You have heard about NEFT, IMPS, RTGS and already known that they are used to transfer funds from one account to another.so what is the difference between of 3 modes. With NEFT, you can transfer any amount to the recipient’s account in a one-on-one transfer basis. NEFT transactions don’t have a maximum limit for funds that can be transferred in a single day. Business owners can use RTGS when they need to transfer large amounts instantly. One advantage that RTGS has over the other methods is the transaction speed, since the entire amount is transferred in real time. IMPS is another real-time payment service, but the distinguishing factor is that IMPS is available 24⁄7 and you can avail the service even on bank holidays. Using IMPS, you can transfer comparatively lower amounts, up to Rs. 2 lakhs, instantly. The service fee for IMPS transactions is pretty low, ranging from Rs. 2.5 to Rs. 15.

The Unified Payment Interface (UPI) can be thought of like an email ID for your money. It will be an unique identifier that your bank uses to transfer money and make payments using the IMPS (Immediate Payments Service). IMPS is faster than NEFT and lets you transfer money immediately and unlike NEFT, it works 24×7.

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