NEFT Vs IMPS Vs RTGS

[ontherocks]

IMPS and RTGS are real time transfers whereas NEFT is not.
For transfers within the limits of these modes, why would anyone choose NEFT over IMPS/RTGS?
RTGS generally has much more daily limits than IMPS. On the same note, why would anyone choose IMPS over RTGS?

 

[panchabhut]

I agree to this point. Even though bank says sender would get notification, of date I haven't received any, and every time their excuse is "technical issue". Sender is in darkness.
The point ICICI bank officials were tying to make is, for NEFT the onus of retrying is on the bank, whereas for IMPS/RTGS, the onus of retrying is on the sender.

I regularly use ICICI and DBS-Digibank for NEFT transfers. I get credit notification for all txns.

 

[Abhishek012]

IMPS and RTGS are real time transfers whereas NEFT is not.
For transfers within the limits of these modes, why would anyone choose NEFT over IMPS/RTGS?
RTGS generally has much more daily limits than IMPS. On the same note, why would anyone choose IMPS over RTGS?

IMPS and UPI is payment messenger.

NEFT and RTGS is an electronic funds transfer system.

When we use IMPS, UPI even card transactions, you see the money leave your account immediately and receiver or merchant receive it immediately but it takes few hours to maximum 2 days before they actually have the money in their bank accounts.

After few hours or next day NPCI deposits the money into the receiver or merchant’s account through RTGS payment. To make it even more complicated, much of the process is not done in real-time. It is done in batches.

Here you will see all settlement cycles timings for UPI and IMPS -

UPI source - https://www.npci.org.in/PDF/npci/up...nal-settlement-cycles-for-UPI-from-6-to-8.pdf

IMPS source - https://www.npci.org.in/PDF/npci/im...al-settlement-cycles-for-IMPS-from-6-to-8.pdf

 

[RAMESH BABU N]

RTGS was launched in 2004.
NEFT was launched in 2005.
IMPS was launched in 2010.
UPI came up in 2016.

Each product was a technological leap and a marvel - when it was launched - considering the user base, available optopns n costs involved n times saved. The use of net banking, and mobile phone banking also had a great impact on these.

COMPARING them is illogical n meaningless.

Choosing one over the other is - more often than not - also dependant on many factors - holidays, time, mode of trxn, place n devices used.

 

[RAMESH BABU N]

RTGS was launched in 2004.
NEFT was launched in 2005.
IMPS was launched in 2010.
UPI came up in 2016.

Each product was a technological leap and a marvel - when it was launched - considering the user base, available optopns n costs involved n times saved. The use of net banking, and mobile phone banking also had a great impact on these.

COMPARING them is illogical n meaningless.

Choosing one over the other is - more often than not - also dependant on many factors - holidays, time, mode of trxn, place n devices used.

It is like questioning whether anyone would use a CHEQUE or a DEMAND DRAFT now. In these days of digital currency ? Each product has it's own uniqueness n target customers.

Remember that Banking business today has over 200 regular products used daily - not counting complex products for niche segments.

 

[pothi]

UPI also support SCHEDULE transactions.

That's news to me. I can't find this option in GPay or Amazon Pay. Which UPI app supports scheduled transactions?

Or do you mean the auto-pay facility that can be currently initiated only by the merchant (for example the mandate created while applying for an IPO)?

 

[srikant]

UPI also support SCHEDULE transactions.

I've tried UPI Mandate in BHIM Utkarsh / BHIM but it just isn't working. GPay, PhonePe and PayTM users also tell me they don't know of a way to do this.

 

[CosmicCat]

That's news to me. I can't find this option in GPay or Amazon Pay. Which UPI app supports scheduled transactions?

Or do you mean the auto-pay facility that can be initiated only by the merchant (for example the mandate created while applying for an IPO)?

I'm pretty sure he is referring to the UPI AutoPay facility for recurring transactions. Currently, NPCI hasn't added support for scheduled payments for P2P and P2A.

 

[Abhishek012]

That's news to me. I can't find this option in GPay or Amazon Pay. Which UPI app supports scheduled transactions?

Or do you mean the auto-pay facility that can be currently initiated only by the merchant (for example the mandate created while applying for an IPO)?

I'm pretty sure he is referring to the UPI AutoPay facility for recurring transactions. Currently, NPCI hasn't added support for scheduled payments for P2P and P2A.

No, UPI one-time mandate feature.

UPI AutoPay allowed multiple debit.

I've tried UPI Mandate in BHIM Utkarsh / BHIM but it just isn't working. GPay, PhonePe and PayTM users also tell me they don't know of a way to do this.

Oh

 

[pothi]

That's news to me. I can't find this option in GPay or Amazon Pay. Which UPI app supports scheduled transactions?

Or do you mean the auto-pay facility that can be currently initiated only by the merchant (for example the mandate created while applying for an IPO)?

Answering my own question...

NSDL Payments Bank app supports UPI mandate that can be initiated by the user.