NEFT, RTGS and IMPS are the three main ways to transfer money between bank accounts in India (along with UPI). Each has different limits, speed and uses.
Key takeaways
- NEFT and RTGS are available 24×7×365.
- RTGS is for ₹2 lakh and above and settles in real time.
- IMPS is instant, 24×7, with a per-transaction limit of ₹5 lakh.
- Online NEFT and RTGS from savings accounts are free of charge per RBI; IMPS may carry small bank charges.
Comparison
| Feature | NEFT | RTGS | IMPS | UPI |
|---|---|---|---|---|
| Minimum | ₹1 | ₹2 lakh | ₹1 | ₹1 |
| Maximum | No RBI cap (bank limits) | No RBI cap | ₹5 lakh | Usually ₹1 lakh (higher for some categories) |
| Speed | Half-hourly batches | Real time | Instant | Instant |
| Availability | 24×7 | 24×7 | 24×7 | 24×7 |
| Needs | Account no. + IFSC | Account no. + IFSC | Account + IFSC or mobile + MMID | VPA / QR / mobile |
Which to use
- Everyday small payments → UPI
- Instant transfers up to ₹5 lakh → IMPS
- Large payments (property, business) → RTGS
- Scheduled or non-urgent transfers → NEFT
Safety tips
- Add beneficiaries carefully; many banks apply a cooling period for new beneficiaries.
- Verify the beneficiary name shown before confirming.
- Never share OTPs; banks never ask for them.
- For wrong transfers, contact your bank immediately with transaction details.
Your action checklist
- Keep contact details and KYC updated with your bank.
- Add nominees to every account and deposit.
- Use online NEFT/RTGS/IMPS/UPI and verify the beneficiary name before paying.
- Never share OTP, PIN or CVV — banks do not ask for them.
- Review charges in your statement and switch accounts if fees are high.
FAQs
What happens if a NEFT fails?
The amount is returned to your account, generally within a couple of hours; banks pay compensation for delays as per RBI rules.
Is there a limit on UPI?
Most banks allow up to ₹1 lakh per day; some categories (e.g. tax payments, hospitals) allow more.
