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Online Transfer Methods

NEFT, RTGS, IMPS Fund Transfer

Last Updated 28th Nov 2021

Parameters NEFT RTGS IMPS
Full form National Electronic Funds Transfer Real-Time Gross Settlement Immediate Mobile Payment Services
Minimum Transfer ₹ 1 ₹ 2 Lakh ₹ 1
Transaction Time Within 1-2 hours Real-time, within a few minutes Instant, within a few seconds
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Key Features & Difference Between NEFT, RTGS & IMPS

Payment System Description Key Features
RTGS (Real-Time Gross Settlement)
  • Interbank electronic fund transfer facility.
  • The account is settled between banks on each transaction basis.
  • Real-Time, within a few minutes.
  • Minimum limit of ₹ 2 Lakh.
  • It can be offered only by RTGS enabled branches.
  • Offered on bank working days between 8 am to 4 pm. Monday to Friday and working Saturdays
NEFT (National Electronic Funds Transfer)
  • Interbank electronic fund transfer facility
  • Transactions are netted off between banks in batches of one hour.
  • Within 1-2 hours.
  • No Limit for a maximum and minimum amount.
  • Offered by branches of all domestic banks.
  • Offered on bank working days between 8 am to 6:30 pm from Monday to Friday and 8 am to 1 pm on working Saturdays.
IMPS (Immediate Payment Service)
  • Electronic fund transfer facility using a mobile phone which allows inter-bank and intra-bank transfers.
  • Requires a mobile banking facility. It can also be used via ATMs and internet banking.
  • Instant, within a few seconds.
  • No limit on minimum transfer.
  • Maximum limits as specified by different banks.
  • Offered by a large number of banks.
  • Customers need to have a mobile banking or internet banking facility.
  • Available 24*7 through-out the year, including bank holidays

RTGS Transfer

RTGS means Real Time Gross Settlement which is an electronic payment system managed by Reserve Bank of India that allows the interbank transfer of funds on a real-time basis. In RTGS, the fund transfer takes place on a real-time basis and it is one of the fastest interbank money transfer facility in India:

  • The facility of money transfer is available only for domestic transactions between banks within the country.
  • Customers initiating RTGS transfer are required to have IFSC code of the beneficiary bank, account number, name of the bank, account holder’s name.
  • The receiving and initiating bank branches are required to be RTGS enabled for transaction processing.
  • The beneficiary bank has to credit the recipient’s account within 30 minutes of receiving the fund’s transfer message.
  • RTGS is allowed for large value transactions with a minimum transaction amount of ₹ 2,00,000.
  • RTGS timings- The Funds transfer request through RTGS Net Banking mode can be made only from 08:00 am to 04:00 pm, from Monday to Friday and on Saturdays (excluding second and fourth).
  • If the funds are not credited to the receiver’s account due to any reason, the funds will be returned to the originating bank within 1 hour or before the end of the transaction day.
  • RTGS transactions can also be scheduled in advance within a timeframe of 3 working days. The individuals can use RTGS facility for payments for cash management, hedging, interest on loans, securities, suppliers, taxes, trade transactions, and trade settlement payment.

RTGS Charges

Each bank is allowed to fix their own charges for RTGS transactions, the details of charges (Excluding GST) are mentioned below:

Bank RTGS Charges (Mobile) RTGS Charges (Bank Branch) RTGS Limit
SBI Nil ₹ 25 to ₹ 56 10 Lakhs
HDFC Bank Nil ₹ 15 + Applicable GST 25 Lakhs
ICICI Bank 10,000 Above Rs 2 lakh and upto Rs 5 lakh-Rs 20 + Applicable GST & Above Rs 5 lakh and upto Rs 10 lakh-Rs 45 + Applicable GST 10 Lakhs
Citibank Nil Nil 2 Lakhs
Axis Bank Nil Nil Nil
Bank of Baroda - ₹ 2 lakh and ₹ 5 lakh-₹ 25 (excluding GST) per transaction from 8:00 am to 11:00 am, ₹ 27 per transaction from 11:00 am to 1:00 pm and ₹ 30 per transaction after 1:00 pm. -
PNB Nil Rs. 2 lakh to 5 lakh-Rs.20.00 + GST & Above Rs. 5 lakh-Rs.40.00 + GST 5 Lakhs
Kotak Bank - Rs2 Lakhs to 5 Lakhs- Rs.20+ GST & Above Rs. 5 Lakhs- Rs.40+ GST 10 Lakhs
Yes Bank - Above Rs. 2 Lakh- Upto Rs. 5 Lakhs- Rs 25 & Above Rs. 5 Lakhs-Rs. 50 -
RBL Bank Nil Nil -
Standard Chartered Bank ₹ 2 per transaction Nil 2 Lakhs
  • In RTGS, the fund transfer takes place on a real-time basis and it is one of the fastest inter-bank money transfer facilities available through banking channels in India. The beneficiary bank has to credit the recipient’s account within 30 minutes of receiving the fund’s transfer message. The minimum amount of transaction allowed is of ₹ 2 Lakh and maximum RTGS limit per day is of ₹ 10 Lakh as RTGS is meant for large value transactions

NEFT Transfer

NEFT means National Electronic Fund Transfer which is a nationwide electronic payment system allowing the quick interbank transfer of funds. The transactions between banks are processed and settled in batches of one hour on netting off basis. Hence, the time to transfer the funds can range between 1-2 hours.

  • This facility is provided by 63000 banks across the country and allows remittance to Nepal as well. It can also be used for payment of credit card dues.
  • NEFT Timings – The settlement is not in real-time as RTGS but it is done on an hourly basis. The amount is credited in the beneficiary’s account within two hours. From 16 December 2019, NEFT is available 24×7.
  • There is no NEFT limit on the minimum or maximum amount that can be transferred through NEFT.
  • There is an upper limit of ₹ 50,000 per transaction for cash-based remittance. Such customers have to furnish full details including complete address, telephone number, etc.
  • To transfer funds from remitting account to beneficiary account, a form needs to be filled with beneficiary details (account no., account holder name, IFSC code, amount to be transferred and account type). This form is available on all NEFT branches and can also be found online using internet banking and mobile banking services.
  • The remitting bank starts the transaction and sends the message to NEFT central service. The service center takes the message and forwards it to the NEFT clearing center (controlled by RBI) with the next batch details available for the transaction. The clearing center sorts the transaction destination bank-wise and creates accounting entries to receive funds from remitting banks to transfer funds to the beneficiary bank. The destination bank receives a message from the clearing center to pass the credit to the beneficiary customer’s account.
  • From 1 January 2020, there are no charges applicable for transferring money through NEFT.

IMPS Transfer

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

  • It is managed by the National Payments Corporation of India (NPCI). The beneficiary account is credited immediately when a fund transfer request is made from your side.
  • IMPS timings – This service is available 24×7, throughout the year including Sundays and any bank holidays.
  • There is no minimum IMPS limit on transactions done through IMPS
  • Banks have specified different maximum limits on per day transactions.
  • IMPS fund transfer is secure and uses two-step authentication to perform transactions. The first step of security is your mobile number and second is MMID. MMID means Mobile Money Identifier. It is a seven digit unique number which you get when you register for mobile banking at your bank branch. MMID along with your mobile number is required to transfer money through mobile banking or IMPS.
  • Customers can receive SMS confirmation on their mobile number for every credit or debit in their account.

IMPS Charges

Bank IMPS Charges (Mobile) IMPS Charges (Bank Branch) IMPS Limit
SBI Nil Up to ₹1000- Nil, ₹1001 to ₹10,000 - ₹1 + GST, Rs.10,001 to ₹1,00,000 - ₹2 + GST, ₹1,00,001 to ₹2,00,000 - ₹3 + GST 2 Lakhs
HDFC Bank Nil Upto ₹1 Lakh - ₹5+ GST and ₹1 Lakhs - ₹2 Lakhs - ₹15+ GST 2 Lakhs
ICICI Bank 10,000 - 10 Lakhs
Citibank Nil - 2 Lakhs
Axis Bank Up to ₹1000 - ₹2.50, Above ₹1000 to ₹ 1 lakhs - ₹ 5 and above ₹ 1 lakh to ₹ 2 lakh - ₹ 15 - 2 Lakhs
Bank of Baroda - - -
PNB Nil - Nil
Kotak Bank Nil - 2 Lakhs
Yes Bank ₹ 5 per transaction - 50,000
RBL Bank Nil - 3 Lakhs
Standard Chartered Bank - - 2 Lakhs

Latest News about NEFT Payments

  • NEFT Facility to be inoperational for 14 hours
    On Monday, the Reserve Bank of India (RBI) informed that the National Electronic Fund Transfer facility(NEFT) would not be available for at least 14 hours on May 23 from 00:00 hrs to 14.00 hrs due to technical errors. However, if you want to transfer money, you can use other transfer modes such as RTGS, IMPS or UPI.

FAQs

Which mode is best for transferring money, IMPS or NEFT?

In terms of time taken to process the transaction, IMPS is a better option as it takes less time to reflect the transaction amount, whereas NEFT takes at least half an hour to reflect. In terms of limit and number of transactions, NEFT is preferred for high-value transactions as there is no upper or maximum ceiling on the transactions (although banks on an individual level may place a limit) and you can transfer the money to several people at once. On the other hand, there is a limit of ₹ 2,00,000/day on IMPS.

What is the limit on IMPS transactions?

The maximum amount that individuals are allowed for transfer through IMPS (Immediate Payment Service) in a day is ₹ 2,00,000, and there is no limit prescribed for transferring the minimum amount.

What is the difference between IMPS and NEFT transactions?

Through IMPS (Immediate Payment Service), the money is transferred instantly to the beneficiary’s bank account. The beneficiary’s bank has half an hour to reflect the money in the beneficiary’s account. Whereas, NEFT (National Electronic Funds Transfer) is based on a net and batch process. The payments are made through NEFT transfer mechanism in batches.

Is IMPS transfer free?

The money transfer through IMPS is free upto the amount of ₹ 1,000 . From ₹ 1,001 to ₹ 10,000, the charges are ₹ 2.50 + GST. From ₹ 10,000 to ₹ 1 Lakh the charges applicable are ₹ 5 + Applicable GST. From ₹ 1 Lakh to ₹ 2 Lakh, the IMPS charges are ₹15 + GST and for ₹ 2 Lakh and above, the applicable charges are ₹ 25+GST.

Which is faster NEFT or RTGS?

The quicker payment form depends on the urgency of your transaction. RTGS (Real-time gross settlement) is a more straightforward and more reliable payment mode if you want to make a transaction over ₹ 2 Lakh. NEFT is, however, a more effective mode of payment for transactions that are of lower amounts.


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