Sbi clerk exam 2018 difference among imps rtgs and neft banking awareness

SBI CLERK EXAM 2018 DIFFERENCE AMONG IMPS, RTGS AND NEFT | BANKING AWARENESS

Basis	IMPS	RTGS	NEFT
Meaning	It is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc.	It can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting).	NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches.
Full form	IMPS- Immediate Payment Service	RTGS- Real Time Gross Settlement	NEFT- National Electronic Funds Transfer System
Minimum transfer limit	Vary according to bank and bank accounts	2 lakhs	No minimum amount
Maximum transfer limit	2 lakhs	No limit	2 lakhs
Timings	Available 24/7Throughout the year	9:00 am to 4:30 pm (on weekdays) 9:00 am to 2:00 pm (on Saturdays )	8 am to 7 pm (on weekdays) 8 am to 1 pm (on Saturdays)
Founded	2010	2005	2005
Purpose	IMPS offers an inter-bank electronic fund transfer service through mobile phones.	RTGS systems are typically used for high-value transactions that require and receive immediate clearing.	Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.