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IMPS vs NEFT: What To Choose Now That Both Are Available 24x7?

By Staff

For a long time, IMPS was a hit among banking customers for being available on all days of the year at any given time of the day. NEFT, on the other hand, was only available between 8 am to 7 pm on bank working days.

IMPS vs NEFT: What To Choose Now That Both Are Available 24x7?

Now that NEFT has also been made available 24x7, users will have to look beyond the time factor to make their choice between NEFT and IMPS.


IMPS is designed to accommodate transfers of small amounts. There is a cap of Rs 2 lakh on transfers that can be made via IMPS. On the other hand, there is no upper limit on NEFT transactions.

If you are looking to make large value transfers, NEFT should be your pick, as IMPS or UPI (which is based on IMPS) would not allow it.


For an NEFT transaction, one is required to enter bank details of the beneficiary (like bank account number and IFSC Code) on the net banking platform to make a transfer. The process of adding beneficiary takes a while, whereas, for IMPS, one can use MMID (Mobile Money Identifier) to make transfers, making it ideal for the largely mobile users of banking services.

Apart from the time consumption with regard to adding beneficiary details, the half-hourly batch-wise clearance delays NEFT transfers. The Immediate Payment System (IMPS) as its name suggests takes place in real-time and not in batches. Transfers using IMPS are instantly reflected on the receiver's end.


Starting 1 January 2020, NEFT transactions will be free of processing charges. IMPS, on the other hand, is still chargeable. These charges will depend on the policies set by your bank and the amount being transferred.

Read more about: imps neft
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