a financial emergency or other pressing requirement. NEFT is the greatest method for transferring little sums of money, although it takes a while to reach the recipient. Only when transacting business with larger sums or sending money to an individual for any asset or property dealings is RTGS effective.

Now you know IMPS or NEFT which is faster and which suits you best.