Question
What is the difference between NEFT, RTGS and IMPS?
Answer :
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NEFT, RTGS and IMPS are electronic payment systems used in India to transfer money from one bank account to another. They are important in E-Commerce because they provide secure and convenient methods for customers to make payments to online sellers, businesses and service providers. Although all three facilitate electronic fund transfers, they differ in terms of settlement mechanism, speed, transaction limits, availability and usage. NEFT stands for National Electronic Funds Transfer. It is a bank-to-bank electronic fund transfer system in which transactions are processed in batches. NEFT is generally available 24×7 throughout the year through internet banking and mobile banking, although the actual processing may follow the banking system’s settlement cycles. NEFT is suitable for routine payments where immediate transfer is not essential. Customers can use NEFT for online shopping payments, payment of bills, fees, suppliers and other business transactions. NEFT is comparatively economical and
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