The Difference Between IMPS and NEFT (IMPS Vs NEFT Transfer)
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.
Assessing Your Needs for Money Transfers
Assessing your needs for money transfers is an important step in making sure you are sending money safely and securely.
It involves evaluating your financial situation, the amount of money you need to send, and the options available for transferring money.
Consider the fees associated with money transfers, the speed of the transfer, and the security of the transfer.
Additionally, you should research the different providers and determine which one best meets your needs. such as NEFT VS IMPS VS RTGS VS UPI.
Taking the time to assess your needs for money transfers can help ensure that you are sending money safely and securely.