Question

What Is The Difference Between RTGS, NEFT And IMPS? Please explain in layman language along with charges deducted and time of transaction.

Answer 1

RTGS is basically related to huge amounts for example according to RTGS you cannot transfer any amount less than 2 lacs but you can transfer amount above that till 10 lacs. RTGS settlements are faster. RTGS is expensive than NEFT because of the heavy transaction.
Charges System:
9am to 12pm RTGS will be charging Rs 25 for the amount between 2 to 5 lac
Rs 50 would be charged to the amount more than 5lac
12.01pm - 3.30pm  Rs 26 would be charged to the amount between 2 to 5 lac where as 51 would be charged to the amount more than 5lac.
After 3:30pm it would be closing time and Rs 30 for transfer between 2 to 5lac and  Rs 55 for the transfer above 5 lac.
 
NEFT is related to smaller amounts  and have settlement slots their are total 11 settlements which should be made between 9AM to 7PM in weekdays. NEFT settlements are slower than RTGS.. NEFT is less expensive than RTGS.
Charges System:
Rs 2.5 above the amount Rs 10,000
Rs 5.0 above the amount Rs 10,000 to 1 lac
Rs 15 for amount above 1 lac and less than 2 lac
Rs 25 for amount above than 2 lac

IMPS in the beginning was free of charge for the purpose of promotion but now  banks are charging for the purpose of transferring funds.IMPS is charged the same money as being charged to the NEFT and RTGS. In this money is transferred between banks via mobile phones.IMPS services are available 24 hours and 7 days and even on bank holidays as well. Where as NEFT and RTGS is available for a specific time period and is not available during bank holidays.

Answer 2

Answer:

NEFT and RTGS services will be unavailable on weekends and bank holidays, while IMPS services can be availed round the clock. Also, NEFT transfers funds in timed batches, while RTGS and IMPS are real-time transfer modes. ... NEFT and IMPS have no minimum value, while RTGS has a minimum fund value of Rs.

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