Things you should know about IMPS, RTGS and NEFT

  • IMPS is an immediate payment service. It includes internet banking, mobile banking, etc.
  • It is 24X7 and the upper limit varies from bank to bank. But it is around 100000/day.
  • In NEFT the transfer is not immediate. It is done in batches.
  • The timing of NEFT is 8 am to 7 pm on Monday to Friday and 8 am to 1 pm on Saturday.
  • There is no upper limit in NEFT.
  • RTGS is for large transactions exceeding 2 lacs which is its lower limit. There is no upper limit.
  • It is a continuous process unlike NEFT. The timing is 9 am to 4.30 pm on Monday to Frinday and 9 am to 1 pm on Saturday.
  • IMPS is done by a customer from his phone or PC, whereas for NEFT and RTGS he has to visit his bank.

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