Which is better, IMPS or NEFT?
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Neither IMPS nor NEFT is universally "better"; the best choice depends entirely on the user's specific needs for speed, transaction amount, and cost.
Is NEFT more safe than IMPS?
When it comes to transferring money in India, IMPS (Immediate Payment Service) and NEFT (National Electronic Funds Transfer) are two of the most widely used options. Both methods are secure and reliable, but they differ in terms of speed, availability, charges, and transaction limits.
What are the disadvantages of IMPS?
Disadvantages of IMPS
- Some banks may charge transaction fees for using IMPS.
- Requires internet or mobile network connectivity.
- Not all banks may support IMPS transfers.
- Possibility of entering incorrect recipient details, leading to transfer of funds to wrong accounts.
- Limited to transfers within India only.
Is IMPS transfer free?
Is IMPS free of charge? Usually, IMPS is free of charge in some banks for lower transaction amounts or if it is done through net banking. However, most banks levy nominal fees for IMPS transactions above a certain limit for branch-based IMPS transfers.
Which bank transfer is fastest, IMPS or NEFT?
IMPS is faster for small to medium-sized transactions, while RTGS is ideal for large, urgent transfers. NEFT works best for non-urgent payments.
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How long will a NEFT transfer take?
NEFT (National Electronic Fund Transfer) is available 24x7x365 for online transfers, processing in half-hourly batches, so funds typically reach the beneficiary within 30 minutes to an hour, though initial transfers or complex cases might take up to 2 hours. While online transactions are always on, remember that branch-based NEFT transfers follow specific bank working hours and cut-off times.
Why is NEFT slower than IMPS?
This is because NEFT groups multiple transactions and processes them together at specific intervals. While this makes NEFT slower than IMPS, it's often the preferred option for large, non-urgent payments where cost efficiency is more important than speed.
What is the charge of IMPS charges for 50000?
What are IMPS charges for ₹50,000? The IMPS charges depend on the bank you have an account with. Generally, IMPS charges for ₹50,000 are ₹5+GST.
What is the new rule of IMPS?
Revised IMPS Charges for Online Transactions
From August 15, 2025, online IMPS transfers up to ₹25,000 will remain free of charge. However, transactions above this amount will attract nominal fees as follows: Above ₹25,000 and up to ₹1,00,000: ₹2 + GST. Above ₹1,00,000 and up to ₹2,00,000: ₹6 + GST.
Which is more expensive, IMPS or NEFT?
Online NEFT transactions are free of charge, while IMPS transfers may attract fees ranging from Rs. 2.5 to Rs. 25. IMPS is better suited for urgent, smaller payments, while NEFT is ideal for higher-value transfers that are not time-sensitive.
Which is cheaper, NEFT or RTGS or IMPS?
For low-value transactions under ₹2 lakhs, NEFT is suitable as it is cost-effective and has no minimum transaction limit. RTGS is ideal for high-value transactions above ₹2 lakhs that must be settled immediately. IMPS is the fastest option, allowing instant fund transfer 24/7.
Why do IMPS fail?
Failed IMPS transaction – What happens next
A failed transaction can occur due to several reasons, such as incorrect account details, server issues, or insufficient funds in the sender's account. When a transaction fails, the amount is usually reversed into the sender's account within a few working hours.
Is IMPS risky?
Secure and Reliable
Robust encryption and authentication measures ensure the safety of each transaction, making IMPS a trusted platform.
What are the key differences between NEFT and IMPS?
IMPS allows instant, real-time transfers 24/7, including weekends and holidays, making it ideal for urgent payments. On the other hand, NEFT processes transactions in batches and is available only during specific bank working hours.
Can I transfer 30 lakhs through NEFT?
Transfers can be made in multiples of Rs 2 lakh, up to the chosen TPT limit, with a maximum of ₹50 lakh. Security Measures: For security reasons, transfers to newly added beneficiaries are restricted to ₹50,000 in total, whether in full or in parts, during the first 24 hours after the beneficiary is added.
Which bank IMPS are free?
SBI IMPS Charges in 2025
IMPS transactions through net banking or mobile banking (including YONO) are entirely free, regardless of the transaction amount.
Can I transfer 10 lakh through IMPS?
According to the RBI, the daily transfer limit through the IMPS is ₹5 lakh. Still, the amount you can transfer may vary depending on the bank or your payment service provider, which will be between ₹2 lakh and ₹5 lakh.
Can I transfer 20 lakhs through NEFT SBI?
Yes, NEFT transfer is free in SBI when it is done through online channels, such as SBI Netbanking and mobile banking app. You can transfer Rs. 10 lakh in one day in SBI through NEFT or RTGS as there is no maximum limit for NEFT or RTGS transactions. There is no maximum limit for NEFT and RTGS transfers in SBI.
How long does NEFT transfer take?
NEFT (National Electronic Fund Transfer) is available 24x7x365 for online transfers, processing in half-hourly batches, so funds typically reach the beneficiary within 30 minutes to an hour, though initial transfers or complex cases might take up to 2 hours. While online transactions are always on, remember that branch-based NEFT transfers follow specific bank working hours and cut-off times.
Is NEFT safe for large transactions?
Overview: NEFT enables secure fund transfers across India with no RBI-imposed limits, but individual banks set transaction caps ranging from ₹2 lakh to ₹1 crore. Understanding these limits helps you plan large payments, investments, and loan repayments effectively while avoiding transaction failures.
Why do people choose NEFT over IMPS?
NEFT is suitable for transactions which are not urgent and for any transfer amount. IMPS is for instant fund transfer 24/7 of amounts up to ₹5 lakh. RTGS is ideal for high-value transactions above ₹2 lakh which need to be processed instantly.
Can NEFT fail?
If an NEFT transaction fails, it can be due to various reasons such as incorrect beneficiary details, server issues, or technical errors. The first step is to verify the transaction details, including the account number, IFSC code, and the amount.
Is IMPS expensive than NEFT?
Is NEFT cheaper than IMPS? Yes, NEFT is usually cheaper than IMPS. Banks charge NEFT fees ranging from ₹2.50 to ₹25, while IMPS fees range from ₹5 to ₹15 per transaction.