What is the difference between NEFT, RTGS, and IMPS?

NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Payment Service) are electronic payment systems in India but differ in speed, cost, and transaction limits. NEFT processes transactions in batches and is suitable for small to medium amounts, usually credited within a few hours. RTGS is for high-value transfers (minimum ₹2 lakh) and settles transactions instantly in real time without batching. IMPS is available 24/7, including holidays, and enables instant transfer of funds of almost any amount, often used for personal transfers. NEFT and RTGS operate mainly during banking hours, while IMPS works anytime. IMPS is often preferred for urgent, small-value transfers, whereas RTGS is chosen for large, time-sensitive payments.