Payments, Fintech & Accounts

What is the difference between IMPS, NEFT, and RTGS?

IMPS, NEFT, and RTGS are three electronic fund transfer systems in India that differ by speed, timing, and value. IMPS offers instant transfers around the clock, NEFT settles in batches and suits routine transfers, and RTGS handles high-value transfers in real time, typically with a minimum amount threshold. For example, sending a small payment instantly may use IMPS, a regular bill payment may use NEFT, and a large property payment may use RTGS. Each operates under the Reserve Bank of India's payment infrastructure, and the right choice depends on amount and urgency.