Difference between RTGS, NEFT, IMPS and UPI

In today’s era, everything has gone into digital wherein we are no longer required to go back o the bank everything is at your fingers tips, we access our money, our payment all the necessary things can be done through online portals. There are dozens of app which provide these various features free of cost to all the user. To transfer money from one account to another account we have various online methods includes RTGS, NEFT, UPI, IMPS., etc. Let’s understand this one by one.

Although RTGS, NEFT, UPI, IMPS all provide the same facility to the customer there is a lot of let’s understand everything clearly.


RTGS stands for Real-Time Gross Settlement started operating on 26, march,2004 with the initial launch with four branches but now it makes  7 lakh transaction per day as of December 2020 it makes an average value transaction of Rs 4.17 lakh crore across 300+ branches. Well, RTGS provides an immediate funds transfer facility from one bank to another bank.
Well, there are few restrictions for RTGS:
1. Only available on working days
2. Minimum fund to transfer is RS.2 lakh and Maximum 58 lakh+ average ticket
3. The recipient needs to add the beneficiary details account details into his portal like Name, Account Number, Ifsc code, Reason of funds transfer.
4. There is a certain amount charged for the service provided well the charges vary from bank to bank.


NEFT stands for National Electronic Fund Transfer started operating since, November 2005.
It is an online addition feature provided by the banks:
1. It is made available for 365 days 24*7
2. Although is easy to access but is not a quick response it requires almost 2 hours of time.
3.  Mainly focus on retails, dealers.
4. up to 25 lakh rupees per day but with a condition of Rs. 50000 per transaction.
5. Charges are Impilicable varies from bank to bank for the services.


IMPS stands for Immediate Payment Services was implemented on November 22, 2010. As the name indicates the imps is immediate payment services purely focus on the retail business whose transaction is below the price band of rupees of 2 lakh.
1. It was made available 20*7 for 365 days as well
2. Purely focus on business development.
3. No need to add beneficiary details just the account number is sufficient.
4. Price band is from 1 rs to a maximum of 2 lakh rupees.
5. Charges are Impilicable varies from bank to bank for the services.


UPI stands for the Unified Payment Interface, It was initiated on 11, April 2016 it was the first mobile banking payment established it makes all the interface easy to the customer, there is multiple UPI interface app now depending upon the bank’s reference.
1. Immediate fund transfer
2. Suitable with all kind of android and ios devices.
3. Very easy to access and used all over India. like Retail shop, taxi, bills payments, etc.,
4. Lowest Cost.
5. An Unlimited number of transaction but the transaction up to the price band of 1 lakh rupees. ( starts from 1rs – 1 lakh rupees)
6. Provides existential rewards for each transaction.

All the above Transactions are monitored by NPCI (National Payments Corporation of India) which instates all the transactions for smooth transactions purposes.

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