‘RTGS’ stands for Real Time Gross Settlement, which means continuous (real-time) settlement of funds individually on an order by order basis. ‘Real Time’ means the processing of instructions at the time they are received rather than at some later time. Considering that the fund settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.
National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this system, individuals can electronically transfer funds from their account to any individual having an account with any other bank branch in the country participating in the system.
IMPS provides robust & real time fund transfer which offers an instant, 24X7, interbank electronic fund transfer service that could be accessed on multiple channels like Mobile, Internet, Branch. IMPS is an emphatic service which allows transferring of funds instantly with any other bank branch in the country participating in the system. Members currently on IMPS.
