Net Banking

What is NEFT and RTGS?

NEFT stands for National Electronic Fund Transfer(NEFT) and Real Time Gross Settlement(RTGS). These are gateways which allow individuals to send money from within same banks and different banks. Both are almost same, but there is slight difference in a user  point of view. Minimum transfer amount for RTGS is limited to Rs. 2 lakh where there is no  limit for NEFT.

What is IMPS?

Immediate Payment Service (IMPS) is an instant inter-bank electronic fund transfer service. This is widely used service in these days which avoid waiting period of IMPS. IMPS transfers are done very  quickly, that you will get confirmation within 5 minutes or less in most of cases.