Difference Between NEFT, RTGS and IMPS

NEFT, RTGS, and IMPS are electronic fund transfer systems used by banks in India.

NEFT (National Electronic Funds Transfer) allows money transfers between bank accounts and is available throughout the day.

RTGS (Real Time Gross Settlement) is mainly used for large-value transactions where funds are transferred instantly.

IMPS (Immediate Payment Service) allows instant money transfer 24/7 using mobile banking or internet banking.

All these systems require the correct IFSC code of the bank branch to process the transaction successfully.