Use UPI or IMPS for instant transfers up to their limits, RTGS for ₹2 lakh or more when the money must arrive in real time, and NEFT for any amount when a short delay is fine. NEFT, RTGS and IMPS to a bank account need the account number and IFSC; UPI needs only a UPI ID or phone number.
Quick comparison
Speed: UPI and IMPS are instant, RTGS is real time, NEFT settles every 30 minutes.
Amount: RTGS starts at ₹2 lakh; NEFT has no RBI minimum or maximum (your bank may cap it); IMPS goes up to ₹5 lakh; UPI is usually capped at ₹1 lakh, higher for some categories.
Hours: all four work 24x7, including holidays.
Details needed: account number + IFSC for NEFT, RTGS and IMPS; UPI ID, phone number or QR for UPI.
Which one should I pick?
Paying a friend a small amount: UPI.
Urgent transfer to an account number: IMPS.
₹2 lakh or more, e.g. a property or car payment: RTGS.
Salary, rent or a large amount that can wait a little: NEFT.
Charges
Banks do not charge savings account customers for online NEFT and RTGS transfers. IMPS may carry a small fee at some banks, and UPI payments between people are free. Branch (offline) transfers can still be charged; check your bank's schedule.
FAQ
Questions
Which is fastest: NEFT, RTGS or IMPS?
IMPS and UPI are instant. RTGS settles in real time, and NEFT in half-hourly batches, so NEFT can take up to about 30 minutes.
Is IFSC needed for IMPS?
Yes, when you send to an account number. IMPS to a mobile number with MMID, and UPI payments, do not need an IFSC.
What is the minimum amount for RTGS?
₹2 lakh. For smaller amounts use NEFT, IMPS or UPI.
Do NEFT and RTGS work on Sundays and bank holidays?
Yes. Both have run 24x7 since December 2019 (NEFT) and December 2020 (RTGS).
