NEFT, RTGS, and IMPS are the three most popular payment modes banks provide. They share some features, but each has its own differences
IDFC FIRST Bank
NEFT
National Electronic Fund Transfers are performed in half-hourly batches with a minimum payment amount of ₹ 1 and no maximum limit.
IDFC FIRST Bank
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.
IDFC FIRST Bank
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.
IDFC FIRST Bank
Difference between NEFT, RTGS and IMPS
The primary difference is the payment speed and the minimum and maximum payment limits.
IDFC FIRST Bank
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.
IDFC FIRST Bank
IDFC FIRST Bank Savings Accounts offer all three modes for seamless payments, free of charge! Apply now and simplify your payments!