NEFT Vs IMPS Vs RTGS

[ontherocks]

IMPS and RTGS are real time transfers whereas NEFT is not.
For transfers within the limits of these modes, why would anyone choose NEFT over IMPS/RTGS?
RTGS generally has much more daily limits than IMPS. On the same note, why would anyone choose IMPS over RTGS?

 

[panchabhut]

I agree to this point. Even though bank says sender would get notification, of date I haven't received any, and every time their excuse is "technical issue". Sender is in darkness.
The point ICICI bank officials were tying to make is, for NEFT the onus of retrying is on the bank, whereas for IMPS/RTGS, the onus of retrying is on the sender.

I regularly use ICICI and DBS-Digibank for NEFT transfers. I get credit notification for all txns.

 

[Abhishek012]

IMPS and RTGS are real time transfers whereas NEFT is not.
For transfers within the limits of these modes, why would anyone choose NEFT over IMPS/RTGS?
RTGS generally has much more daily limits than IMPS. On the same note, why would anyone choose IMPS over RTGS?

IMPS and UPI is payment messenger.

NEFT and RTGS is an electronic funds transfer system.

When we use IMPS, UPI even card transactions, you see the money leave your account immediately and receiver or merchant receive it immediately but it takes few hours to maximum 2 days before they actually have the money in their bank accounts.

After few hours or next day NPCI deposits the money into the receiver or merchant’s account through RTGS payment. To make it even more complicated, much of the process is not done in real-time. It is done in batches.

Here you will see all settlement cycles timings for UPI and IMPS -

UPI source - https://www.npci.org.in/PDF/npci/up...nal-settlement-cycles-for-UPI-from-6-to-8.pdf

IMPS source - https://www.npci.org.in/PDF/npci/im...al-settlement-cycles-for-IMPS-from-6-to-8.pdf

 

[RAMESH BABU N]

RTGS was launched in 2004.
NEFT was launched in 2005.
IMPS was launched in 2010.
UPI came up in 2016.

Each product was a technological leap and a marvel - when it was launched - considering the user base, available optopns n costs involved n times saved. The use of net banking, and mobile phone banking also had a great impact on these.

COMPARING them is illogical n meaningless.

Choosing one over the other is - more often than not - also dependant on many factors - holidays, time, mode of trxn, place n devices used.

 

[RAMESH BABU N]

RTGS was launched in 2004.
NEFT was launched in 2005.
IMPS was launched in 2010.
UPI came up in 2016.

Each product was a technological leap and a marvel - when it was launched - considering the user base, available optopns n costs involved n times saved. The use of net banking, and mobile phone banking also had a great impact on these.

COMPARING them is illogical n meaningless.

Choosing one over the other is - more often than not - also dependant on many factors - holidays, time, mode of trxn, place n devices used.

It is like questioning whether anyone would use a CHEQUE or a DEMAND DRAFT now. In these days of digital currency ? Each product has it's own uniqueness n target customers.

Remember that Banking business today has over 200 regular products used daily - not counting complex products for niche segments.

 

[Mr. BeanMr. Bean is verified member.]

UPI also support SCHEDULE transactions.

That's news to me. I can't find this option in GPay or Amazon Pay. Which UPI app supports scheduled transactions?

Or do you mean the auto-pay facility that can be currently initiated only by the merchant (for example the mandate created while applying for an IPO)?

 

[srikant]

UPI also support SCHEDULE transactions.

I've tried UPI Mandate in BHIM Utkarsh / BHIM but it just isn't working. GPay, PhonePe and PayTM users also tell me they don't know of a way to do this.

 

[CosmicCat]

That's news to me. I can't find this option in GPay or Amazon Pay. Which UPI app supports scheduled transactions?

Or do you mean the auto-pay facility that can be initiated only by the merchant (for example the mandate created while applying for an IPO)?

I'm pretty sure he is referring to the UPI AutoPay facility for recurring transactions. Currently, NPCI hasn't added support for scheduled payments for P2P and P2A.

 

[Abhishek012]

That's news to me. I can't find this option in GPay or Amazon Pay. Which UPI app supports scheduled transactions?

Or do you mean the auto-pay facility that can be currently initiated only by the merchant (for example the mandate created while applying for an IPO)?

I'm pretty sure he is referring to the UPI AutoPay facility for recurring transactions. Currently, NPCI hasn't added support for scheduled payments for P2P and P2A.

No, UPI one-time mandate feature.

UPI AutoPay allowed multiple debit.

I've tried UPI Mandate in BHIM Utkarsh / BHIM but it just isn't working. GPay, PhonePe and PayTM users also tell me they don't know of a way to do this.

Oh

 

[Mr. BeanMr. Bean is verified member.]

That's news to me. I can't find this option in GPay or Amazon Pay. Which UPI app supports scheduled transactions?

Or do you mean the auto-pay facility that can be currently initiated only by the merchant (for example the mandate created while applying for an IPO)?

Answering my own question...

NSDL Payments Bank app supports UPI mandate that can be initiated by the user.

 

[MrWick]

Revised IMPS charges for SBI wef 15.08.25

https://bank.sbi/documents/16012/22770835/Note+for+approval+for+customer+communication+-+Copy+%281%29.pdf/ccc27852-cd20-a536-d4af-a073d8f70243?t=1752214754534

 

[KGSIPO]

Revised IMPS charges for SBI wef 15.08.25

https://bank.sbi/documents/16012/22770835/Note+for+approval+for+customer+communication+-+Copy+%281%29.pdf/ccc27852-cd20-a536-d4af-a073d8f70243?t=1752214754534

A good feature is gone

 

[Ram1]

Revised IMPS charges for SBI wef 15.08.25

https://bank.sbi/documents/16012/22770835/Note+for+approval+for+customer+communication+-+Copy+%281%29.pdf/ccc27852-cd20-a536-d4af-a073d8f70243?t=1752214754534

Expected move.
Already been stuck with no mab charges from 5 years. They had to do these to get back some charges

 

[TUSHAR.]

Today I tried to pay my BoB CC bill via NEFT from HDFC Bank but it failed all times , stating the reason that "NEFT RETURN - INCORRECT ACCOUNT NUMBER".
What could be the reason?

 

[desiviru]

Today I tried to pay my BoB CC bill via NEFT from HDFC Bank but it failed all times , stating the reason that "NEFT RETURN - INCORRECT ACCOUNT NUMBER".
What could be the reason?

What was the amount? On Sunday a single txn can't be more than 2 Lakhs.

Other reason could be receiving bank having problem which is BoB.

Pls confirm whether NEFT worked to it before and created problem only today or it was your first try?

 

[desiviru]

For me in most cases upto 5L, NEFT is way to go. Using it extensively since 2007 and RTGS only when receiving party specifically asked for RTGS.

These days NEFT batches are 30 mins based.

The fastest NEFT clearance I saw is with Utkarsh SFB. From 4-5 bank accounts I made NEFT to Utkarsh SFB account and it were always credited within 30-45 seconds. Yes, seconds. Sometimes it was instant and I thought I may have done IMPS. lol Maybe they don't have server loads like established banks and their receiving and crediting confirmation to remitting bank is also fast. Unity also clears receiving NEFT from other banks in 3-7 mins max.

PNB/ICICI/SBI/Axis to HDFC takes 15-28 mins. HDFC to PNB is slowest. Took 55 mins once. NEFT sent to SBI also takes 20-59 mins.

Always do NEFT when half hour passing is near like for e.g. at 09:25 AM which will clear by 09:31-09:35 AM or 09:55 AM which will clear by 10:01:10:05 AM. As NEFT always clear in next batch so better to do it 5 mins before every half hour ends.

 

[TUSHAR.]

What was the amount? On Sunday a single txn can't be more than 2 Lakhs.

Other reason could be receiving bank having problem which is BoB.

Pls confirm whether NEFT worked to it before and created problem only today or it was your first try?

The amount was ₹22,000

Normally I used to pay CC Bill from HDFC Bill payment
This was my first time trying to pay using NEFT

 

[Ram1]

Banks should reduce waiting time after beneficiary addition, thats the real problem.
Waiting for 4hours just to send money is too much. There is too much reliance on upi for this reason

 

[desiviru]

The amount was ₹22,000

Normally I used to pay CC Bill from HDFC Bill payment
This was my first time trying to pay using NEFT

Are you making payment to card number? With HDFC, note down the AAN i.e Alternate Account Number from statement. NEFT will credit only to AAN and not card number.

 

[TUSHAR.]

Are you making payment to card number? With HDFC, note down the AAN i.e Alternate Account Number from statement. NEFT will credit only to AAN and not card number.

Tried to make payment to both card number as well as AAN, both are failing

 

[desiviru]

Tried to make payment to both card number as well as AAN, both are failing

I hope you are using the last 16 digits of AAN rather than whole 19. Exclude the first 3 zeroes.

To check, I made a payment of Rs.100 to my AAN at 10:15 AM and it was credited within 23 mins at 10:38 AM. So it is working 🙂