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2 mins Read | 2 Years Ago

NEFT vs RTGS vs IMPS: Key differences, Advantages & Benefits


Nowadays, it is easy to transfer funds with different online modes such as NEFT, RTGS and IMPS. If you are not well-versed with these money transfer methods, then this blog will help you understand the fundamental difference between the three.

Earlier, transferring of money required you to visit the bank and go through a long process of sending funds to the recipient. Now with the technological advances, there has been a drastic transformation in the banking services offered to the customers. It is more accessible, convenient and less time-consuming. When it comes to online money transfer, users can easily send or receive money through various methods like NEFT, RTGS and IMPS.


NEFT or National Electronic Funds Transfer allows users to transfer funds electronically from one account to another across pan India. NEFT transfer is available round the clock. The centralized payment system is operated by the Reserve Bank of India (RBI). You can do NEFT using ICICI Bank Internet Banking and iMobile Pay Mobile Banking app.

Benefits of NEFT:

  • You can perform NEFT through online or offline modes

  • The transfer can be completed faster, with convenience.

  • It is economical to use NEFT for money transfers.

  • NEFT does not require you to submit any cheque or demand draft (DD) for money transfer.


RTGS or Real-Time Gross Settlement indicates that the process of payment happens in real-time rather than receiving the money sometime later. Users can opt for this money transfer method if the transaction amount is large and needs immediate clearing. 

Benefits of RTGS:

  • It allows you to transfer a huge sum of money, especially companies that transfer funds in one go without causing any further delay. 

  • There is less possibility of counter-party default.

  • With the online transfer of funds through RTGS, there is no threat of a cheque being stolen or instances of forgery.

  • RTGS fund transfer helps organizations manage business capital efficiently


The IMPS or Immediate Mobile Payment Services allows users to perform instant inter-bank money transfers on a real-time basis. Unlike NEFT and RTGS, which is at times not available on holidays, IMPS is accessible 24*7 throughout the year, even on bank holidays.

Benefits of IMPS:

  • IMPS fund transfer is a quick and secure money transfer method

  • It is not compulsory for you to know the beneficiary’s IFSC code and account number.

  • You can perform IMPS using the iMobile Pay app and Internet Banking.

  • It is accessible even on bank holidays. 

  • Money gets credited within a few seconds.

  • Customers can perform intrabank as well as interbank payments.

  • IMPS money transfer is available for NRI customers to transfer funds from an NRI account to the account of a resident of Indian.

Difference between NEFT, RTGS & IMPS:






iMobile Pay


Account Number + IFSC

Mobile Number + MMID

Account Number + IFSC

Mobile Number +MMID

Minimum Transferrable Amount

Rs. 1

Rs. 2 lakh

Rs. 1

Rs. 1

Rs. 1

Rs. 1

Maximum Transferrable Amount (RIB & iMobile)

Rs. 10 lakh to Rs. 25 lakh

Rs. 10 lakh

Rs. 2 Lakh


Rs.2 Lakh


Payment mode

Online & Offline

Online & Offline






All the three money transfer methods have their own advantages, you need to find the best match to suit your requirements. Visit to know more

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