More About Payments & Other Credit Cards
Each of these payment types has its own advantages. When it comes to IMPS vs RTGS, the parameter that tends to differ is the minimum amount. While RTGS requires you to transfer a minimum amount of ₹2 lakh, the IMPS transfer facility does not have a minimum limit. Similarly, there is a difference between NEFT and RTGS. Unlike RTGS, payments are not cleared immediately in NEFT; instead, they occur in batches. Also, like IMPS, NEFT does not have a minimum transfer amount and is available mostly round-the-clock.
When it comes to RTGS and NEFT, the difference is primarily in the process in which the payments are cleared and the minimum amount. The RTGS payment system allows the clearing of funds individually and instantly. However, in the case of NEFT, the payments are cleared in batches. Also, while any amount can be transferred via NEFT, RTGS requires you to transfer a minimum of ₹2 lakh per transaction.
While both NEFT and IMPS services are available round-the-clock, IMPS allows the clearing of funds instantly and individually. This is not the same in the case of NEFT, where transfer requests are processed in batches. Also, IMPS services are only available online, whereas NEFT is available online as well as offline.