Difference Between IMPS and NEFT

 

Difference Between IMPS and NEFT
IMPS
  • The full form of IMPS is Immediate Payment System.
  • It is a real time funder transfer backed by the National Payment Corporation of India (NPCI).
  • It is an instant, robust and 24*7 interbank fund transfer service available on channels like SMS, ATM, mobile, Internet.

NEFT

  • The full form of NEFT is National Electronic Funds Transfer.
  • It is managed and owned by Reserve Bank of India (RBI).
  • It is a PAN India unified electronic payment system that enables fund transfers between bank accounts within the country.
  • The fund transfer platform allows businesses, individuals, and institutions to send money securely from one bank account to other bank accounts.