Difference between NEFT, RTGS and IMPS?

[hitman]

Even if someone knows ur mmid and phone than also he will be able to only pay u ..
No once can't take ur money out of ur bank using ur mmid and phone number ..

 

[Sushubh]

That was my point. MMID is used to pay to YOUR ACCOUNT.

 

[raj2007]

So IMPS works only on private banks?

 

[Sushubh]

It should work with all Indian banks as long as you are able to get the MMID code from your bank 😀 And of course your mobile number is officially connected to that bank account.

 

[Sushubh]

So the friend who bought my Linea was trying to pay me through IMPS from his HDFC Bank Account. Turns out the limit in his account for daily transaction through IMPS is Rs. 5000. Freaks.

 

[akshat0]

What is wrong with normal transfer?

 

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[Nishant]

SBI website shows the following. I think it would be the same across banks?

Turns out it's different, HDFC website shows this.

 

[Sushubh]

IMPS is instant.
IMPS can be done 24x7.
IMPS can be done on weekends.

 

[Sushubh]

The limit appears to be Rs. 50,000 as per Yes Bank.

11. Is there any limit on the value of transactions in IMPS?
The limit is defined by RBI in the Mobile Payment Guidelines issued to banks. The customer can transact on IMPS subject to a daily cap of Rs. 50,000/- per customer overall for transactions through mobile for the funds transfer. Transactions up to Rs. 1000/- can be facilitated by banks without end-to-end encryption.

 

[Sushubh]

So that means the transaction would still take 6 days lol. Freaks.

 

[Sushubh]

I have asked him to drop a cheque instead.

 

[amish]

RTGS is also instant.
NEFT takes 2-3 hours (there are fixed time slabs)

 

[Sushubh]

HDFC I think had a cooling period of a day before a payment can be made to a new payee. IMPS is very convenient in comparison. But these restrictions are basically making it useless.

 

[uumeshh]

neft would cost the same as imps. go for that. imps Is good for urgent transfers

 

[Sushubh]

the whole point was to avoid the one day whitelisting period 🙂 anyways. he would drop the cheque tomorrow. i should get it by tuesday. works for me.