Difference between NEFT, RTGS and IMPS – Charges, Timings and Limits

The Indian saving money framework has come far since the days of yore when cash exchange would take days. People have begun choosing web-based social networking and portable applications for the vast majority of the keeping money exchange. The frameworks are presently empowered with electronic exchanges like NEFT, RTGS, and IMPS where assets are exchanged ongoing.

The electronic store exchanges empower us to get and send trade out a jiffy making life less demanding. While RTGS and NEFT have advanced significantly in India, IMPS is as yet discovering its feet in India. RTGS and NEFT are kept up by Reserve Bank of India. Be that as it may, one needs to utilize web based saving money office if the exchanging sum is high.

Give us now a chance to look at the distinction between NEFT versus RTGS versus IMPS.

What is NEFT, RTGS, and IMPS?

Both NEFT and RTGS are a piece of Indian electronic clearing frameworks (ECS). At the point when the ECS exchanges are mass and monotonous, this is fundamentally of two sorts:

1) ECS Credit (One expansive charge and various credits) – For e.g. Compensation, profits

2) ECS Debit (One expansive credit and various charges) – For e.g. charge installments, common store SIP

Aside from dreary corporate exchanges, NEFT and RTGS are additionally utilized by people on need premise. When you exchange store to your companion or relative you’re basically utilizing NEFT or RTGS as it were.


NEFT exchanges are normally used to execute in little sums as there is no base sum, yet the maximum* sum conceivable is Rs 5 lakhs. Additionally NEFT exchanges are led between banks on net settlements premise, which means they are directed in clumps and not in the meantime as the exchanges.

neft vs rtgs vs imps

NEFT works from 8.00 AM to 6:30 PM on weekdays and 8.00 AM to 12:30 PM on Saturday, in hourly bunches. There are twelve settlement bunches on week days and six settlements on Saturdays. Timings may differ somewhat from bank to bank.

Exchanges set aside a few minutes opening are settled around the same time and after the ones directed after the end, time is completed the following day.


RTGS exchanges are ordinarily to execute in bigger sums progressively, the base sum required is Rs 2 lakhs and the maximum* sum is Rs 5 lakhs. RTGS exchanges happen between banks progressively and on a gross premise. As this system works continuously, i.e settled independently not at all like in clumps, it is the speediest approach to exchange cash electronically.

RTGS can be gotten to somewhere around 9:00 AM and 4:30 PM on weekdays and 9.00 AM and 1:30 PM on Saturdays. Timings may fluctuate somewhat from bank to bank.


IMPS is an acronym of Immediate Payment Services. In this procedure, assets are exchanged electronically by cell phone administrations. The clients utilize cell phones as a medium for exchanging stores and henceforth IMPS is a versatile based installment benefit.

Utilizing IMPS, a moderately more up to date benefit, clients can exchange cash instantly from one record to the next record, inside a similar bank or records crosswise over different banks. Like NEFT, there is no base sum for exchanges, however, the maximum sum conceivable is Rs 5 lakhs.

Clients can do Person to Person(P2P), Person to Account(P2A) and Person to Merchant(P2M) exchanges from their versatile, Internet or ATM. One of the upsides of IMPS exchange is that it is accessible 24X7 and even on vacations.

This can be installments for service bills, versatile or DTH revive, charge card charges, basic need charges, travel ticketing, web based shopping and even instructive organizations expense installments through this channel.

In the last one year, IMPS has grown at a very large scale in India.

It was founded by NPCI (National Payment Corporation of India) in 2010.

NEFT settlement timings:

Day Timing No of settlement
Monday-Friday 8 AM to 7 PM 12
Saturday 8 AM to 1 PM 6

The installments are cleared/settled in clusters each hour. For the keep going two settlements on weekdays and keep going settlement on Saturday the record of the recipient will be credited the following day.

For e.g. on the off chance that you exchange after 5.00 PM on weekdays or after 12.00 PM on Saturdays, undoubtedly it will be credited the following working day relying upon the bank you work with. Any installments made before the cut-off are attributed on same day to recipient.

RTGS settlement timings

In RTGS the settlement is made constant and the assets are credited in a moment on effective preparing. So in the event that you utilize RTGS to exchange Rs. 2,00,000 at 4.00 PM then it will probably be credited to the recipient before 4:05 PM.

Day Start Time End Time
Monday-Friday 09:00 hrs 16:30 hrs
Saturday 09:00 hrs 13:30 hrs

IMPS timings

IMPS is a 24 X 7 exchange office utilizing mobiles. So you can exchange stores whenever of the day. Appreciate exchanging at 5 AM in morning or at 10 PM in the night. Indeed, even on Sundays and open occasions.

Note: IMPS is a 24-hour benefit. Be that as it may, NEFT and RTGS are not accessible on Sundays and open occasions.

Necessities for NEFT, RTGS, IMPS

NEFT and RTGS Requirements

  • Both the bank offices of sender and recipient must be a piece of NEFT system
  • Amount to be exchanged/transmitted
  • Account number to be charged/pulled back
  • Account number and name to be credited ie., recipient account name, the number
  • Bank Name, IFSC code of recipient bank office

IMPS Requirements

  • Both the sender and recipient must be enrolled for IMPS
  • MMID is 7 digit number. Initial 4 digits distributed by NPCI and last 3 digits are part versatile system
  • The blend of MMID and versatile number speaks to the financial balance
  • You can likewise enlist Aadhaar Number and utilise if for exchange
  • Mobile PIN secret word (MPIN)

Exchange/Transaction Limits of NEFT, RTGS, IMPS

NEFT – There is no base breaking point for exchange under NEFT. So also as far as possible is vague. So for, individual record exchanges you can exchange anywhere in the range of Re1 to as much you need.

Be that as it may, for money settlements to Nepal are confined at Rs. 50,000 restrain. Likewise, recollect the per exchange furthest breaking point is settled at Rs. 10 lakhs.

RTGS – For RTGS as far as possible is set to Rs. 2 lakh. This is to keep the volume of exchanges. RBI needed to make s2ure that it is not abused. It is implied just for extensive esteem exchanges. There is no most extreme point of confinement for RTGS exchanges.

Be that as it may, a few banks do set a most extreme point of confinement for a single exchange. For e.g. ICICI Bank, HDFC Bank forces this farthest point at Rs. 10 lakh for individual records.

IMPS – IMPS is cell phone based exchange benefit. There is no base point of confinement for IMPS. The most extreme breaking point is set in view of your bank and the exchange mode.

According as far as anyone is concerned, ICICI Bank and HDFC Bank sets this cutoff at Rs. 2 lakh. Citi Bank has most extreme IMPS restrict at Rs 50,000.

Transaction Charges for NEFT –  RTGS – IMPS


Transaction Charges NEFT
Amount up to 10,000 Rs 2.50+Service tax
Amounts above 10,000 upto Rs 1 Lakh Rs 5+Service tax
Amounts above 1 Lakh upto Rs 2 Lakh Rs 15+Service tax
Amounts above 2 Lakh upto Rs 5 Lakh Rs 25+Service tax
Amounts above 5 Lakh upto Rs 10 Lakh Rs 50+Service tax


  • There are no charges pertinent to get a sum.
  • Charges pertinent for just Outward exchanges
  • Amount above Rs 2 lakh upto Rs 5 lakh – Rs 25
  • Amount above Rs 5 lakh upto Rs 10 lakh – Rs 50
  • However, there is extra administration charge relevant to every one of the sums exchanged.

Note: Likewise, an extra sum charged from Re1 to Rs 5.00 is additionally which is pertinent to RTGS exchange done after 12:30 PM.


  • For sum upto Rs10,000 is Rs 2.5
  • For scope of Rs10,000 to Rs 1,00,000 is Rs 5
  • Range Rs1,00,000 to Rs 2,00,000 is Rs 15

Note: However, there is extra administration impose material to every one of the sums exchanged.

Difference between NEFT and RTGS, IMPS

Transaction Timings NEFT RTGS IMPS
Monday To Friday 8 AM to 7 PM 9 AM to 4:30 PM 24*7
Saturday 8 AM to 1 PM 9 AM to 1:30 PM 24*7

Note: For NEFT, exchange done amid the keep going 2 clusters on weekdays and keep going clump on Saturday will get credited the following working day.

Transaction Limits NEFT RTGS IMPS
Minimum Rs. 1 Lakh Rs. 2 Lakh Rs. 1 Lakh
Maximum Rs. 10 Lakh Rs. 10 Lakh Rs. 2 Lakh


Transaction Charges NEFT RTGS IMPS
Amount up to 10,000 Rs 2.50+Service tax Not Applicable Rs 2.50+Service tax
Amounts above 10,000 uptoRs 1 Lakh Rs 5+Service tax Not Applicable Rs 5+Service tax
Amounts above 1 Lakh uptoRs 2 Lakh Rs 15+Service tax Not Applicable Rs 15+Service tax
Amounts above 2 Lakh uptoRs 5 Lakh Rs 25+Service tax Rs 25+Service tax Not Applicable

Advantages of NEFT – RTGS – IMPS

  • No physical checks or request drafts
  • Does not require physical nearness of person
  • Less misrepresentation and physical instrument abuse
  • Confirmation of exchange by SMS or email
  • Anywhere get to and use – from home, office, travel
  • Almost continuous exchange and brisk exchanges

Points to note:

The most extreme permitted sum has not been settled by RBI. RBI has given the rights to the bank to set this sum. The most extreme permitted sum is set by the bank board.

The expenses charged contrasts from bank to bank.

In NEFT and RTGS, one can’t exchange subsidises on Sunday and open occasions. While in IMPS, it is conceivable to do an exchange on nowadays.

As of now, the vast majority of the interbank finance exchange are channelised through NEFT component.

NEFT exchanges are handled and settled in bunches and are not continuous. Also, it is impossible 24 X 7 and should be possible just amid the RTGS working hours.

NPCI, the National Payment Corporation of India accompanied a pilot on portable installment framework which is called Immediate Payment System or IMPS. Being a pilot run, just 4 banks were permitted to offer this office viz, State Bank of India, Bank of India, Union Bank of India and ICICI Bank. Later HDFC, Yes Bank and Axis Bank joined the association. Also, now it is accessible to Indian open.

IMPS offers 24 x 7 moment subsidise exchange benefit through cell phones.

Why IMPS has not achieved up to this point?

  1. As this is another idea developing in India, it will set aside opportunity to pick up the general population certainty. Individuals stick to ordinary method for Banking and reserve exchanges and it needs time for them to change over or to receive to new framework.
  2. The administration will be utilized generally urban populace esp. by the individuals who work in multinationals, huge associations, new-age adolescents. Individuals in remote India and others the individuals who are said above would like to have ordinary method for managing an account.
  3. The banks who might wish to partake in IMPS ought to have earlier endorsement from Reserve Bank of India.


Electronic assets exchange is a great deal more favored cash exchange choice as it permits clients to profit exchanges at the solace of their homes utilizing incorporated keeping money devices, for example, the web and versatile managing an account.

Other than being advantageous, electronic exchange modes are thought to be protected, secure and profit much less difficult. Picking electronic exchanging framework additionally diminishes the conceivable outcomes of any oversights as an exchange is just approved with finish points of interest which incorporate the right record number of the recipient and the objective bank’s particular IFSC code.

For making India a cashless economy, online transactions are of great importance. Hence, understanding of NEFT, RTGS and IMPS is a need of today.

Hope this article was useful to you !

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