IMPS, NEFT, RTGS trading limits, timing, everything you need to know

The Reserve Bank of India or RBI recently raised the Immediate Payment Service (IMPS) limit from Rs 2 to Rs 5 per transaction. This step was announced to make high-value transfer of funds more familiar. “The Instant Payment Service (IMPS) provides 24/7 instant domestic money transfer capabilities through a variety of channels. Considering the importance of the IMPS system, it is per transaction to enhance consumer convenience. It has been proposed to raise the cap from 2 rupees to 5 rupees, “RBI Governor Shaktikanta Das said on October 8, this year.

The Instant Payment Service (IMPS) is overseen by the National Payments Corporation of India (NPCI). It is a payment method that provides a domestic instant remittance function 24 hours a day, 365 days a year. IMPS can be accessed from a variety of channels including internet banking, mobile banking apps, bank branches, ATMs, SMS and IVRS.

However, IMPS is not the only way to send money instantly through banks across the country. National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) are some of the other platforms that can be used to do the same job in India. These transaction processes are always available to citizens and do not include remittances by bank staff.

Let’s take a closer look at the money transfer methods available in India.


IMPS provides Indians with the opportunity to send money instantly through banks across the country. This service is available 24 hours a day, 7 days a week, even on bank holidays.

“IMPS is a convenient way to send money and offers instant domestic money transfers 24 hours a day. Increasing IMPS limits not only improves the customer experience, but also the credit and settlement risks posed by the RTGS infrastructure. It also solves more complex issues such as, “said Nitin Mathur, CEO of Tavaga Advisory Services.

An entity wishing to participate in IMPS must have a valid bank or prepaid payment method license from the Reserve Bank of India. To use this service, users must register for mobile banking. IMPS uses the IFSC code or Aadhaar number for smooth transactions.

Previously, the maximum trading limit for IMPS was 2 rupees, but RBI has revised the guidelines. Currently, users can send up to Rs 50,000 using this payment method. “These proposed changes reflect the acceptance of digital infrastructure across the country. These announcements also highlight the government’s willingness to accept inevitable digital changes sooner or later,” Matur. Points out in this regard.


The National Electronic Funds Transfer or NEFT system is owned and controlled by the Reserve Bank of India itself. NEFT is a centralized payment system that operates nationwide. It covers pan-India and includes a huge network of branch offices of all types of banks.

RBI does not impose any restrictions on NEFT transactions. However, users must ensure that their bank is part of the NEFT system before making payments. Funds made through this platform will be sent in batches. These are then settled in 48 30 minute time slots.

The user must log in to the bank portal and add the beneficiary as the beneficiary. Then you need to enter the recipient details. You can then transfer the money to your account.


With this system, remittances are settled continuously and in real time. This is done individually for each transaction, without netting. Payments made under strict RTGS are irrevocable and final, as funds are settled in the Reserve Bank of India’s books.

There is no limit to real-time gross settlement, but users are required to send a minimum of Rs 2 through this platform.

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IMPS, NEFT, RTGS trading limits, timing, everything you need to know

Source link IMPS, NEFT, RTGS trading limits, timing, everything you need to know

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