What is NEFT/ RTGS/ IMPS. how they happen in bank.

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NEFT/RTGS/IMPS are electronic fund transfer systems used by banks in India.

NEFT stands for National Electronic Funds Transfer and is used for transferring funds up to Rs. 2 lakhs.
RTGS stands for Real Time Gross Settlement and is used for transferring large amounts of money in real-time.
IMPS stands for Immediate Payment Service and is used for instant fund transfers 24x7.
All three systems require the sender and receiver to have bank accounts and the necessary details like account number, IFSC code, etc.
The transactions are processed through the Reserve Bank of India (RBI) and the banks involved in the transfer.
NEFT and RTGS transactions are processed in batches while IMPS transactions are processed instantly.
NEFT and RTGS transactions have specific timings while IMPS transactions can be done anytime.
The fees for these transactions vary depending on the amount being transferred and the bank's policies.

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