Bank fund transfer charges of NEFT RTGS IMPS

NEFT: 

This allows you to send money from one bank account to another, across banks. While you can initiate a transaction at any time, the transactions are cleared during banks’ working hours, in batches every 30 minutes. Thus, a working day—between 8 am and 7 pm—will have 23 batches. There is no NEFT settlement on Sundays. Charges are levied only on senders , not on the recipients—also called beneficiaries.

RTGS: 

This system is mainly for high-value transactions, which need to be done in real time. The minimum amount of transaction is Rs2 lakh. Fund transfers usually happen within 30 minutes from the time of initiation, depending on when the RTGS service request was placed. Banks process these requests continuously throughout the RTGS business hours—9 am to 4.30 pm on weekdays and 9 am to 2pm on Saturdays. The charges for RTGS transactions are capped at Rs55 plus taxes. The requirements for completing RTGS transactions are similar to those of an NEFT transaction.

IMPS: 

While NEFT and RTGS platforms were developed and implemented by the RBI, the IMPS platform is implemented by National Payments Corporation of India (NPCI). Moreover, while NEFT and RTGS can be done through a bank branch as well as your own internet and mobile banking; there is no need to visit a bank branch for IMPS. Just like NEFT and RTGS, however, IMPS too requires you to register a beneficiary before you can transfer funds. It allows instant transfer of money at all times of the day. However, it cannot be used to transfer more than Rs2 lakh in a day. Charges for this service are decided by individual banks.