Banking has become significantly hassle-free and easy with technological advancements. You can now get done with a wide range of banking tasks without having to physically visit the bank. It is now easier to send and receive money, and the procedure has become faster as well. Digital payment systems like IMPS and NEFT have made it possible to transfer money electronically between banks with just a few clicks.
To find out more about IMPS vs NEFT, read on.
IMPS Vs NEFT
IMPS full form is Immediate Payment Service, and it is a particular service that is offered by the NPCI or the National Payments Corporation of India. IMPS is offered to facilitate the transfer of funds electronically between banks. These transactions take place in real time, and the IMPS is a service that you can avail round-the-clock.
NEFT full form is National Electronics Fund Transfer, and it is a system that is operated by the Reserve Bank of India. NEFT allows transfer of money electronically between banks. It is a service available across India and you can avail it round-the-clock.
IMPS would transfer your fund instantly to the account of the beneficiary. The beneficiary’s account would have half an hour for them to credit and update the transferred money to the payee. NEFT, on the other hand, has a net-and-batch system. NEFT allows you to make transfers in batches. It would transfer money between enabled accounts and only during business hours of the bank.
IMPS Vs NEFT Differences
How To Pay Credit Card Bills Through IMPS and NEFT
The following are the steps to pay credit card bills through IMPS:
- Install the mobile application of the banking institution you have your account with.
- Log in with your credentials.
- Click on the ‘Bank Account’ tab.
- Select the ‘IMPS’ button and proceed to the ‘Merchant Payment’ option.
- Fill in the spaces that require your financial details.
- Press the ‘Confirm’ button to finish the transaction.
The following are the steps to pay credit card bills through NEFT:
- The internet banking facility in case of NEFT can only be availed if you are a registered customer of the service.
- You are allowed to create a credit card billers’ list and choose multiple billers.
- You then have to choose the bank, its division, the IFSC code, and the city.
- Provide your credit card number and the billing amount, and proceed to pay.
Now that you are aware of the differences between IMPS and NEFT, choose the option that would be best suited for your requirements and urgency.
- Both IMPS and NEFT are services that you can avail at any point in time of the day, but NEFT would process your transactions only in batches whereas IMPS does it individually and instantly.
- IMPS can be availed online only, whereas NEFT can be availed online and offline both.
- IMPS has a maximum limit on its transactions, which does not apply to NEFT.
Take a look at the table below to find out what more differences IMPS and NEFT have: