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Home » Personal Finance » Bank » Changes in RTGS and NEFT Timings and Charges

Changes in RTGS and NEFT Timings and Charges

Sanyam Jain | Bank | July 25, 2019 | 1 Comment

NEFT, RTGS and IMPS are three ways to transfer money from one account to another. Each of the payment modes has some limitations in terms of timings, value or charges. Let’s understand the meaning of all three payment modes and see the differences between NEFT, RTGS and IMPS.

What is NEFT?

NEFT stands for National Electronic Funds Transfer where one-to-one money gets transferred. There is no limit of the transaction amount however the transfer is done in hourly batches which are based on Deferred Net Settlement (DNS).

Read Is Investing in LIC policy a Good decision?

What is RTGS?

RTGS means Real Time Gross Transfer which is designed for large fund transfers where the settlements of funds are done on continuous basis on an order by order basis. Real time means as soon as the instructions of transfer are received and Gross Transfer means settlement of large value transactions happens individually.

What is IMPS?

IMPS stands for Immediate Payment Services which is available for 24×7 throughout the year including Sundays and Bank Holidays. Under IMPS the beneficiary amount gets credited instantly irrespective of any time slots. The maximum limit of IMPS transfer is ₹ 2 lakhs.

Transaction Limit

IMPSNEFTRTGS
Minimum Limit₹ 1No Limit₹ 2 lakhs
Maximum Limit₹ 2 lakh (Per transaction)₹ 50,000 (Per Transaction)*No Limit

*No maximum cap on the number of transactions per day.

Read Difference between RTGS, NEFT and IMPS

Changes in RTGS and NEFT Timings

From 1st June 2019 the RBI has extended the timings for fund transfer through RTGS as follows:

RTGS and NEFT New Timings w.e.f. 1st June 2019

TimingsNEFTRTGS
Monday to Friday8:00 A.M. to 7:00 P.M.8:00 A.M. to 6:00 P.M.
Saturday8:00 A.M. to 1:00 P.M.8:00 A.M. to 2:00 P.M.

Any transfer accepted after the scheduled time will be carried forward and settled on the next working day.

Further, Bank closes their counter for accepting the transfers 15 minutes before the above time limit as to feed the transactions in the system and to cope up with the upper time limit of RBI.

Charges on Fund Transfer

RTGS NEFT Timings and Charges

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Sanyam Jain

PlanYourFinances.In is started by Sanyam, a commerce student who loves to share his knowledge and believes in “Sharing is Caring”.

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Comments

  1. Abdul says

    July 28, 2019 at 7:39 am

    When the Maximum limit for NEFT transaction is 50,000 as shown in table then how come there will be charges from 1 lakh to 2 lakh and so on as shown in second table.

    if we can do transaction for more than 50,000 then what is this maximum limit of 50,000.

    please clarify on this.

    Thanks

    Reply

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