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The three different methods by which money can be transferred online are mentioned below:

  • Immediate Payment Service (IMPS)
  • National Electronic Funds Transfer (NEFT)
  • Real-Time Gross Settlement (RTGS).


The transfer of funds is completed immediately via IMPS. You can transfer money 24×7 by using this method. IMPS can be completed by using internet banking or mobile banking. Various digital banks in India use IMPS services to transfer money. Depending on the bank, the transaction charges may vary.


Under NEFT, you can transfer funds from one bank branch to another bank branch that is participating under the scheme. However, NEFT transactions take longer when compared to IMPS.


Another payment mode that occurs in real-time and on a gross basis is RTGS. RTGS is mainly used for higher value transfers that require immediate clearance. RTGS transactions can be completed only during hours.

Differences between NEFT, IMPS, and RTGS

Minimum transfer value Rs.1 Rs.2 lakh Rs.1
Maximum transfer value Depends on the customer segment No upper limit Rs.2 lakh
Type of settlement Batches One-on-one settlement One-on-one settlement
Speed of settlement 2 hours (subject to cut-off timings and batches) Immediately Immediately
Service availability 24/7 Depends on the bank 24/7
Online/Offline Both Both Online

Important Things to Consider Before Initiating a Fund Transfer

  • Timings: Depending on the bank, the timings for each transfer will vary. In the case of RTGS, depending on the bank and the location, the operating hours will vary. IMPS and NEFT payment modes are available 24×7.
  • Transaction Fee: A separate fee is levied for the transfer of money. However, in case you are receiving the money, no fee is levied.
  • GST: As per the latest norms, GST will be applicable on the transaction fee.
  • Network: Both the banks must be part of the scheme for the transfer to take place.

Important Terms

Given below are some of the important things to know when using the different methods to transfer money:

  • Fund Transfer Charges: Any transfer of money will involve certain charges. According to the RBI, the banks decide the charges that are levied for different fund transfers.
  • Fund Settlement Speed: Depending on the type of transfer, the fund settlement speed will be different. The amount of time that is required to transfer money from one bank account to another bank account is the fund settlement speed.
  • Service Availability: Depending on the type of transfer, the timings will vary. IMPS and NEFT are available 24×7, while RTGS operates only during banking hours.
  • Fund Transfer Limit: The amount of money that can be transferred is the fund transfer limit. The limit will be different for different payment methods.