Banking Awareness: A summary on NEFT, RTGS & IMPS

National Electronic Fund Transfer (NEFT)

Meaning It is way in which you can transfer fund from any bank account to
any other bank account holder in India. NEFT is based on batch processing
system.
Minimum amount Rs. 1
Maximum amount There is no upper ceiling for transferring money through
NEFT, but generally RTGS is used for transfer of Rs 2,00,000 or above
Time limit The transactions are processed in hourly batches. There are twelve
settlements from 8 A.M. to 7 P.M. on the weekdays (Monday Friday) and six
settlements from 8 A.M. to 1 P.M. on Saturday. The maximum time consumed is
2 hours from the submitting of the transaction in a batch.
Availability NEFT is not available on the bank holidays, RBI holiday and
Sunday.
Note - For transferring funds to Nepal, the limit is of Rs. 50, 000.
Real Time Gross Settlement (RTGS)
Meaning It is way in which you can transfer fund from any bank account to
any other bank account holder in India in real time.
Minimum amount Rs 2,00,000
Maximum amount No limit
Time limit The transactions are processed on order basis i.e. Real time. The
RTGS service is available from 8 A.M to 8 P.M. on the weekdays (Monday
Friday) and from 8 A.M. to 3:30 P.M. on Saturday. The transfer is instant but the
bank is allowed to take up to 2 hours for crediting the amount to the depositor
account.
Availability RTGS is not available on the bank holidays, RBI holiday and
Sunday.

Inter Mobile Payment Service (IMPS)

Meaning It is way in which you can transfer fund from any bank account to
any other bank account holder in India anytime.
Minimum amount Rs 1
Maximum amount Banks are allowed to set their own limit for IMPS.
Time limit It is real time. The depositor account is credited in less than 1
minute from the submission of transaction.
Availability IMPS can be done 24X7 even on bank holidays, RBI holiday and
Sunday

Thanks ThinkerMni!!!

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Featured Comment
Madhu
18 hours ago

The significance of the name RTGS (Real Time Gross Settlement)

'Real time' means payment transaction is not subjected to any waiting period.
Gross settlement means the transaction is settled on one to one basis without bunching with
any other transaction.
RTGS is generally used for the transfer of large amount of money. Through NEFT you can
transfer even a rupee.

transfer even a rupee.

IMPS is controlled by NPCI (Main job of NPCI is to manage the retail payments system)

160

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Madhu

18 hours ago

Featured by Bankers Adda

The significance of the name RTGS (Real Time Gross Settlement)

'Real time' means payment transaction is not subjected to any waiting period.
Gross settlement means the transaction is settled on one to one basis without bunching with
any other transaction.
RTGS is generally used for the transfer of large amount of money. Through NEFT you can
transfer even a rupee.
IMPS is controlled by NPCI (Main job of NPCI is to manage the retail payments system)

160

Reply

Downey Jr > Madhu

17 hours ago

Other modes of money transfer

IMT - Instant Money transfer
ECS - Electronic Clearing System

16

Reply

Abhishek Gupta > Downey Jr

17 hours ago

Ecs is for cheques.. Right??

What is IMT??

Reply

Reply

Downey Jr > Abhishek Gupta

16 hours ago

ECS is an electronic mode of payment for transactions that are repetitive and periodic in
nature.
same as post dated cheques but here in electronic form

Reply

Downey Jr > Abhishek Gupta

16 hours ago

no it is replacement of cheques
in this u don't have to give post dated cheques
money automatically gets debited from your account
IMT is Instant Money transfer

Reply

haribabu > Downey Jr

13 hours ago

Degree 4 years candidate eligible for bank jobs r not plz tell me friends

Reply

Faisal Khan > haribabu

12 hours ago

yes eligible...they want a degree....not % or how many yrs and backlogs...in notification only
valid degree is asked.

Reply

somu > Faisal Khan

28 minutes ago

Hisir..
Correspondense degree is eligeable or not.?

Reply

superstar1045 > Downey Jr

10 hours ago

Electronic Clearing service not system

Reply

NNJ > Madhu

18 hours ago

What is EFT?

Reply

Anil > NNJ

16 hours ago

NEFT RTGS and other electroni roots of fund transfer are parts of EFT(electronic fund
transfer)

Reply

thinkerMni > NNJ

18 hours ago

EFTS PRODUCT-atm,CDs,PoS,..(interview capsule ref) ......these kind of transaction occurs

using EFTS

Reply

Faisal Khan > NNJ

12 hours ago

Electronic Funds Transfer (EFT) is a system whereby anyone who wants to make payment
to another person/ company etc. can approach his bank and make cash payment or give
instructions/ authorisation to transfer funds directly from his own account to the bank
account of the receiver/ beneficiary. RBI is the service provider for EFT. The electronic
payment systems comprise large value payment systems as well as retail payment
mechanisms.

Reply

The Eye Of Dark Lord Sauron > NNJ

18 hours ago

EFT is limited to 15 centres in india..NEFT is the new form of EFT and most of the banks
have NEFT facility.

Reply

pankaj > The Eye Of Dark Lord Sauron

12 hours ago

15 centres means

Reply

Richa manjhi > NNJ

18 hours ago

Electronic fund transfer

Reply

Madhu > NNJ

Madhu > NNJ

18 hours ago

There there no difference between EFT and NEFT in principle. The electronic funds transfer
process is generally called EFT. In India they just add the 'National'. So it's NEFT in India.

Reply

Aanchu > Madhu

18 hours ago

no dear....EFT is tranfer from 1 a/c to another in the same bank..pls correct it

Reply

great > Aanchu

13 hours ago

No you can transfer money one bank to another bank account throw NEFT

Reply

Aanchu > great

13 hours ago

one bank a/c to different bank a/c thro NEFT,,,BUT one a/c to different a/c in the same bank
is called EFT.....okk..

Reply

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