All about RTGS, NEFT And IMPS Payment Modes

NEFT, RTGS, and IMPS are the three most popular payment modes banks provide. They share some features, but each has its own differences

NEFT

National Electronic Fund Transfers are performed in half-hourly batches with a minimum payment amount of ₹ 1 and no maximum limit.

RTGS

Real-Time Gross Settlement (RTGS) settles funds in real-time and is faster than NEFT. The minimum payment is ₹ 2 lakhs and there’s no maximum limit.

IMPS

Immediate Mobile Payments Services also settles funds in real-time and is faster than NEFT. The minimum payment is ₹ 1 and the maximum is ₹2 lakhs.

Difference between NEFT, RTGS and IMPS

The primary difference is the payment speed and the minimum and maximum payment limits. 

NEFT is the slowest while RTGS and IMPS allow quick transfers. However, RTGS involves a higher payment limit while IMPS and NEFT are for smaller amounts.

Metra Trust Savings Accounts offer all three modes for seamless payments, free of charge! Apply now and simplify your payments!