Difference between the online fund's transfers and minimum amount of transaction IMPS vs RTGS vs NEFT
RBI stopped levying charges on transactions through NEFT and RTGS with an aim to promote digital transactions in the country since July 2019.
The Reserve Bank of India declared that it is rising Immediate Payment Service daily transaction limit increased from Rs 2 lakh to Rs 5 lakh on Friday.
IMPS is a real-time payment service that is available round the clock. The service is provided by the National Payments Corporation of India which empowers customers to transfer money instantly through banks and RBI authorized Prepaid Payment Instrument Issuers across India. It provides instant domestic funds transfer facility 24/7 through many channels by mobile phones, smartphones, bank app, SMS, ATM Card.
RTGS is a financial transaction system, where there is the continuous and real-time settlement of fund transfers individually on a transaction-by-transaction basis. These transactions have no amount cap.