What is the difference between IMPS, RTGS & NEFT?

What is the difference between IMPS, RTGS & NEFT?

The introduction of net banking services has completely transformed the Indian financial landscape. Gone are the days when you had to physically visit a bank branch to carry out fund transfers. Nowadays, all that you need is an electronic device and an internet connection to transfer funds out of your account. 

That said, if you’ve ever tried to initiate a fund transfer through net banking, chances are that you’ve seen three options - IMPS, NEFT, and RTGS. All three of these options are basically different payment systems that you can use to transfer funds. Want to know what the difference between NEFT and RTGS and IMPS is? Continue reading to find out.   

Difference Between IMPS, NEFT & RTGS Transactions
Although all three of them are just different forms of electronic fund transfer systems, there are a few things that differentiate them from one another. Here’s a quick look at the difference between NEFT and RTGS and IMPS. 




IMPS is an acronym for Immediate Payment Service.

NEFT is an acronym for National Electronic Funds Transfer.

RTGS is an acronym for Real-Time Gross Settlement.

IMPS is operated by the National Payments Corporation of India (NPCI).

NEFT is operated by the Reserve Bank of India (RBI).

Like NEFT, RTGS is also operated by the RBI.

Transfers through IMPS are processed individually.

Transfers through NEFT are processed in batches.

Transfers through RTGS are processed individually.

The fund transfers made through IMPS are credited immediately.

Since fund transfers made through NEFT are processed in batches, it may take up to 2 hours to get credited.

RTGS fund transfers are also credited instantaneously.

The minimum transfer limit is set at Rs. 1 and the maximum limit is set at Rs. 2 lakhs.

The minimum transfer limit in the case of NEFT is Rs. 1 and there’s no maximum ceiling limit.

RTGS is designed for high-value transactions. Therefore, the minimum transfer limit is Rs. 2 lakhs, with no maximum limit whatsoever.

IMPS can only be done online.

NEFT is available on both online and offline channels.

RTGS is also available both online and offline.

And there you have it. This is the difference between NEFT and RTGS and IMPS. No matter what payment option you choose to make a fund transfer, you can rest assured that they’re all completely safe and secure with multiple authentication systems in place to prevent any misuse. 

That’s not all. While the IMPS timings were always 24/7, the NEFT time and the RTGS timings have very recently been extended to 24/7 as well. What this essentially means is that you can now transfer funds to another bank account whenever you want; even during non-banking hours as well.