NEFT, RTGS, IMPS or UPI: which bank transfer to use

There are four main ways to send money from your bank account to someone else’s. They all do the same job. What changes is how fast the money lands, how much you can send in one go, and whether there is a fee. Pick the right one and even a big payment is quick and free.

The quick map. UPI (Unified Payments Interface) is the everyday one: scan, tap, done. IMPS (Immediate Payment Service) is instant too, and handles bigger sums through net banking or your bank app. NEFT (National Electronic Funds Transfer) moves any amount, but in batches. RTGS (Real Time Gross Settlement) is built for large payments and lands almost in real time.

	Speed	Amount	Hours
IMPS	Instant	Up to ₹5 lakh per transfer	24x7
NEFT	Half-hourly batches, usually within 2 hours	No RBI limit, your bank may set one	24x7
RTGS	Credited within 30 minutes	₹2 lakh and above, no upper limit	24x7

What it costs. For a savings account, the RBI told banks not to charge for NEFT you send online. RTGS can carry a small fee: the RBI caps it at ₹25 for ₹2 lakh to ₹5 lakh, and ₹50 above that, plus tax. Receiving money by RTGS is free, per the RBI. Your own bank’s fee page has the current numbers, since banks can charge less than the cap.

Did you know? NEFT has run round the clock since December 2019, and RTGS since December 14, 2020, per the RBI. Before that, a big transfer on a Sunday had to wait for Monday. Today the slowest rail is still NEFT, only because it settles in half-hourly batches.

An example. Say you are paying a ₹3 lakh deposit for a flat (an illustration). IMPS can send it in one go, as long as your bank’s own daily limit is that high, which can be lower. RTGS handles it easily, and the landlord’s bank must credit it within 30 minutes. NEFT works too, with a wait of up to a couple of hours. A busy weekday afternoon or a Sunday night makes no difference now.

Check before you send. A wrong account number is the costliest mistake here, because money sent to the wrong account is hard to pull back. Since April 2025, banks must show the receiver’s name for NEFT and RTGS once you enter the account number and IFSC (the branch code), a free check the RBI asked for. Read that name before you hit pay.

The takeaway. Small and quick: UPI or IMPS. Large: RTGS. No rush and any amount: NEFT. Whatever you pick, check the name before you pay, and keep the reference number. If money ever goes out that you did not send, report it fast: here is how to report UPI and bank fraud.

More to read: safe habits on UPI, what happens to your money if a bank fails, and how a cheque clears today.