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) |
|
Rs 2 Lakh | Rs 10 Lakh |
| NEFT | Done in batches (will take 30 mins to 1 hour) |
|
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
