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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

Rohit Pithisaria founded TaxAdda in July 2012. He is Practicing Chartered Accountant from Jaipur and been in practice for more than 7 years. He is actively writing from very beginning of his professional career and is author of various tax articles and blogs.

About Rohit Pithisaria

Rohit Pithisaria founded TaxAdda in July 2012. He is Practicing Chartered Accountant from Jaipur and been in practice for more than 7 years. He is actively writing from very beginning of his professional career and is author of various tax articles and blogs.