NEFT vs RTGS vs IMPS: Differences, Limits and Timings
Last updated: 25 September 2026
India has three main systems for sending money from one bank account to another: NEFT, RTGS and IMPS. They all use the recipient's account number and IFSC code, but they differ in speed, limits and when they run. Here is how to choose.
NEFT: National Electronic Funds Transfer
NEFT is the everyday choice for non-urgent transfers of any size. It is operated by the Reserve Bank of India (RBI).
- Availability: 24 hours a day, every day of the year, since December 2019.
- How it works: payments are settled in batches, roughly every half hour, so a transfer is not instant. It normally arrives within a few hours.
- Limits: the RBI sets no minimum or maximum amount. Your bank may apply its own per-transaction and daily limits.
- Good for: rent, fees, bill payments and transfers that can wait a short while.
RTGS: Real Time Gross Settlement
RTGS is meant for large-value, urgent payments. Each transaction is settled individually and immediately, rather than in a batch.
- Availability: 24 hours a day, every day, since December 2020.
- Minimum amount: ₹2,00,000 (2 lakh). There is no upper limit set by the RBI, though your bank may set one.
- Speed: the money reaches the beneficiary's bank in real time.
- Good for: property payments, business payments, and any large sum that must arrive quickly and with certainty.
IMPS: Immediate Payment Service
IMPS is run by the National Payments Corporation of India (NPCI) and is built for small, instant transfers.
- Availability: 24 hours a day, including bank holidays.
- Speed: instant, usually within seconds.
- Limit: up to ₹5,00,000 (5 lakh) per transaction, although many banks set lower limits on their apps.
- Ways to pay: to an account number and IFSC code, or to a mobile number registered with the beneficiary's bank.
- Good for: urgent small and medium payments, and paying someone outside banking hours.
Side-by-side comparison
| NEFT | RTGS | IMPS | |
|---|---|---|---|
| Run by | RBI | RBI | NPCI |
| Available | 24 × 7 | 24 × 7 | 24 × 7 |
| Settlement | In batches | Real time, one by one | Instant |
| Minimum | None | ₹2 lakh | None |
| Maximum | No RBI cap (bank limits apply) | No RBI cap (bank limits apply) | ₹5 lakh |
| Best for | Routine transfers | Large, urgent payments | Quick small payments |
What about charges?
Since 2019 the RBI has asked banks not to charge customers for online NEFT and RTGS transactions from savings accounts. Banks can still charge for transfers made at a branch, and for IMPS, so charges vary from bank to bank. Check your bank's current schedule of charges.
Common questions
Can I cancel a transfer after sending it?
Generally no. Once a transfer is confirmed it cannot be cancelled from your side. If you sent it by mistake, contact your bank straight away; see our guide on what to do if you used a wrong IFSC code.
Does the person receiving the money pay anything?
No. Receiving NEFT or RTGS payments is free for the beneficiary, and banks do not generally charge the receiver for IMPS either.
What if the payment fails?
The money is returned to your account. This normally happens automatically and quickly; if it does not arrive within a few working days, raise a complaint with your bank using the transaction reference number.
Do I have to add the person as a beneficiary first?
Usually yes, with their name, account number and IFSC code. Some banks restrict the amount you can send to a newly added beneficiary for a short time, as a fraud precaution.
Which should you use?
- Under ₹2 lakh and not urgent: NEFT is fine.
- Under ₹5 lakh and needed now: IMPS.
- ₹2 lakh or more and needed now: RTGS.
Whichever you choose, the transfer depends on the IFSC code being correct. Check it with our Verify IFSC Code tool before you send, and read what an IFSC code is if you want to understand how it works.
Limits, timings and charges change from time to time. The figures above reflect the position at the date shown; please confirm with your bank or the RBI and NPCI websites.
Try the tools
Find IFSC Code Verify IFSC Code
More guides
- What Is an IFSC Code? Meaning, Format and How to Read It
- How to Find the IFSC Code of Your Bank Branch
- Sent Money to a Wrong IFSC Code? What to Do
- Extra Payments on a Loan: How to Repay Faster and Save Interest
This guide is general information, not financial or legal advice. Limits, timings and charges are set by the Reserve Bank of India, NPCI and individual banks, and can change, so confirm current details with your bank.