Yes, you can absolutely use IMPS (Immediate Payment Service) instead of NEFT for transferring funds, as both are available 24/7. IMPS is ideal for immediate, smaller, or urgent transactions (up to ₹5 lakhs), while NEFT is better for high-value or non-urgent, scheduled payments.
Availability: NEFT, RTGS, and IMPS are all available 24/7, including weekends and holidays. IMPS, however, is more suitable for immediate transactions. Charges: Most banks offer NEFT and RTGS for free if done online. IMPS may carry minimal charges based on the bank and transfer value.
NEFT is a centralised payment system operated by the Reserve Bank of India (RBI), whereas IMPS is a money transfer service managed by the National Payments Corporation of India (NPCI). Both methods of fund transfer are safe and fall under the purview of the Reserve Bank of India.
To choose between NEFT vs RTGS vs IMPS, consider the urgency and amount of the transaction. For urgent, high-value transfers, RTGS is best. For smaller, urgent transfers, IMPS is ideal. For non-urgent transactions, NEFT is suitable.
Disadvantages of IMPS
What is the IMPS Transaction Limit? According to the RBI, the daily transfer limit through the IMPS is ₹5 lakh. Still, the amount you can transfer may vary depending on the bank or your payment service provider, which will be between ₹2 lakh and ₹5 lakh.
NEFT charges start from a minimum of Rupees 1 per transaction and go up to Rupees 25 per transaction. IMPS charges usually start from a minimum of Rupees 5 per transaction and can go up to Rupees 15 per transaction.
NEFT: Funds usually reflect within 1–2 hours (batch-based settlement). IMPS: Money is credited instantly, making it ideal for emergencies.
IMPS transactions up to ₹1,000 are not chargeable. From 1,000 to 10,000, one would have to pay ₹2.5+GST as IMPS charges. ₹10,001 up to ₹1 Lakh, and ₹1,00,000 – ₹2,00,000, charges of ₹5+GST, ₹15+GST are applicable, respectively.
This is because NEFT groups multiple transactions and processes them together at specific intervals. While this makes NEFT slower than IMPS, it's often the preferred option for large, non-urgent payments where cost efficiency is more important than speed.
NEFT transactions can be initiated 24x7x365, with no restrictions on timing. NEFT settlements occur in half-hourly batches throughout the day. Transactions are typically completed within 30 minutes to one hour, though first-time transfers may take up to 2 hours.
1) Payment Gateway transaction limit is up to 10 lakh per day / per transaction. 2) Own account fund transfer — No limit (up to the available balance in debit account). 3) IMPS to registered beneficiary - up to Rs 5 Lakh per day/per transaction.
What is the limit for a Resident Individual for sending money to USA from India? According to the Liberalised Remittance Scheme (LRS) for money transfers overseas, there is an annual cap of US$250,000 or its equivalent on international fund transfers by any resident individual in a financial year.
Any transfer over $10,000 triggers a Currency Transaction Report (CTR) to FinCEN, but this doesn't mean you owe taxes — it's just for monitoring purposes. However, if the transfer represents income, a taxable gift, or a business transaction, you must report it when filing your taxes.
Yes, it is possible to transfer ₹20 Lakhs through NEFT, depending on your bank's daily limit. Increasing the NEFT limit in HDFC is a hassle-free process. To modify your third-party transfer (TPT) limit in HDFC Bank, log in to the official HDFC Bank portal using your ID and password.
If the transfer exceeds $100,000, you must submit IRS form 3520. Choose a money transfer provider that offers higher daily transfer limits if you have to transfer more significant amounts.
You don't have to report gifts to the IRS unless the amount exceeds $19,000 in 2025. Any gifts exceeding $19,000 in a year must be reported and contribute to your lifetime exclusion amount.
What are the fund transfer limits? On iMobile, the daily fund transfer limit is ₹20 lakh. For Net Banking (RIB), the default limit is ₹10 lakh.
What are the disadvantages of IMPS transfer? Though IMPS transfers have a lot of advantages, they also come with a few disadvantages like security concerns, limited accessibility, and a time-consuming authentication process.
Common Reasons for NEFT Delays
Bank processing hours: If the transaction is initiated outside NEFT timings, it will be processed in the next available window. Incorrect beneficiary details: Errors in account number or IFSC code can delay or fail the transaction.
1. Yes, NEFT transfer is free in SBI when it is done through online channels, such as SBI Netbanking and mobile banking app. You can transfer Rs. 10 lakh in one day in SBI through NEFT or RTGS as there is no maximum limit for NEFT or RTGS transactions.
NEFT is available 24x7, including weekends and bank holidays. Banks may pause internal operations on certain holidays, which can affect NEFT transaction time. NEFT cut-off timings for same-day processing (for most banks):
IMPS is faster for small to medium-sized transactions, while RTGS is ideal for large, urgent transfers. NEFT works best for non-urgent payments.
No, GPay operates through UPI, not NEFT. How can one check the status of a UPI or NEFT transaction?