Neft vs Imps

• IMPS stands for Immediate Payment Service. It is an Indian banking system's electronic fund transfer mechanism. It allows you to send money directly to a payee's bank account. Customers can access this service 24 hours a day, seven days a week.
• NEFT stands for National Electronic Funds Transfer (NEFT). It is also an Indian banking system's electronic fund transfer tool. Customers can use the NEFT service 24 hours a day, 7 days a week, and it sends funds to payees in batches.
• RTGS is a payment mechanism that allows funds to be transferred from one account to another immediately. These kinds of transactions are done in real-time and on a gross basis. However, because it is intended for high-value transactions, the transferred amount must be equal to or greater than Rs. 2 lakh.

Imps vs Neft vs Rtgs

Difference between Neft and Imps

Neft

Timings for NEFT transfers

The NEFT system is available 24 hours a day, every day of the year (24x7x365). Throughout the day, funds are moved in batches and settled in 48 half-hourly time intervals.

Limits on NEFT transfers

The amount of money that can be sent through NEFT has no upper or lower restrictions. You can use NEFT to begin transactions to move funds from one bank account to another in India. You must, however, ensure that the banks are members of the NEFT network (another way to say this is that the banks should be NEFT-enabled).

How to do NEFT transfer?

All you have to do to send money with NEFT is log into your net banking interface and add the recipient as a beneficiary. In the Add New Payee area, you'll need to fill in information such as their name, account number, account type, and IFSC code. The fund transfer will be completed once you select NEFT as your preferred mode of transfer and enter the amount to be transferred.

Imps

Timings for IMPS transfers

There are no time constraints. You can transfer whenever you want.

Transfer limit for IMPS

The highest amount that can be sent via IMPS is Rs. 2 lakh. However, no set minimum amount can be used to make an IMPS transaction.

How do I make an IMPS transfer?

• To send money via IMPS, you must first sign up for the bank's mobile banking service and obtain a Mobile Money Identifier (MMID) and MPIN from the bank. Ensure that your beneficiary or recipient has the MMID as well.
• Log in to your net banking portal and pick IMPS as your preferred way of transfer once you've enrolled. Then you must enter information such as the recipient's cellphone number, MMID, amount to be sent, and your MPIN. You will receive an SMS confirmation once this is completed.

Which is better Imps or Neft

• The National Payments Corporation of India manages the Immediate Payment Service (IMPS), which is based on the National Financial Switch network (NPCI). The Reserve Bank of India is in charge of the National Electronic Fund Transfer (NEFT). The IMPS was introduced in 2010, while the NEFT was introduced in 2005.
• Process: As previously said, IMPS delivers your funds to the beneficiary's account immediately. It takes about half an hour for the beneficiary's bank to credit and shows the transferred funds to the payee. NEFT, on the other hand, operates on a net and batch basis. Payments are made in batches using the NEFT transfer system. Because NEFT settles on a one-to-one basis, it uses electronic communications to transfer funds between two enabled bank accounts. Unlike IMPS, NEFT is not a real-time fund transfer system. It sends funds in batches, as previously stated, and only during business hours.
• Timings: Both IMPS and NEFT can be utilised 24 hours a day, seven days a week. The NEFT payment system is available 24 hours a day, seven days a week, 365 days a year. It is also available on Sundays, bank holidays, and off-days from work.

Net-banking application:

• To make an IMPS transfer via net-banking, you must first log into your bank's net-banking portal; then, you must add an IMPS beneficiary by entering the beneficiary's account number, account type, IFSC Code, name, and contact information; and finally, you must go to the IMPS Fund Transfer tab after your bank confirms that the intended beneficiary has been added. The next step is to choose a beneficiary to whom you want to send money. After that, the beneficiary's account information will appear. After that, you must input the Amount and Remarks. The transaction will be completed once the payment has been verified. Funds will be transmitted promptly because this is an IMPS transaction.
• To make an NEFT transfer via net-banking, first, log into your bank's net-banking portal; then add an NEFT beneficiary by entering the beneficiary's account number, account type, IFSC Code, name, and contact information; finally, after your bank confirms that the intended beneficiary has been added, go to the NEFT Fund Transfer tab. After that, you must choose a beneficiary to whom you want to send funds. As a result, the beneficiary's account information will be displayed. The transfer Amount and Remarks must then be entered. It's up to you whether or not you want to add any comments. The beneficiary will get your NEFT funds in the following hourly batch transfer.

Mobile-banking application:

• To make an IMPS transfer with mobile banking, first, go into your bank's mobile banking app, then navigate to the Send Money/Fund Transfer menu and select the IMPS option. After that, if the beneficiary has not already been added to the IMPS platform, you must do so (the process to add the beneficiary is described above). After the bank has added your IMPS beneficiary, you must provide the recipient's mobile number, amount, and Mobile Money Identifier (MMID). To authenticate the transfer, the app will ask for your Mobile PIN (MPIN). Your funds will be transferred once you have verified your Mobile PIN. After that, the bank will give you a confirmation text message with the transaction number. Because this is an IMPS transaction, the funds will be credited to the payee's bank account immediately.
• To make an NEFT transfer via mobile banking, first log into your bank's mobile banking app, then add the beneficiary to the NEFT platform if it hasn't already been done. You must enter the beneficiary's account number, account type, IFSC Code, name, and contact information to add the beneficiary; after your bank confirms that the intended beneficiary has been added, you must navigate to the Send Money/Fund Transfer tab and then to the NEFT option. Then you must choose a beneficiary to whom you want to send money. The beneficiary's account information will then show. After that, you must input the Amount and Remarks. The monies will be transferred in hourly portions once you have verified the payment settlement.

Transaction Fees: 

NEFT and IMPS transaction fees are also different. Charges for NEFT and IMPS are set at the discretion of the bank. Charges for NEFT transactions start at Rupees 1 and go up to Rupees 25 per transaction. IMPS fees typically start at Rupees 5 per transaction and can go as high as Rupees 15 for every transaction. The RBI, on the other hand, has abolished the service charges that formerly applied to online NEFT transactions made using the internet and/or mobile banking.

Transaction Limit: 

For NEFT and IMPS transactions, the minimum transaction value is normally Rs. 1. However, the maximum limit for NEFT varies by the bank; it typically ranges from Rs. 10 lakh to Rs. 20 lakh per transaction. The maximum amount of money that can be transferred through IMPS in a single day is Rs. 2 lakh.

Frequently asked questions

What are the minimum imps transfer amount?

 The smallest amount that can be transferred via IMPS is as little as Re.1.

Are there any additional fees associated with an IMPS transfer?

To boost digital transactions, India's Finance Ministry has eliminated any additional fees for using the IMPS money transfer system.

Which method of payment, NEFT or RTGS, is the quickest?

The quickest method of payment is determined by the urgency and size of your transaction. RTGS is a faster and more efficient way of payment if your transaction exceeds Rs.2 lakh. NEFT, on the other hand, is a more efficient means of payment for smaller payments.

Is the RTGS payment method secure?

RTGS is a highly secure and safe payment method that is closely controlled by the government. It is even more secure because it is mostly used for large-scale money transfers.

How many NEFT transactions may be completed in a single day?

Ans: NEFT transactions can be made at any time during the day, from 8 a.m. to 6:30 p.m. There is no limit to the number of NEFT transactions that can be completed in a single day.