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What Is The Difference Between RTGS, NEFT And IMPS?

By Staff

Individuals have started opting for social media and mobile apps for most of the banking transaction.


However, one needs to use online banking facility if the wish to transfer a big amount. There are three different ways like RTGS, NEFT and IMPS through which we can transfer funds from one bank account to another.

The basic difference between RTGS, NEFT and IMPS lies in the settlement timings and amount.

What is the basic requirement for transfer of funds through NEFT, RTGS and IMPS?

To transfer funds, one needs the account number of the beneficiary, IFSC Code of the recipient's bank branch, the name of the beneficiary and amount to be transferred.

What is the Difference between RTGS, NEFT and IMPS?


NEFT is an electronic fund transfer system which operates on a DNS (Deferred Net Settlement) basis which settles transactions in batches. At present, there are 11 settlements between 8 am and 6:30 pm between Monday and Saturday except 2nd and 4th Saturday as well as bank holidays. So if you make a transfer after a batch is processed, your transaction will be processed in the next designated batch.


If you make an online transfer after 6:30 pm, it will be processed at 8:00 on the next working day, but the amount will be deducted immediately.

You can check the RBI list of financial institutions that provide NEFT services here.

You can use the NEFT service through the bank branch through cheques, DD or you can make the transfer using net banking facility in your bank account.

There is no minimum limit on the amount that can be transferred.


In RTGS the transactions are settled individually and not in batches. The transaction is processed immediately after it is executed throughout the RTGS business hours. The RTGS window is open from 8 am to 4 pm between Monday and Saturday except 2nd and 4th Saturday as well as bank holidays.

The minimum limit on transfer of funds at a time is Rs 2 lakhs.


It is an instant payment service available for money transfer to bank accounts in India. It is ideal for transactions with small amount. The main feature of IMPS service is that it is available 24/7 including Sunday and bank holidays throughout the year, which makes is particularly helpful during emergencies.

IMPS is basically used for transfers using the mobile phone number through apps or mobile banking. A service provided by a host of banks including the reputed banks like State Bank of India, ICICI Bank and Axis Bank. You can also use IMPS in your netbanking services for when you want to transfer using account number details. The process is the same as NEFT.

There is a limit of Rs 2 lakhs if you use the online transfer using bank account in netbanking. Now, the limit is lower for app and mobile banking services which puts constraints on how many times you can send money to a particular customer ID or the amount you can send. The limits vary from bank to bank.

Transaction LimitsNEFTRTGSIMPS
MinimumRe 1Rs 2 lakhsRe 1
Maximum (through branch)No LimitNo limit-
Maximum (online account transfer)Varies from bank to bank Varies from bank to bank Rs 2 lakhs

Transaction Charges for NEFT - RTGS - IMPS

NEFT and RTGS are free of charge if done online using net banking as of November 2017. Following are the charges for IMPS as well as NEFT and RTGS transactions made through bank branches. IMPS charges are applicable on online transactions too.

Transaction amountNEFT RTGS IMPS
Upto Rs 10,000Rs 2.50NARs 5
Above Rs 10,000 and upto Rs 1 lakhRs 5NARs 5
Above Rs 1 lakh and upto Rs 2 lakhs Rs 15NARs 15
Above Rs 2 lakhsRs 25Rs 25NA
Above Rs 5 lakhsRs 25Rs 50NA

Additional GST charges are applicable above those mentioned.

Transaction Timing of RTGS, NEFT and IMPS

Monday to Saturday 8:00 AM to 6:30 PM 8:00 AM to 4:00 or 4: 30 PM

With IMPS, funds can be transferred any time during the week or weekends.

Note that NEFT and RTGS is not available on 2nd and 4th Saturdays of the months. It is also not available on bank holidays.

Not all banks provide RTGS facility, make sure the recipient's bank has the facility before you make the transfer.

Read more about: rtgs neft imps
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