India currently has various payment systems which allows us to transfer funds from one bank account to another. These payment systems make us to receive and transfer money easier and faster. The most common fund transfer systems are NEFT, IMPS and RTGS. These digital payment systems have different features and factors for transferring the money. Based on different factors, you can choose your mode of transaction. Now here, we are understanding difference between NEFT, IMPS and RTGS.
NEFT (National Electronic Funds Transfer) :
The NEFT is a payment system that facilitates to transfer funds to recipients account in a one to one transfer basis. Individual can electronically transfer money from one bank account to any other bank account.
The NEFT system is available on all days (24*7*365). But this is not a real time payment basis and fund transfer settles in half hourly batches. There is no minimum or maximum limit of the amount for funds transfer. This system is available online and offline both.
IMPS (Immediate Payment Service) :
The IMPS is a payment system that facilitates to transfer funds to recipients account to another account instantly. The IMPS is introduced by National Payments Corporation of India (NPCI). This service allows customer to transfer the money instantly one account to another account.
The IMPS system is available on all days (24*7*365). This is the real time payment basis and fund transfers immediately. There is maximum limit of fund transfer is Rs. 200000/-. This system is only available in online.
RTGS (Real Time Gross Settlement) :
The RTGS payment system is a real time settlement service of fund transfer. Customer can use this system to transfer the large amount of fund. RTGS used by business owners for funds transfer in real time basis.
RTGS system is available on all days (24*7*365). This is the real time payment basis fund transfer. There is 2 lakh minimum limit and no maximum limit of fund transfer through RTGS. This system is available online and offline both.