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RTGS, NEFT & 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 – Rs. 2,00,000 (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.

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 9 A.M to 4.30 P.M. on the weekdays (Monday – Friday) and from 9 A.M. to 1.30 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.

About Rohit Pithisaria

I am a Chartered Accountant based in Jaipur. I do have interest in Income Tax and managing the income tax related section on TaxAdda. You can email me on info@taxadda.com for your queries related to income tax.

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