In today’s digital India era, we have facilities like RTGS and IMPS, with the help of which money is transferred anytime and in any bank account in a jiffy. But today we will tell you what is the difference between RTGS and IMPS?
Difference between IMPS and RTGS: There used to be a time when we had to struggle to transfer money to another person’s bank account. First, you have to wait for several hours to get the money transferred and then the other person had to wait a long time for the other person to receive the money sent by you in their account. However, this has become a thing of the past. In today’s digital India era, we have facilities like RTGS and IMPS, with the help of which money is transferred anytime and in any bank account in a jiffy. But today we will tell you what is the difference between RTGS and IMPS?
IMPS
IMPS stands for – Immediate Payment Service. It is clearly clear from its name that this is an instant payment service option. Through IMPS, you can transfer from Rs 1 to Rs 2 lakh in any bank account in the country. The amount transferred through IMPS reaches the bank account of the person in the blink of an eye. However, different banks in the country also charge different service charges for this service. Let us tell you that this service is active for 365 days and 24 hours.
RTGS
RTGS stands for – Real Time Gross Settlement. You can also find out from its name that this method of payment is also based on real time. That is, the money sent through RTGS also reaches the bank account of the front person immediately. However, there are some differences between RTGS and IMPS. Actually, RTGS is used to transfer large amounts. You cannot transfer an amount less than Rs 2 lakh through RTGS. Its maximum limit is Rs 10 lakh. The services of RTGS are also based on 24x7x365.
Who is better in IMPS and RTGS
Now talk on this topic, which option is better between IMPS and RTGS to transfer money, so here both the options have their own distinct advantages. While on one hand you can send a maximum of Rs 2 lakh through IMPS, on the other hand, a minimum of Rs 2 lakh is sent through RTGS. Apart from this, both the services are 24x7x365 based. There is a fee for transferring money through IMPS but RTGS is completely free. So, both the services are better in their own right.
