IMPS and NEFT are both electronic fund transfer mechanisms used in India to transfer funds from one bank account to another. Here are the key differences between IMPS and NEFT:

IMPS (Immediate Payment Service):

• Operates 24x7, even on weekends and bank holidays
• Allows instant payments
• Is a direct transfer and is a one-to-one settlement method
• Allows transfers of up to Rs. 2 lakhs
• Can be done through internet banking, mobile banking, through UPI or via ATM

NEFT (National Electronic Funds Transfer):

• Operates during bank working hours
• Takes some time between 2 hours to 2 days to complete the transfer
• Goes through pooling and clearance centers and settles money in the beneficiary’s account batch-wise
• Allows transfers of any amount
• Can be done only through internet banking, provided it is enabled

Both IMPS and NEFT are safe and secure modes of payment and fall under the purview of the Reserve Bank of India. While IMPS is quick and instant, NEFT is a little time-taking as it is dependent on bank working hours[[4]](https://www.paisabazaar.com/banking/...