RTGS vs IMPS: What is the Difference?

Discover the nuances between RTGS and IMPS, two popular fund transfer methods in India. Explore their differences, transaction details, and choose the right one for your financial needs.
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RTGS vs IMPS: What is the Difference?
3 mins read
17 Feb 2024

When contemplating between RTGS and IMPS, understanding their distinctions is crucial for making an informed decision tailored to your specific needs.

The Bharat Bill Payment System (BBPS) on Bajaj Finserv allows users to transfer money instantly and securely. Customers can use various payment modes like credit/debit cards, net banking, Bajaj Pay Wallet, and Bajaj Pay UPI.

Transaction Speed

  • RTGS: Real-time Gross Settlement ensures instant fund transfer and settlement, usually within seconds.
  • IMPS: Immediate Mobile Payment Service provides instant fund transfers, mirroring the speed of RTGS.

Availability

  • RTGS: Operational only on weekdays during standard banking hours (typically 9:30 AM to 4:30 PM).
  • IMPS: Accessible 24/7, including weekends and bank holidays.

Transaction Limit

  • RTGS: Enforces a minimum limit of Rs. 2 lakh and a maximum limit of Rs. 20 crore.
  • IMPS: Imposes a minimum limit of Rs. 1 and a maximum per transaction limit of Rs. 2 lakh, with daily limits varying by bank.

Charges

  • RTGS: Incurs charges that fluctuate across banks but generally higher than NEFT and IMPS.
  • IMPS: Involves charges that vary depending on the bank and transaction type, usually lower than RTGS.

Use Cases

  • RTGS: Ideal for substantial transactions such as property purchases, stock market investments, etc.
  • IMPS: Suited for low-value, immediate payments like online shopping, bill payments, peer-to-peer transfers, etc.

Which is Better: IMPS or RTGS?

Tailoring to Your Transaction Needs

RTGS: Opt for RTGS when engaging in large, urgent transactions demanding immediate settlement.

IMPS: Choose IMPS for smaller, immediate payments, prioritizing convenience and 24/7 availability.

Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.