NEFT – Reliable & cost-effective
National Electronic Funds Transfer is like the reliable yet laid-back cousin who gets things done... just not instantly. It is a widely used method for routine transactions.
- Batch-based processing: Your money moves in hourly batches. So, it’s not instant, but it will get there in a few hours.
- 24x7 availability: Including weekends and holidays.
- No transfer limits: You can send any amount (subject to your bank’s policies).
- Budget-friendly: Charges are low-key and depend on how much you are sending.
Best for: Paying bills, rent, or sending money when it’s not super urgent.
RTGS – Fast & secure for high-value transfers
Real-Time Gross Settlement is for those “I need to send a lot of money, like NOW” moments. It is designed for large transactions that need immediate settlement.
- Real-time processing: Money moves in real-time during business hours.
- High stakes only: Minimum amount is ₹2 lakh. No upper limit
- 24x7 availability: Yes, even on Sundays and holidays.
Best for: Buying a car, paying for property, or any big-ticket stuff.
IMPS – Instant transfers anytime, anywhere
Immediate Payment Service is your go-to for “I need to send money right now and it’s 2 AM. It is the fastest option for transferring money instantly.
- Real-time transfers: Funds are credited immediately.
- 24x7 availability: Works round-the-clock, even on holidays.
- Multiple access points: Use mobile banking, internet banking, ATMs, or SMS.
- Limit Check: Usually up to ₹5 lakh/day, but depends on your bank.
Best for: Emergency transfers, splitting bills, sending money to your family instantly.
