NEFT

NEFT stands for National Electronic Funds Transfer. It is an RBI-run system for sending money from one bank account to another. It runs 24x7 and settles in half-hourly batches, and the receiving bank should credit the money within about two hours of the batch settling.

The RBI sets no minimum or maximum for NEFT, though your bank can set its own limit. Since January 2020, banks have been told not to charge savings account holders for NEFT transfers made online. Check your bank's fee page for branch transfers.

IMPS is instant and capped at 5 lakh rupees per transfer. NEFT has no RBI-set cap but moves in half-hourly batches, so it is a little slower. Both run round the clock.