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Difference Between RTGS, NEFT & IMPS

By Bhavesh Mehta - Jul 10,2019
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Real Time Gross Settlement (RTGS) is an electronic payment system managed by the Reserve Bank of India that allows the interbank transfer of funds on a real-time basis. This is one of the fastest inter bank money transfer facilities in India.

  • Available for domestic transactions between banks within the country.
  • Customers are required to have IFSC code of the beneficiary bank, account number, the name of the bank and account holder’s name.
  • Bank branches involved in receiving and initiating funds are required to be RTGS-enabled for transaction processing.
  • Funds are to be credited within 30 minutes.
  • The minimum amount for RTGS transactions is Rs 2 lakh, since this mode is allowed for large value transactions.
  • Timings (RTGS): The funds transfer can be made only from 08:00 am to 04:00 pm, from Monday to Friday and on Saturdays (excluding the second and fourth Saturday).
  • In case of failure due to any reason, the funds will be returned to the originating bank within 1 hour or before the end of the transaction day.

National Electronic Fund Transfer (NEFT) is a nationwide electronic payment system allowing quick inter-bank transfer of funds. The duration for transfer of funds can range between 1-2 hours.

  • It can also be used for payment of credit card dues.
  • The settlement is done on an hourly basis; takes up to two hours for the amount to get credited.
  • Timings for the transaction: 8 AM to 6:30 PM (Monday to Friday) & 8 AM to 1 PM on Saturdays.
  • There is no limit on the minimum or maximum amount that can be transferred through NEFT.

Immediate Payment Service (IMPS) was launched on November 22, 2010, as an instant interbank electronic fund transfer service. Later, it was extended to other electronic channels such as ATM, Internet Banking etc. as it helps you to access your bank account and transfer funds instantly and securely.

  • National Payments Corporation of India (NPCI) governs the IMPS transactions in India. It helps to credit the amount in the beneficiary account immediately post the fund transfer request.
  • IMPS is available 24×7, throughout the year including Sundays or any bank holidays.
  • IMPS has no minimum limits for the transaction, however, banks have specified maximum limits on per day transaction.
  • Transferring the funds is secure and involves two-step authentication process to perform transactions. First is mobile number and second is MMID i.e. Mobile Money Identifier which is a seven-digit unique number provided when you register for mobile banking at your bank branch. So, in order to transfer money, keep the MMID and mobile number handy.

When you transact online at Finserv MARKETS for your personal and financial needs, whether it is repayment of home loan online, or purchase of a smartphone on EMI without credit card, or payment for your mutual funds investment, you can process such transactions through any of the online payment modes.


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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522