Difference between NEFT, RTGS and IMPS?

[Citrus]

Yeah, but a Rs. 25 charge per transaction is steep. And almost all the banks let you transfer only around Rs. 5000 - Rs. 10000 per day.

 

[Sushubh]

oh. sucks. i believe rtgs is quite cheap though works only during office hours. imps i think works even on holidays and 24x7?

Need to check Yes Bank charges.

 

[Citrus]

Yup, it being 24x7 is the best part.

 

[Sushubh]

Just played with IMPS transfers between ICICI Bank and Yes Bank. And HOLY COW. This is what I am talking about. I transfered money INSTANTLY at 3:30AM!

 

[Sushubh]

I actually did not expect it to work that well. I tested with Rs. 100 first. And it was instant. Then I transferred a significantly larger amount. It was almost instant. Pretty awesome I have to say. Charges are nominal and it works 365x24x7!

 

[ashish]

If IMPS can work 24*7 then why not Neft. both are electronic modes of transfer

 

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[Sushubh]

I think NEFT is clearance based thingy :tongue: I have no idea. But I am quite impressed with IMPS after suffering through RTGS and NEFT. 😀

 

[igloo]

Can u write detailed procedure for impa

 

[ghpk]

IMPS - Immediate Payment Service - Read More at ICICI Website
I knew about it, but used it recently and was Surprised to see the speed of the transaction.
ICICI was credited with sent funds even before I moved eyes off the computer screen to see the mobile if it gets the SMS.

 

[Sushubh]

IMPS requires just two things for money transfer. MMID Number that you get from your bank. And your connected mobile number. That's it. No account number is needed. No bank name is needed. No branch details are needed. No IFSC code too. Just two numbers and money can be transferred instantly.

 

[igloo]

Mmid is unique for each bank or each customer?

 

[uumeshh]

Mmid is linked to the phone no and account of a customer. Have been behind sbi since ages to issue me a mmid but they just don't oblige..

 

[brahmi]

I think NEFT is clearance based thingy :tongue: I have no idea. But I am quite impressed with IMPS after suffering through RTGS and NEFT. 😀

and share mmid code & mobile number only with people whom you trust, if hackers can bypass otp verfication , your money will be gone.......

 

[Sushubh]

Explain how someone who knows my MMID number can take money from MY account?

 

[brahmi]

Explain how someone who knows my MMID number can take money from MY account?

I said if they can bypass otp verficatin then there is chance of making payments from your account.Ex: ebay.in accepts payments vai IMPS, they will ask mobile number/mmid/otp