![]() Now, let’s take a glance at the differences between NEFT, RTGS and IMPS: Fund transfer charges depend on the transfer speed, amount to be transferred and other terms of a financial institution.įund settlement speed refers to the time required to settle the transfer of money from one account to another after it has been initiated. Remitters can initiate fund transfers anytime using these payment systems, but funds are settled only when the service is made available.įund transfers have certain charges as decided by the financial institution. The amount allowed by NEFT, RTGS and IMPS differs.Ĭertain payment systems are available 24x7, while for others, users have to abide by specific timings. Features of payment systemsīefore we proceed to check their differences, it’s essential to understand the basic concepts related to these payment systems:įund transfer limit means the minimum and maximum amount that can be transferred via a payment system. Read on to know their differences and other important details. While the Reserve Bank of India (RBI) introduced NEFT and RTGS, the National Payments Corporation of India (NPCI) introduced IMPS. NEFT, RTGS and IMPS are the most commonly-used methods of online fund transfers in our country today. Now, financial institutions, private companies and government institutions have adopted online payment and settlement methods, which are much faster. ![]() ![]() Previously, people had to rely on cheques and other offline methods for fund transfers that could take several days. Technology has made the process of transferring money much easier and quicker. ![]()
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