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Thursday, March 19, 2020

Difference between IMPS and RTGS


Difference between IMPS and RTGS

The transaction is becoming an important part of everyone life many of you hear the word NEFT and RTGS these are two words. If you confuse in these words and also in choosing what method should choose to make a transaction, then this article is going to be really useful for you.

RTGS (Real Time Gross Settlement)
Person who uses RTGS to transfer large amount that it can be a good method that a person choosing. As this name states that the speed of fund transfer is very is as it transfer amount in real time.



Timing of RTGS
Timing of RTGS can refer from different banks or branches that's why standard time is listed below.
1.     7:00a.m. To 6:00p.m. for customer transactions.
2.     7:00 a.m. to 7:45 p.m. for inter-bank transactions


Difference between IMPS and RTGS
Difference between IMPS and RTGS


Transaction limits
Minimum limit to transfer amount by using RTGS is limited to 2 lakh and the maximum amount limit is not limited transfer as such you want.
To get RTGS enabled account, you can check eligibility, either on online banking portal or contact your bank. If you are using RTGS to transfer fund make sure that you and recipient both have RTGS enabled account. If any one of you have not RTGS enabled account, then you cannot enjoy the benefits of RTGS technology.




IMPS (Immediate Payment Service)
IMPS is an another real time payment service. It is used to transfer funds immediately from one bank to another bank.

Timing
One of the best things about this service is it allows you to transfer amounts 24x7. It provides 24x7 service that facilitates the users to transfer funds immediately at any time from any place on whole day. It also works on the day of the holiday of the bank.

Transaction Limit
It allows to transfer small amount only, this can be a down side of this service as it allows transfer not more than two lakhs. You can transfer money as small as you want, but it should be less than two lakhs.

Conclusion
As all the necessary thing related to IMPS and RTGS are described above. We can say that IMPS is the best option to transfer money, but maximum limit or IMPS is only 2 Lakh. Therefore, if you want to transfer an amount less than 2 Lakh than IMPS is best option but if you want to transfer more than 2 Lakh then you can try RTGS.