IMPS (Immediate Payment Service) and NEFT (National Electronic Funds Transfer) are two of the most popular modes of electronic money transfer in India. Both of these services allow customers to transfer funds from one bank account to another. However, there are some key differences between the two.
What is IMPS?
IMPS is an instant money transfer service, meaning that the money is transferred almost immediately. It is available 24 hours a day, 7 days a week, and 365 days a year. The maximum amount that can be transferred through IMPS is Rs. 5 lakhs.
What is NEFT?
NEFT, on the other hand, is not an instant service. It is available from 8 am to 7 pm on all working days. The maximum amount that can be transferred through NEFT is Rs. 10 lakhs.
It’s important to note that these timings are subject to the operational hours of the individual bank branches. Some banks may have their own cutoff times for accepting NEFT transactions, which may be earlier than the official NEFT working hours.
Additionally, it’s worth mentioning that NEFT transactions can now be performed 24×7 since 2020, including weekends and holidays. This means that NEFT is available for round-the-clock transactions, allowing users to transfer funds at any time, regardless of the working hours specified above.
In conclusion, IMPS is ideal for transferring smaller amounts of money instantly, while NEFT is better for larger amounts of money.