Difference between Indian Payment Systems IMPS and NEFT www.deekpay.com

"IMPS"means instant payment service. It is an electronic fund transfer mechanism in the Indian banking system. It allows you to transfer funds to the recipient's bank account immediately. This service is available to customers 24/7.

"NEFT" means National Electronic Funds Transfer (NEFT). It is also an electronic fund transfer facility in the Indian banking system. NEFT service also provides 24*7 hours service to the customers and transfers your funds in bulk to the payee.

IMPS What is the difference between NEFT

We discuss it fully below IMPS with NEFT:

Details: Instant Payment Service (IMPS) is built on the National Financial Exchange Network (NFEN), which is run by theNational Payments Corporation of India(NPCI) is managed. While National Electronic Funds Transfer (NEFT) is managed by the Reserve Bank of India. IMPS Launched in 2010, NEFT was launched in 2005. Process: As mentioned earlier, theIMPSTransfer your funds to the recipient's account immediately. The recipient's bank has about half an hour to arrive and show the transfer to the recipient. In the meantime, NEFT operates on a network and batch basis. The NEFT transfer mechanism makes bulk payments. Since NEFT is settled on a one-to-one basis, it transfers funds between two enabled bank accounts via electronic messages. NEFT is not as IMPS That kind of real-time funds transfer solution. As mentioned earlier, it transfers funds in bulk and that too only during business hours. Timeliness: Both IMPS and NEFT are available 24 x 7. NEFT payment system is available round the clock i.e. 24 x 7, 365 days. It is also available on Sundays, bank holidays and bank holidays. Internet Banking Usage:

1. To make an IMPS transfer through internet banking, you need to log in to your bank's internet banking portal; after that, you need to add an IMPS beneficiary by entering the beneficiary's account number, account type, IFSC code, name and contact details; after your bank confirms that the intended beneficiary has been included, you need to go to the IMPS funds transfer tab. You will then need to select the Beneficiary to whom the funds are to be transferred. Once this is done, the beneficiary's account details will be displayed. You will then need to enter the amount and remarks. Verify the payment and complete the transaction. As this is IMPS, the funds will be transferred immediately.

2. To make a NEFT transfer through internet banking, you need to log on to your bank's internet banking portal; thereafter, you need to add a NEFT beneficiary by entering the beneficiary's account number, account type, IFSC code, name and contact details; after your bank confirms that the intended beneficiary has been included; you then need to go to the NEFT funds transfer tab. You will then need to select the beneficiary to whom you want to transfer the funds. As a result, the beneficiary's account details will be displayed. You will then need to enter the transfer amount and a note. Entering a note is optional. Your NEFT funds will reach the beneficiary in the next hourly batch transfer.

Mobile banking use:

1. To make an IMPS transfer through mobile banking, you need to log in to your bank's mobile banking application and then you need to go to the Remittance/Fund Transfer tab to access the IMPS option. After that, you will have to add the beneficiary (if not already done) in the IMPS platform (the process of adding the beneficiary is as mentioned above). Once the bank has added your IMPS beneficiary, you will need to enter the beneficiary's mobile number, the amount and the beneficiary's Mobile Money Identifier (MMID). The app will then ask you for your Mobile PIN (MPIN) to verify the transfer. Once you have verified your mobile PIN, your funds will be transferred. The bank will then send you a confirmation SMS mentioning the transaction number. As this is an IMPS, the funds will be credited to the recipient's bank account immediately.

2. To make a NEFT transfer through mobile banking, you need to log in to your bank's mobile banking application and then add the payee (if not already done) in the NEFT platform. To add a payee, you will need to enter the payee's account number, account type, IFSC code, name and contact details; once your bank confirms that the intended beneficiary has been included, you will need to go to the "Remittances/Funds Transfers" tab and then to the "NEFT" option. Then you need to go to the "Remittance/Fund Transfer" tab and go to the "NEFT" option. You will then need to select the beneficiary to whom you wish to transfer the funds. The beneficiary's account details will then be displayed. You will then need to enter the amount and remarks. Once you have validated the payment settlement, the funds will be transferred in bulk on an hourly basis.

Transaction Charges: The transaction charges for NEFT and IMPS are also different. NEFT and IMPS charges are determined by the banks themselves. NEFT charges range from a minimum of Rs. 1 per transaction to Rs. 25 per transaction. IMPS charges usually start from a minimum of Rs 5 per transaction and go up to Rs 15 per transaction. However, the Reserve Bank of India has abolished the service charges for online NEFT transactions initiated through internet and/or mobile banking. Transaction Limits: The minimum transaction amount for NEFT and IMPS transactions is usually Re. 1, but the maximum limit for NEFT varies from bank to bank; it can usually be up to Rs. 1 lakh per transaction. The limit for fund transfer through IMPS can be up to Rs. 2 lakhs a day.

Which banks offer NEFT and IMPS services?

As of today, the banks offering NEFT and IMPS services are Andhra Bank, Allahabad Bank, Adarsh Co-Operative Bank Ltd., Axis Bank, Bandhan Bank Ltd, Bassein Catholic Co- op Bank, Bank of Maharashtra, Canara Bank, BNP Paribas, Central Bank of India, Catholic Syrian Bank, City Union Bank, Citibank, Cosmos Co-operative Bank, Corporate Bank, Development Bank of Singapore, Dena Bank, Dhanalakshmi Bank, Development Credit Bank, Federal Bank, Dombivli Nagarik Sahakari Bank, HSBC Bank, HDFC Bank, IDBI Bank, ICICI Bank, Indian Overseas Bank, Bank of India, ING Vysya Bank, IndusInd Bank, Janata Sahakari Bank Bank of India, ING Vysya Bank, IndusInd Bank, Janata Sahakari Bank, Bank of Pune, Jammu and Kashmir Bank, Karur Vysya Bank, Karnataka Bank, Kerala Grameen Bank, Lakshmi Vilas Bank, Kotak Mahindra Bank, Nainital Bank, Mehsana City Co-operative Bank, NKGSB Co-operative Bank, Pragathi Krishna Gramin Bank, Oriental Bank of Commerce, Punjab and Sindh Bank. Commercial Bank, Punjab and Sind Bank, Punjab and Maharashtra Bank-op Bank, Rajkot Nagrik Sahkari Bank Limited, Punjab National Bank, Saraswat Bank, RBL Bank, Standard Chartered Bank, South Indian Bank, State Bank of Hyderabad, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of India State Bank, State Bank of Travancore, State Bank of Patiala, Syndicate Bank, Thane Janata Sahakari Bank, Tamil Nadu Commercial Bank, A.P Mahesh City Co-operative Bank, UCO Bank, Greater Mumbai Co-operative Bank, United Bank of India, Vijaya Bank, Union Bank of India and Yes Bank. This list is subject to change.

Are there any other EFT platforms other than NEFT and IMPS?

Yes, the electronic funds transfer platform other than National Electronic Funds Transfer (NEFT) and Instant Payment Service (IMPS) is Real Time Gross Settlement (RTGS). RTGS transfers funds in real time, which means there is no waiting period when transferring funds. It does not tie up your funds transfer settlement with other funds transfers. With RTGS, your funds are not transferred in bulk as they are with NEFT. With RTGS, your funds are not commingled with other users' payments; your funds are transferred separately and end up in your recipient's account faster than NEFT transfers. The RTGS window is open 24×7, 365 days a year, just like NEFT and IMPS.

What to consider before making a NEFT or IMPS transfer

There are many factors to consider before transferring funds via NEFT and IMPS. Some of them are time, transaction fees and transmission network. Let us discuss each of them:

Timing: If you want to make an instant transfer, select IMPS. You can make NEFT transactions, but the transfer will be successfully credited after approximately 2 hours. Fees: Both NEFT and IMPS charge payers for sending money. However, NEFT and IMPS do not charge recipients for receiving funds. NEFT and IMPS transaction fees vary from bank to bank and their limits are provided in the article above. Transfer Network: The payer needs to check if the payee belongs to the NEFT or IMPS network as all banks or all branches across India may not belong to this network.

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