NEFT vs RTGS vs IMPS Difference
India has three main electronic fund transfer systems. All three use the IFSC code to identify the beneficiary's bank branch.
Comparison Table
| Feature | NEFT | RTGS | IMPS |
|---|---|---|---|
| Full Form | National Electronic Funds Transfer | Real Time Gross Settlement | Immediate Payment Service |
| Speed | 30 min to 2 hours | Instant (within 30 min) | Instant (seconds) |
| Availability | 24×7 (hourly batches) | Working days, 7 AM - 6 PM | 24×7 including holidays |
| Minimum Amount | ₹1 | ₹2,00,000 | ₹1 |
| Maximum Amount | ₹10,00,000 (per txn) | No upper limit | ₹5,00,000 |
| Charges | Free (since Jan 2020) | Free (since Jul 2019) | ₹2.50 to ₹25 |
Which Should You Use?
- NEFT — Best for regular transfers up to ₹10 lakhs. Free and reliable.
- RTGS — Best for high-value transfers above ₹2 lakhs when you need instant settlement.
- IMPS — Best for urgent transfers at any time, including holidays and weekends.