What is the RTGS or NEFT or IMPS?

RTGS, NEFT, IMPS these are the amount transfer service which offers most of all national banks are having the above services.

RTGS – Real time gross settlement is an electronic form of funds transfer where the transmission takes place on real time basics.
In India, transfer of funds with RTGS is done for high value transactions, the minimum amount being Rs. 2lakh. The beneficiary account receives the funds transferred, on a real time basis. The customer initiating the Customer Initiating  the funds transfer through RTGS has to have the Indian Financial System Code (IFSC) of the beneficiary’s bank , along  with the name of the beneficiary, account number  and name of the bank, The bank branches, both at the initiating receiving end, have to RTGS-banking accounts can do RTGS transaction on their own.

NEFT – National electronic funds transfer is an Indian system of electronic transfer of money. From one bank or bank branch to another.
The banks or their braches that support such transactions have to participate in the NEFT network. An updated list of banks and branches that are NEFT enabled can be found on the RBI website.
The transfer of money from the customer remitting it to the beneficiary account usually takes place on the same day. Settlement or clearance of funds takes place in batches as specified by the guidelines by the RBI. Any amount of money can be transferred using NEFT, making it usually the best method for retail remittances. Customers with Internet banking accounts can use the Neft facility to transfer funds nationwide on their own. Funds can also be transferred via NEFT by customers by walking into any bank branch (which is Neft-enabled) and leaving relevant instructions for such transfer – either from their bank accounts or by payment of cash. Transfer of funds to Nepal using NEFT, is also allowed subject to limits.

IMPS – Immediate payment service
IMPS are launched in 2010 by Indian government and are facilitated by NPCI (National Payment Corporation of India). As the name suggests, it completes transactions immediately. It is a service which allows you to make payments using your mobile number. It uses mobile number or Aadhaar number to connect to bank accounts and complete payments. Hence, It is a secure method for transferring funds. The services of IMPS are available 24*7 and even on holidays.

The main difference between RTGS, NEFT & IMPS Most individuals use one or the other method of online money transfer in their lifetime. The convenience of transferring money online helps an individual in making most out of the modern technology-based banking services. When it comes to transferring money from one account to another, most banks provide multiple options based on various factors and customer’s requirements. Currently, banks provide multiple transfers (NEFT), Real Time Gross Settlement (RTGS), Immediate Payment Service (IMPS), etc. Based on the value of the transaction, the speed of transfer, service availability, and other factors, each of the transfer will provide different kinds of features and flexibility. Though each of them have their own advantages and disadvantages, they provide flexibility and convenience to the customers. Moreover, many banks have their own digital wallets to facilitate additional methods of fund transfers online.