What is the difference between NEFT, RTGS and IMPS?


National Electronic Funds Transfer (NEFT), Real-Time Gross Settlement (RTGS), Immediate Payment Service (IMPS) are 3 types of digital payment systems used to make fund transfers.  


CharacteristicsNEFTRTGSIMPS
Full Form
National Electronic Funds Transfer
Real-Time Gross Settlement Immediate Payment Service
Settlement Type
Half hourly
Real-time Real-time
Payment Options
Online/ Offline 
Online/ Offline
Online
Transaction Charges
No charges for inward transactions (at destination bank branches for credit to beneficiary accounts)
* No charges for inward and online transactions.

* GST applicable

* Charges applicable for outward transactions
Charges as per the individual member banks. Taxes are included.
Service Timings
365 days 24×7
365 days 24×7
365 days 24×7
Minimum Transfer Limit
Rs. 1
Rs. 2 lakhs
Rs. 1
Maximum Transfer Limit
Rs.50,000/- for cash-based remittances within India and Nepal. No limit
Rs. 2 lakhs


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