This post talks about the difference between NEFT, RTGS and IMPS.
Did you know you can electronically transfer funds from one bank to another bank using IMPS, NEFT or RTGS? There is one more entrant to this list, viz. UPI.
Let’s know all about IMPS, NEFT and RTGS – meaning, full form, charges and more.
Difference between NEFT, RTGS and IMPS
The table below gives a snapshot of all the major differences among the three popular fund transfer options, viz. NEFT, RTGS and IMPS:
Particulars/Modes of Payment | NEFT | RTGS | IMPS |
Full Form | National Electronic Funds Transfer | Real Time Gross Settlement | Immediate Payment System |
Time Taken | 30 minutes to 4 hours | Instant (within minutes) | Instant (within seconds) |
Minimum Transfer Amount (per day) | Re 1 | Minimum Rs 2 lakhs | Re 1 |
Maximum Transfer Amount (per day) | No upper limit (Can be Rs 2 lakhs in the case of NEFT through ATM like PNB Netbanking) | No upper limit | Rs 5 lakhs |
Charges | Min.: Rs 2.50 Max.: Rs 25.00 (+ applicable GST) | Rs 25 (for transaction amount of Rs 2 – 5 lakhs) Rs 50 (for transaction amount above Rs 5 lakhs) | Depends on the bank or UPI. |
Fees | Nil | Nil | Nil |
Online/Offline | Online & Offline | Online & Offline | Online only |
Also Read: Difference between NEFT and RTGS

What is NEFT?
NEFTis an electronic way of transferring funds from one bank account to another bank’s account. NEFT is regulated by the apex body of RBI. There are no inward fees to use NEFT system. That said, you are charged with a minimum of Rs 2.50 and a maximum of Rs 25 per transaction for sending the funds. This charge depends on the transaction amount. You can transfer as little as Re 1 using NEFT while there’s no upper ceiling to it. However, some banks offering NEFT via ATM have capped it at Rs 2 lakhs per day.
NEFT payment can be done at the branch by filling out the NEFT Form and paying the money in cash at the bank while the easier alternative remains the online mode of netbanking.
What is RTGS?
Just like NEFT, RTGS is also an electronic way of transferring funds from one bank to another bank. Under RTGS, there is a continuous settlement of fund transfers, that too in real-time. By real time, we mean that the transfer requests are processed as soon as these are made by the sender, unlike NEFT where transfer requests are taken in half-hourly batches.
RTGS mode of payments is available 24×7, 265 days. However, if you wish to do RTGS transactions at your branch, then you must check your bank timings.
What is IMPS?
IMPS or the Immediate Payments System is an online method of transferring funds in real time. Unlike NEFT and RTGS, IMPS transfers can only be done online using either the netbanking at your bank’s website or via the bank’s dedicated mobile app.
You can transfer minimum of Re 1 via IMPS while NPCI has put a capping of Rs 2 lakhs per day for IMPS transactions.
What is NPCI, you ask? NPCI (National Payments Corporation of India) is a division of RBI which looks upon the various online fund transfer modes like IMPS, UPI, FAStag, RuPay Card Payments, Bharat Bill Pay and more.
Wondering about the transaction charges for IMPS transfers? Check the table below.
IMPS NEFT RTGS Charges
There are no fees for receiving funds via NEFT, RTGS or IMPS. However, RBI has regulated charges for outward transactions for NEFT and RTGS both. The below-mentioned charges are not inclusive of GST:
IMPS NEFT RTGS Charges | ||||
NEFT Charges | RTGS Charges | IMPS Charges | ||
Transaction Amount | Charges | Transaction Amount | Charges | Depends on the bank |
Up to Rs 10,000 | Rs 2.50 | Rs 2 lakhs | Rs 25 (maximum) | |
Rs 10,001 – Rs 1 lakh | Rs 5.00 | Up to Rs 5 lakhs | Rs 25 (maximum) | |
Rs 1,00,001 – Rs 2 lakhs | Rs 15.00 | Above Rs 5 lakhs | Rs 50 (maximum) | |
More than Rs 2 lakhs | Rs 25.00 |
Visit the following links to know more about IMPS:
Also check NEFT processes for other banks from the table below:
IMPS vs NEFT vs RTGS: FAQs
NEFT full form: National Electronic Funds Transfer
RTGS full form: Real Time Gross Settlement
IMPS full form: Immediate Payment System
RBI regulated all the NEFT transactions.
RBI regulates and verifies all the RTGS payments.
IMPS payments are regulated and verified by NPCI or the National Payments Corporation of India which is a division of the Reserve Bank of India.
You need to make a transaction of at least Rs 2 lakhs for using the RTGS mode of payment.
Yes. Some banks like PNB offer its customers the option to transfer funds via NEFT at their ATMs. There is a limit of Rs 2 lakhs/day for using NEFT at ATMs.
Yes. NPCI is owned by RBI which is further headed by the Ministry of Finance. Thus, NPCI is a government organisation.
The fastest among NEFT, RTGS and IMPS is IMPS.
RTGS is a faster mode of transferring funds as the settlements take place in real-time. With NEFT, requests are taken up in batches of half hour throughout the day.