Difference Between IMPS, NEFT & RTGS - Charges & Limits (2024)

FAQs

Difference Between IMPS, NEFT & RTGS - Charges & Limits? ›

Service Availability: Depending on the type of transfer, the timings will vary. IMPS and NEFT are available 24x7, while RTGS operates only during banking hours. Fund Transfer Limit: The amount of money that can be transferred is the fund transfer limit. The limit will be different for different payment methods.

If you do not want to pay transfer charges and your amount is less than ₹2 lakh, you can opt for NEFT. If you want to send an amount greater than ₹2 lakh, you can select RTGS as your fund transfer option.

NEFT and IMPS charges are decided on the bank's discretion. NEFT charges start from a minimum of Rupees 1 per transaction and go up to Rupees 25 per transaction. IMPS charges usually start from a minimum of Rupees 5 per transaction and can go up to Rupees 15 per transaction.

The IMPS or Immediate Mobile Payment Services allows users to perform instant inter-bank money transfers on a real-time basis. Unlike NEFT and RTGS, which is at times not available on holidays, IMPS is accessible 24*7 throughout the year, even on bank holidays.

While NEFT has no minimum or maximum limit on the amount to be transferred, RTGS transactions can only be performed if the amount to be transferred is equal to or more than Rs. 2 lakh. Similarly, NEFT transactions take around 2 hours to be processed, while RTGS transactions are processed immediately.

The maximum amount that can be transferred under this system can vary across banks. There is no upper limit set by the RBI for RTGS transactions. For example, the maximum transfer amount is Rs. 20 lakhs per day at IDFC First Bank and a maximum of Rs.

If your bank has not imposed any limits, then you can transfer Rs. 1 crore through NEFT. Is IFSC code a must for all NEFT transactions? Yes, you need the IFSC code to add the beneficiary to your account.

The maximum transfer limit of funds through IMPS is Rs. 5 lakh. However, it may vary from bank to bank. while the minimum limit usually is Rs.

This means that funds transferred through NEFT may take a little longer to reflect in the beneficiary's account than those transferred through RTGS. However, NEFT is much more affordable than RTGS. Answer.

Why do people prefer NEFT over IMPS? ›

IMPS is preferred for quick, small-value transactions, while NEFT is more suitable for larger transfers where cost-efficiency is a priority In this blog, you will learn about the major differences between the most popular digital payment platforms, IMPS and NEFT.

You can use the IMPS facility as much as you want in a day, but the only limit is you can send up to Rs. 5 lakh per day. Can we reverse an immediate payment? RBI does not allow you and your bank to reverse any kind of payment.

GooglePay is neither NEFT nor IMPS. It's a UPI or digital wallet platform developed by Google to enable people and businesses to make inter-bank fund transfers through their mobile phones.

A higher charge is incurred in the case of RTGS payments. There are specific limits to the amounts that can be transferred through this system at once. Also, the customer cannot trace the transaction – only a positive confirmation is received by the remitting bank regarding the fund transfer from the RBI.

– RTGS transfer limits

There's a minimum limit of Rs. 2 lakhs for RTGS transactions, and there's no maximum limit as such. To get an RTGS-enabled account, you can either contact your bank or check your eligibility status in your online banking portal.

The transaction fees for NEFT and IMPS are also different. NEFT and IMPS fees are set at the discretion of the bank. NEFT fees start at ₹1 for each transaction and can reach ₹ 25 per transaction. IMPS charges typically start at ₹ 5 per transaction and can reach ₹15 per transaction.

The National Payments Corporation of India (NPCI) has introduced a new rule that allows customers to transfer up to Rs 5 lakh without the need to add beneficiary details such as account numbers or IFSC codes.

With NEFT, you can transfer any amount to the recipient's account in a one-on-one transfer basis. NEFT transactions don't have a maximum limit for funds that can be transferred in a single day.

As per the RBI, the minimum RTGS limit to initiate a transaction is ₹2 Lakhs. There is no maximum RTGS limit or cap set by RBI, but banks can set their own RTGS limit. With this fixed minimum RTGS limit, the RBI clears transactions within banking hours on the same day.