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The difference between RTGS, NEFT and IMPS is that RTGS is immediate, NEFT takes 30mins to 1 hour and IMPS is also immediate.

There are also other differences like timings and minium amount which is discussed below.

 

RTGS  full form is Real Time Gross Settlement 

NEFT full form is  National Electronic Fund Tansfer

IMPS full form is Immediate Payment Service

 

All of these are used for online payments


RTGS

RTGS works on payments of more than 2 Lakhs and less than 10 Lakhs

It works on Monday to Saturday (Except 2nd and 4th Saturday) - 9 am to 4:30 pm

Timings can change depending on the bank

RTGS doesn't work on Sundays or bank holidays

 

NEFT

NEFT works on payments less than 10 Lakhs

It works on Monday to Saturday (Except 2nd and 4th Saturday) - 8 am to 6:30 pm

Timings can change depending on the bank

NEFT doesn't work on Sundays or bank holidays

NEFT takes some time to reach the account, whereas RTGS is immediate

 

IMPS

IMPS works 24x7 i.e. all the time.

Limits of IMPS transfer depends on your bank

 

Here is a summary table

  How much time does it take? Timings Minimum Amount Maximum Amount
RTGS Immediate (Real time)
  • Mon-Sat 9am to 4:30 pm*
  • Except 2nd and 4th Saturday 
  • Doesn't work on bank holidays and sundays
Rs 2 Lakh Rs 10 Lakh
NEFT Done in batches (will take 30 mins to 1 hour)
  • Mon-Sat 8am to 6:30 pm*
  • Except 2nd and 4th Saturday 
  • Doesn't work on bank holidays and sundays
Rs 1  Rs 10 Lakh
IMPS Immediate (Real time) Works 24x7 i.e. All the time Rs 1 Depends on bank

 *Exact timings depends on your bank


Transaction Charges

Transaction Charges NEFT RTGS IMPS

 

Amounts upto Rs 10,000

Rs 2.50 + Applicable GST Not Applicable Rs 5 + Applicable GST
Amounts above Rs 10,000 and upto Rs 1 lakh Rs 5 + Applicable GST Not Applicable Rs 5 + Applicable GST
Amounts above Rs 1 lakh and upto Rs 2 lakh Rs 15 + Applicable GST Not Applicable Rs 15 + Applicable GST
Amounts above Rs 2 lakh and upto Rs 5 lakh
(Incl. Rs 2 lakh for RTGS)
Rs 25 + Applicable GST Rs 25 + Applicable GST Not Applicable
Amounts above Rs 5 lakh and upto Rs 10 lakh Rs 25 + Applicable GST Rs 50 + Applicable GST Not Applicable

What to do when amount debited but not received?

If amount is debited from your account but it is not received,

Contact your bank regarding it. 


What details are required to transfer money by Mobile Banking, Net Banking?

The details required to transfer money by NEFT/RTGS/IMPS is

  • Account number
  • IFSC Code of the bank and branch
  • Type of Account - Savings or Current (Current account is for business, savings is for personal use)

All these details are mentioned in the Chequebook or in the passbook

 

Or we can use other methods to transfer money like

  • UPI
  • Paytm or Google's Tez

 

Any other questions? Please comment below or check the Frequently Asked Questions on RBI Website


About the author
Maninder Singh