NEFT and IMPS both move money between bank accounts and both run 24×7 — so which should you pick? The short answer: IMPS for speed, NEFT for large or non-urgent free transfers. Here is the detail.
Side by side
| Feature | NEFT | IMPS |
|---|---|---|
| Speed | Minutes (settled in batches) | Instant |
| Maximum amount | No RBI limit | ₹5 lakh* |
| Online charges | Free | ₹2.50–15 |
| Availability | 24×7 | 24×7 |
| Run by | RBI | NPCI |
*IMPS maximum is set by your bank, up to ₹5 lakh.
When to use IMPS
Choose IMPS when the money must arrive right now — paying a vendor on deadline, sending emergency funds, or any time up to ₹5 lakh where speed matters more than a small fee.
When to use NEFT
Choose NEFT for large or non-urgent transfers. It is free online and has no upper limit, so it is ideal for salary payments, big vendor settlements or anything that can wait a few minutes. NEFT settles in batches, so it is slightly slower than IMPS.
The simple rule
Need it instant or it is a moderate amount? → IMPS. Large amount and a few minutes is fine? → NEFT. For the full picture including RTGS and UPI, see our complete bank-transfer guide.
Frequently asked questions
Is IMPS faster than NEFT?
Yes. IMPS settles instantly, while NEFT is processed in batches and usually takes a few minutes to a couple of hours.
Is NEFT or IMPS cheaper?
NEFT is cheaper — it is free for online transfers. IMPS may carry a small charge of about Rs 2.50 to Rs 15.
Which has a higher limit, NEFT or IMPS?
NEFT has no RBI-imposed maximum. IMPS is capped at Rs 5 lakh (set by your bank).
Limits, charges and procedures are set by the RBI, NPCI and individual banks and can change. Always confirm current details in your own bank’s app before a transfer. Last updated June 2026.