Difference Between RTGS and IMPS
RTGS is an abbreviation for 'Real Time Gross Settlement'. RTGS can be defined as specialist funds transfer system to transfer the money from one bank to another on continuous (real-time) and gross settlement basis.
IMPS is an abbreviation for "Immediate Payment Service". It is an instant interbank electronic fund transfer service that helps you access your bank account and transfer funds immediately and securely. It can be done through various channels such as ATM, Mobile Phones, Internet Banking, etc. The transferred money is credited to the beneficiary account instantly. This is facility was introduced in 2010 by National Payments Corporation of India (NPCI).
There are many differences between RTGS and IMPS as listed in the following table which would help you choosing between the two:
There are many differences between NEFT and UPI as listed in the following table which would help you choosing between the two:
RTGS Vs IMPS
| Basis of Difference | RTGS (Real Time Gross Settlement) | IMPS (Immediate Payment Service) | |
|---|---|---|---|
| Definition | The system of electronically transfer of funds from one bank or bank branch to another bank or bank branch where the fund trasfer takes place on a real time basis | Vs | The system of an instant real-time inter-bank electronic funds transfer in India |
| Fund Transfer Limit (Rs.) | 2 Lakh and above | Vs | 2 Lakh per day |
| Required Device | Internet, Website & Application | Vs | Internet, Website & Application |
| Information Required | Account Number & IFS Code | Vs | Account Number & IFS Code/ MMID |
| Fund Transfer Time | Real time, usually within 30 minutes | Vs | Instant |
| Fund Transfer to abroad | Yes | Vs | Yes |
| Beneficiary Registration Required | Yes | Vs | Yes/ No, if using Mobile Number & MMID |
| 24 X 7 Money Transfer | Yes | Vs | No |
| Cost of Fund Transfer | Rs. 30 to Rs. 55 plus taxes | Vs | Rs. 5 to Rs. 15 plus taxes |
| Alert sent after money collection | No | Vs | No |
| Payment gateway involvement | Yes | Vs | Yes |
| Banks offering payment method | Almost all banks in India | Vs | Almost all banks in India |
| E-Commerce transactions | Yes, possible | Vs | Yes, possible |