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NexGen School of Financial Market One Hundred Frequently Asked Questions on Basic Finance What are NEFT, RTGS, and IMPS?

What are NEFT, RTGS, and IMPS?

by Dr. Gaurav Sinha , Mr. Vinay Kohli  ·  Unit 25 of 100
NEFT, RTGS, and IMPS are electronic payment systems that allow funds to be transferred between bank accounts. National Electronic Funds Transfer (NEFT) is commonly used for routine transactions, while Real Time Gross Settlement (RTGS) is generally used for high-value transfers that require immediate settlement. Immediate Payment Service (IMPS) enables instant transfers at any time, including holidays, making it suitable for everyday digital banking.