What are NEFT, RTGS, and IMPS?

NEFT, RTGS, and IMPS are electronic payment systems that allow funds to be transferred between bank accounts. National Electronic Funds Transfer (NEFT) is commonly used for routine transactions, while Real Time Gross Settlement (RTGS) is generally used for high-value transfers that require immediate settlement. Immediate Payment Service (IMPS) enables instant transfers at any time, including holidays, making it suitable for everyday digital banking.