Difference between NEFT, RTGS, IMPS, UPI

also wherevas and its so it Now a day’s everyone uses to transfers money electrically by bank accounts in different banks, in India currently, there are several modes of transferring money online such as NEFT, RTGS, UPI, IMPS, Digital Wallets, etc.

What is IMPS?

whereas IMPS stands for Immediate Payment Services and is used to transfer money immediately via the internet or mobile banking you can transfer money 24×7 depends on the bank the truncation charge may vary.

What is RTGS?

RTGS stands for Real-Time Gross Settlement it’s also one of the methods of transferring money and it’s a real-time payment mode based on gross its mainly used for higher value transfers that require immediate clearance and its one of the fastest settlement within one hour it will complete truncation

What is NEFT?

NEFT stands for National Electronic Funds transfer and it used to transfer funds from one bank to another bank branch and settlement are in batches and it will take around 2 hours it’s also an online mode of transfer and service is available 24×7

What is UPI?

UPI stands for unified payments interface and it’s an instant real-time payment system used to transfer fund between two banks you can transfer funds online or by using mobile banking where UPI is a system with multiple bank account in a single application the money transfer by UPI works 27×7 since its best and easy way.