A SUMMARY ON NEFT, RTGS & IMPS - BANKING AWARENESS
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
