Difference between IMPS, RTGS and NEFT | HDFC Bank (2024)

FAQs

Difference between IMPS, RTGS and NEFT | HDFC Bank? ›

IMPS and NEFT are available 24x7, while RTGS operates only during banking hours. Fund Transfer Limit: The amount of money that can be transferred is the fund transfer limit. The limit will be different for different payment methods.

For low-value transactions under ₹2 lakhs, NEFT is suitable as it is cost-effective and has no minimum transaction limit. RTGS is ideal for high-value transactions above ₹2 lakhs that must be settled immediately. IMPS is the fastest option, allowing instant fund transfer 24/7.

This means that funds transferred through NEFT may take a little longer to reflect in the beneficiary's account than those transferred through RTGS. However, NEFT is much more affordable than RTGS. Answer. NEFT is a good option for transferring smaller sums of money, while RTGS is better suited for larger transfers.

The main difference between IMPS and NEFT is that IMPS allows money transfers from one bank account to another in real time, while NEFT allows the direct transfer of funds via electronic devices from one bank branch to another.

Customers don't need to share bank details like bank account numbers to make transactions through IMPS. It's a 24×7 service throughout the year. Once the transaction is complete the sender and receiver both get notified saying debited and credited. No charges are avail for using this service.

– RTGS transfer limits

There's a minimum limit of Rs. 2 lakhs for RTGS transactions, and there's no maximum limit as such. To get an RTGS-enabled account, you can either contact your bank or check your eligibility status in your online banking portal.

The maximum amount that can be transferred under this system can vary across banks. There is no upper limit set by the RBI for RTGS transactions. For example, the maximum transfer amount is Rs. 20 lakhs per day at IDFC First Bank and a maximum of Rs.

NEFT (National Electronic Funds Transfer) is a popular method for transferring funds between bank accounts, and one of its key advantages is that there is no set limit on the amount that can be transferred. The Reserve Bank of India (RBI) does not impose any minimum or maximum amount for NEFT transactions.

Cost: RTGS is generally more expensive than other payment systems. Banks charge a fee for every RTGS transaction, and these fees can add up quickly, particularly for large transfers. 2. Inconvenience: RTGS can be inconvenient for some customers, particularly those who do not have access to online banking.

Why RTGS is preferred over NEFT? ›

RTGS does not follow any specific processing method unlike NEFT; hence, the funds are settled in real-time, without any delay. Through RTGS, each transaction gets processed with every instruction, which makes the money transfer process easier and faster.

IMPS Transaction Limit Per Day

The Reserve Bank of India (RBI) in October 2021 updated the guidelines for IMPS transactions and increased the daily transfer limit from ₹2 lakhs to ₹5 lakhs for individuals. This per transaction limit for Immediate Payment Service (IMPS) is applicable for all channels except SMS and IVR.

Rs 50,000 in first 24 hours (Post that, the Third Party Transfer limits will apply) IMPS using MMID, Rs 5000 per day per Cust ID (on either of the channel Net Banking or Mobile Banking)

The National Payments Corporation of India (NPCI) has introduced a new rule that allows customers to transfer up to Rs 5 lakh without the need to add beneficiary details such as account numbers or IFSC codes.

Under normal circ*mstances, the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank must credit the beneficiary's account within 30 minutes of receiving the funds transfer message.

Fees and Charges for RTGS Transactions

In the case of online transfers, no charges are levied for RTGS transactions. In case the RTGS transaction is completed at a bank branch, a charge of Rs. 15 Plus GST is levied.