What is the difference between IMPS and NEFT? - ProProfs Discuss
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What is the difference between IMPS and NEFT?

Asked by Lysa , Last updated: Sep 16, 2020

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3 Answers

Christian Jackson

Christian Jackson

Christian Jackson
Christian Jackson, Content Developer, Austin

Answered Aug 06, 2020

IMPS stands for Interbank Mobile Payment System of Immediate Payment System, which allows people to transfer funds from one bank account to another. These transactions can take place in less than one minute, and it is available to use all day and all night.

NEFT, on the other hand, stands for National Electric Funds Transfer, and this is a payment system that permits users to transfer funds using electronic devices from one bank branch to another in the same program.

However, unlike IMPS, NEFT is only available during working hours. IMPS was founded in 2010 by the Indian government, and many banks have become part of the system. NEFT was created first in 2005, and the Reserve Bank of India is maintaining it. It has been said that both methods are safe for users to implement.

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Larry Thornton

Larry Thornton

Curious about the World

Larry Thornton
Larry Thornton, Student, MBA, Los Angles

Answered Aug 04, 2020

Are you familiar with what IMPS and NEFT are? These are services that will allow the transfer of funds. One difference between the two is that you can always rely on the services of IMPS no matter what the day and time are.

Even if you would choose to send or transfer funds on holidays and weekends, you will still be able to do it. With NEFT, you need to be aware of their schedule so that you can transfer funds. They are the same in the sense that there is no minimum value required before you can start sending money. NEFT will also send money in timed batches. For IMPS, the transfer will happen in real-time.

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S.Sophie

S.Sophie

S.Sophie
S.Sophie

Answered Jul 31, 2020

IMPS and NEFT are two ways to transfer funds from one account to another. These transfers are predominantly used in India. NEFT stands for National Electronic Funds Transfer. It is a one time transfer between two accounts. There is no amount of limit on the number of funds that can be transferred. To set this up, the sender of the funds will log into their banking portal and add the recipient to their account. It is not available on the weekends. IMPS stands for Immediate Payment Service. This type of payment system is open 24/7. When a person uses this type of transfer, the funds are instantly sent.
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