Trivia: Know what is the difference between NEFT, RTGS and IMPS transaction system?

What is the difference between NEFT, RTGS, and IMPS Transaction System: Today’s digital age has brought major changes in various fields. Today the banking system has completely changed after the revolution in the information age. Now people are easily sending money to anyone anywhere through net banking. However, while sending money through NetBanking, you have to choose between NEFT, IMPS, and RTGS transaction modes. Money is sent through net banking through these three transaction modes in the country. Do you know the difference between these three? If not, then today we are going to tell you about this. Today we will learn about National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), and Immediate Mobile Payment Service (IMPS) in detail.

You hardly know that NEFT and RTGS transaction system was introduced by the Reserve Bank of India. At the same time, IMPS was started by the National Payment Corporation of India.

National Electronic Funds Transfer (NEFT)
When sending money through the National Electronic Funds Transfer (NEFT) transaction mode, it takes about half an hour for the beneficiary’s account to get credited. This is because NEFT fund transfer batches are released every half an hour. In this, you can pay any amount as low as Re 1 and maximum. Its service hours are 8 AM to 7 PM on working days (except 2nd and 4th Saturdays).

Real Time Gross Settlement (RTGS)
The money you send through this transaction mode gets credited to the beneficiary’s account at the time you send it. Through this transaction mode, you can pay the minimum amount of 2 lakhs and a maximum amount. Its service hours are from 8 am to 6 pm on working days.

Read More: LIC Bumper Plan: You will have to invest once in this plan of LIC, you will get a pension of 12 thousand rupees every month.

Immediate Mobile Payment Service (IMPS)
Under the IMPS transaction system, you can send a minimum of Re 1 and a maximum of Rs 2 lakh. Money sent through IMPS reaches the beneficiary’s account at the same time it is sent. Its service time is 365 days 24*7.

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