NEFT and IMPS are both electronic fund transfer mechanisms used to transfer funds from one bank account to another in India. NEFT stands for National Electronic Funds Transfer, while IMPS stands for Immediate Payment Service. Here are some differences between NEFT and IMPS:

NEFT:

• Operated by the Reserve Bank of India (RBI)
• Transfers funds in batches
• Takes time to complete, usually within 2 hours
• Available only during bank working hours
• No charges for online transfers, but charges may apply if initiated at the bank branch
• No limit on the amount that can be transferred
• Can be done only through internet banking, provided it is enabled

IMPS:

• Managed by the National Payments Corporation of India (NPCI)
• Transfers funds instantly and individually
• Available 24/7, including weekends and bank holidays
• Charges apply, typically ranging from INR 2.5 to INR 25+GST per transaction
• Lower limit on the amount that can be transferred, up to INR 2 lakhs
• Can be done through internet banking, mobile banking, UPI, or ATM
• More versatile and cost-effective than NEFT

In summary, NEFT is a centralized payment system that transfers funds in batches and takes time to complete, while IMPS is a real-time fund transfer service that is available 24/7 and charges apply. The choice between NEFT and IMPS depends on the purpose or need of sending the money, the amount to be transferred, and the urgency of the transfer.