What is difference between NEFT and RTGS,IMPS-Timings,Transfer limit,Charges
NEFT is the acronym of National Electronic Fund Transfer. In this process, the funds are
transferred in batches from one bank account to another. When an individual transfers money from one account to his friend/relative it is not immediately credited but done after in the next settlement cycle which occurs at 60 minutes intervals.
transferred in batches from one bank account to another. When an individual transfers money from one account to his friend/relative it is not immediately credited but done after in the next settlement cycle which occurs at 60 minutes intervals.
NEFT was an improvement from SEFT (Special Electronics Funds Transfer) and came into effect around December 2005. For this the sender and beneficiary should both be part of the NEFT network.
For more details: Click here
RTGS is acronym of Real Time Gross Settlement. In this process, the funds are transferred between bank accounts real time. As soon the transaction is processed, the funds are created to the beneficiary.
RTGS is fast, without delay and is handled by large corporates for real time transactions. The transaction is accounted in the books of Reserve Bank of India books. So it is irrevocable and final.
For more details: Click here
IMPS is acronym of Immediate Payment Services. In this process, funds are transferred electronically by mobile phone services. The customers use mobile phones as a medium for transferring funds and hence IMPS is a mobile based payment service.
This is facilitated by NPCI (National Payments Corporation of India) and was introduced in 2010.
For more details: Click here
- See more at: http://www.smartmoneygoal.in/blog/difference-between-neft-rtgs-imps-timing-limit/#sthash.GmlpjfFT.dpufDifference between NEFT and RTGS, IMPS
| Transaction Timings | NEFT | RTGS | IMPS |
|---|---|---|---|
| Monday to Friday | 8:00 AM to 7:00 PM | 9:00 AM to 4:30 PM | 24×7 |
| Saturdays | 8:00 AM to 01:00 PM | 9:00 AM to 01:30 PM | 24×7 |
Note: For NEFT, transaction done during the last 2 batches on weekdays and last batch on Saturday will get credited the next working day.
| Transaction Limits | NEFT | RTGS | IMPS |
|---|---|---|---|
| Minimum | Re 1 | Rs 2 lakh | Re 1 |
| Maximum | Rs 10 lakh | Rs 10 lakh | Rs 2 lakh |
| Transaction Charges | NEFT | RTGS | IMPS |
|---|---|---|---|
| Amounts upto Rs 10,000 | Rs 2.50 + Service Tax | Not Applicable | Rs 2.50 + Service Tax |
| Amounts above Rs 10,000 upto Rs 1 lakh | Rs 5 + Service Tax | Not Applicable | Rs 5 + Service Tax |
| Amounts above Rs 1 lakh upto Rs 2 lakh | Rs 15 + Service Tax | Not Applicable | Rs 15 + Service Tax |
| Amounts above Rs 2 lakh upto Rs 5 lakh (Incl. Rs 2 lakh for RTGS) | Rs 25 + Service Tax | Rs 25 + Service Tax | Not Applicable |
| Amounts above Rs 5 lakh upto Rs 10 lakh | Rs 50 + Service Tax | Rs 50 + Service Tax | Not Applicable |
What to do in-case money is not credited: Check out RBI website here
The banks branches participating in NEFT given here
Advantages of NEFT – RTGS – IMPS
- No physical cheques or demand drafts
- Does not need physical presence of individual
- Less fraud and physical instrument misusage
- Confirmation of transaction by SMS or e-mail
- Anywhere access and usage – from home, office, travel
- Almost real time transfer and quick transactions
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Hope we have clarified the differences between NEFT and RTGS and IMPS . Did you find this useful. Let us know in your comments below. Subscribe to our newletter for latest updates through e-mail.
Disclaimer: I have made every effort to make sure factual information like timing,charges, limit is correct as on March 2014 . In case you feel any information is incorrect, please point out with official references in COMMENTS SECTION and I will clarify or make necessary changes with a BIG THANKS!.
(Thanks to Mr.Vinay Mohanty)
posted by SECRETARY,LIAFI,COIMBATORE DIVISION.
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