Difference between neft and rtgs and imps - SBI Internet Banking

Difference between neft rtgs and imps transfer


  1. RTGS- Real Time Gross Settlement

    This is a system where the processing of funds transfer instructions takes place at the time they are received (real time). Also the settlement of funds transfer instructions occurs individually on an instruction by instruction basis (gross settlement). RTGS is the fastest possible interbank money transfer facility available through secure banking channels in India.

    NEFT- National Electronic Fund Transfer-

  2.  This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS. Presently, NEFT operates in hourly batches from 8 am to 7 pm on week days.

    The above mentioned facilities are available to both Retail and Corporate Internet Banking users of SBI (provided they have availed transaction rights).

  3. What is the minimum/maximum amount for RTGS/NEFT transactions under Retail Internet Banking?

    Type Minimum Maximum
    RTGS Rs.2 Lakhs Rs.10 Lakhs
    NEFT No Minimum Rs.10 Lakhs

  4. What is the minimum/maximum amount for RTGS/NEFT transactions under Corporate Internet Banking?

    Type Minimum Maximum
    RTGS Rs.2 Lakhs Rs.50 lakhs for Vyapaar and
    Rs.500 crores for Vistaar
    NEFT No Minimum Rs.50 lakhs for Vyapaar and
    Rs.500 crores for Vistaar

  5. When does the beneficiary get the credit for a RTGS payment? Under normal circumstances the beneficiary Bank branch receives the funds in real time as soon as funds are transferred by the remitting Bank. The beneficiary Bank has to credit the beneficiary’s account within two hours of receiving the funds transfer message.
  6. When does the beneficiary get the credit for a NEFT payment?

    As stated above, NEFT operates in hourly batches. Currently there are twelve settlements from 8 am to 7 pm on week days. Therefore, the beneficiary can expect to get the credit for the transactions put through between 8 am to 5 pm on weekdays on the same day. For transactions settled in the 6 and 7 pm batches on week days, the credit will be afforded either on the same day or on the next working day.

  7. If an RTGS transaction is not credited to the beneficiary account, does the remitter get back the money?

    Yes. If the beneficiary’s bank is unable to credit the beneficiary’s account for any reason, the former will return the money to the remitting bank within 2 hours. Once the amount is received by the remitting bank, it is credited to the remitter’s account by the branch concerned.

  8. If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?

    Yes. If the beneficiary’s bank is unable to credit the beneficiary’s account for any reason, the former will return the money to the remitting bank within 2 hours of completion of the batch in which the transaction was processed. Once the amount is received by the remitting bank, it is credited to the remitter’s account by the branch concerned.

  9. At what time during the day/week the RTGS & NEFT services are available?

    RTGS transactions are sent to RBI as per the following schedule:

    Day Start Time End Time
    Monday to Working Saturday 8:00 hrs 16:00 hrs

    NEFT transactions will be sent to RBI based on the following schedule:

    Day Start Time End Time
    Monday to Working Saturday 7:00 hrs 18:30 hrs

    RBI NEFT transactions are settled in batches based on the following timings:

    1. 12 settlements on weekdays - at 08:00, 09:00, 10:00, 11:00, 12:00, 13:00, 14:00, 15:00, 16:00, 17:00, 18:00 and 19:00 hrs.

    Please note that all the above timings are based on Indian Standard Time (IST) only.

  10. What is the mandatory information required to make an RTGS & NEFT payment? For effecting an RTGS/NEFT remittance the remitter has to furnish the following information:

    • Amount to be remitted.
    • Remitting customer’s account number which is to be debited
    • Name of the beneficiary bank.
    • Name of the beneficiary.
    • Account number of the beneficiary.
    • Sender to receiver information, if any
    • IFSC code of the destination bank branch
  11. How to find the IFSC code of the beneficiary branch? In Onlinesbi, the remitter has the option of selecting the location of the destination Bank Branch in case the IFSC code is not known. If the correct values are selected for Bank, State and Branch, the IFSC code is automatically updated.
  12. Do all bank branches in India provide RTGS & NEFT services? No. RTGS and NEFT services are enabled only in specific bank branches across the country. A list of such RTGS/NEFT enabled branches can be obtained from the RBI website, http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB1110.xls for RTGS and http://www.rbi.org.in/scripts/neft.aspx for NEFT.
  13. How do I go about using this service?

    1. Avail Internet Banking facility for your account with transaction rights. Contact your SBI branch for the purpose.
    2. Log on to www.onlinesbi.com using Internet Banking ID and Password.
    3. Access the Profile tab and click on the Manage Beneficiary link.
    4. Select Inter Bank Payee from the options provided.
    5. Select ‘Add’ option and provide the Beneficiary Name, Beneficiary Account Number, Address and Inter Bank Transfer Limit in the relevant fields.
    6. Enter the IFSC code of the beneficiary bank branch by either:
      1. Selecting the IFSC code option and entering 11 digit IFSC code in the textbox.
      2. Selecting the Location option and then the Beneficiary Bank, State and Branch form the drop down menus provided.
    7. Click the ‘accept Terms of Service (Terms & Conditions)’ button followed by ‘confirm’.
    8. A high security password is sent to the mobile number as an additional security measure. Enter this password to authorize the beneficiary.
    9. The beneficiary added is activated in a maximum of 16 hrs. time. Once activated you can transfer funds to the beneficiary.
    10. To remit funds to the Inter Bank Payee through RTGS/NEFT select the ‘Inter Bank Transfer’ link in the ‘Payments/Transfers’ tab.
    11. Select the Transaction Type-RTGS or NEFT .
    12. The list of beneficiary accounts added is displayed.
    13. Enter the Amount and select the beneficiary to be credited from the list.
    14. Click on ‘accept Terms of Service (Terms & Conditions)’ and confirm.
  14. What are the service charges applicable for RTGS/NEFT transactions?
    Charges for RTGS/NEFT are as listed in the following table:
    RTGS Time of settlement at the Reserve Bank of India Charges per Transaction for Outward Transactions
    From To
    1 08:00 Hours (effective from 29.12.2014) 16:30 Hours Rs.2 lakhs to Rs.5 lakhs Rs.20+Service Tax
    Above Rs.5 lakhs Rs.40+Service Tax

    Amount Service Charge
    NEFT Upto Rs.10,000/- Rs.2+Service Tax
    From Rs.10,001/- to Rs.1 Lakh Rs.4+Service Tax
    Above Rs.1 lakh upto Rs.2 lakhs Rs.12+Service Tax
    Above Rs.2 lakhs Rs.20+Service Tax
  15. Whom I can contact, in case of non-credit or delay in credit to the beneficiary account for NEFT transaction? Please contact your bank/branch or the destination bank/branch or the Customer Facilitation Service Centre of the banks.

Immediate Payment Service - Frequently Asked Questions




  1. What is IMPS?
    Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc.
  2. What is MMID?
    Mobile Money Identification Number (MMID) is a seven digit number of which the first four digits are the unique identification number of the bank offering IMPS.
  3. Is IMPS facility through OnlineSBI available to all customers?
    The facility is available to all registered users of OnlineSBI having transaction rights on one or more accounts.
  4. How I can remit money using IMPS through OnlineSBI?
    a. Log on to 'www.onlinesbi.com'
    b. Visit 'Profile' section and click on Manage Beneficiary.
    c. Select 'IMPS Beneficiary'
    d. Add details for the beneficiary
    e. Approve the beneficiary using OTP (one time password) received on your registered mobile number.
  5. What beneficiary details the customer requires to effect an IMPS remittance from Person to Person?
    Following beneficiary details are required :
    a. MMID of the beneficiary,
    b. Mobile number of the beneficiary
    c. Name of the beneficiary
  6. What beneficiary details the customer requires to effect an IMPS remittance from Person to Account?
    The beneficiary details required are:
    a. Name of the beneficiary
    b. Account Number of the beneficiary
    c. IFS Code of the beneficiary bank
    Please note that you have to add such beneficiary using Interbank Beneficiary option given in the Profile section.
  7. What are the restrictions for activation of a beneficiary added by a user?
    You can add and approve only one beneficiary in a calendar day, which will be activated by the internet banking system within 4 hours, if approved by you during the period from 6.00 AM to 8.00 PM (IST). Beneficiary approved after 8.00 PM will be activated on the next day after 8.00 AM (IST). You can commence funds transfer to the new beneficiary only after its activation. On the first day of activation, you can remit a maximum amount of Rs. 10000/-. During the first 5 days after activation, you can transfer a total sum of Rs. 50,000/- to a new beneficiary if activated by the system.

  1. How can a user remit money using IMPS?
    a) Log on to 'www.onlinesbi.com'.
    b) Visit Payment /Transfer section and click on IMPS fund transfer.
    c) Please select 'Person to Person' if the beneficiary has been added as IMPS Beneficiary or 'Person to Account' if the beneficiary has been added as Interbank Beneficiary.
    d) Input the amount a user wishes to remit.
    e) Approve the transaction using OTP (one time password) received on your registered mobile number.
  2. What happens in case the remitter enters wrong beneficiary details for remittance?
    If the beneficiary details required for making a remittance (such as MMID, mobile number) are wrong, there is a very high possibility of the transaction getting rejected. If you are remitting money using account number, please check the account number as amount will be credited on the basis of account number only.
  3. What are the timings for initiating and receiving IMPS remittances?
    IMPS outward transactions are available between 08:00 AM and 08:00 PM. IMPS inward transactions are available round the clock. There are no holiday restrictions on IMPS outward and inward transactions.
  4. If the transaction is not completed, will the customer get his / her money back? When?
    Yes. In case the IMPS transaction is not completed for any reason - technical or business, the reversal of the remitters funds will happen immediately. If such a transaction becomes a subject matter of reconciliation wherein the fate of transaction is not determined immediately, the reversal of funds will happen in seven days.
  5. What are the charges for the customer for sending and receiving remittances using IMPS?
    The charge for remitting money through IMPS using Onlinesbi is Rs.5 per transaction.
  6. Are there any subscription charges for the customers to avail this facility?
    Currently, there is no subscription charge for the OnlineSBI users.
  7. How long does it take for the remittance to be credited into the beneficiary account number?
    The funds should be credited into the beneficiary account immediately.
  8. Is it necessary to have sufficient account balance to initiate a remittance?
    Yes, the customer should have sufficient account balance to initiate a fund transfer.
  9. How does the remitter come to know that his account is debited and funds have been credited in the beneficiary's account
    The remitting bank sends a confirmation message to the remitting customer about the transaction initiated by him / her.
  10. How does a beneficiary come to know of funds being credited to his / her banks account?
    The beneficiary bank sends a confirmation message to the beneficiary customer informing him / her of the credit in the account.
  11. Can a customer receive remittance using the mobile number other than the one registered with the bank?
    The customer can receive funds using the registered mobile number only. In case he / she need to receive funds using the other mobile number, he / she will have to approach the bank and complete the process of changing the registered mobile number for mobile banking.
  12. When can the beneficiary use the funds received through IMPS?
    The beneficiary can use the funds immediately on receipt of credit in the account. The funds received through IMPS are good funds and can be used immediately upon credit.

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