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What is the difference between NEFT/RTGS/IMPS bank transaction?

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What is the difference between NEFT/RTGS/IMPS bank transaction?
posted Aug 3, 2017 by Prajwal C.m.

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1 Answer

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NEFT:
National Electronic Funds Transfer (NEFT) is transfer of funds online by a financial institution, mainly for the banks in India. NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. NEFT has no limit either minimum or maximum - on the amount of funds that could be transferred using NEFT.

RTGS :

RTGS is based on the gross settlement where the transaction is settled on an instruction by instruction basis. In RTGS the minimum amount should be above Rs 2 lakh and maximum amount is Rs 10 Lakh.

IMPS :

IMPS basically involves a transfer mechanism using the mobile phone. A host of banks allow the transfer through this mechanism including the reputed banks like State Bank of India, ICICI Bank and Axis Bank.

Here is the limit is set by the bank. For example, State Bank of India permit only one beneficiary in a calendar day. Which means one cannot send money through IMPS for more then one beneficiary in a day.

Transaction Limits :

NEFT :

Minimum : Rs 1

Maximum : No Limit

RTGS :

Minimum : Rs 2 Lakh

Maximum : Rs 10 Lakh

IMPS :

Minimum : Rs 1

Maximum : Rs 2 Lakh

answer Aug 5, 2017 by Swati Tyagi
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