There are three major forms of electronic fund transfer – the NEFT (National Electronic Funds Transfer), the RTGS (Real Time Gross Settlement) and IMPS (Immediate PAYMENT Service) transactions.

• NEFT: The NEFT is similar to an electronic check. The bank processes NEFT requests in batches, usually once an hour. After a request for a NEFT transaction is placed, you will have to wait for the next NEFT batch in order to process the transfer. If the NEFT request is placed after the cut-off time for the last batch in a day, the execution happens only on the subsequent day.
• RTGS: The RTGS is intended for high value transfers where the fund transfer is REQUIRED immediately. Once a RTGS request is placed, the funds are instantaneously received by the recipients bank. The RBI has advised all banks to credit the recipient's account within 30 minutes. SINCE the RTGS transaction happens in real time, it is possible to make these transactions only during bank working hours. Some banks may have a specific time for RTGS transactions.
• IMPS: The IMPS is a new electronic fund transfer option used for transferring funds 24-by-7 on all DAYS, including Sundays and bank HOLIDAYS.

The NEFT and RTGS transactions are governed by the RBI (Reserve Bank of India) while the IMPS transactions are governed by the NPCI (National Payments Corporation of India).

There are three major forms of electronic fund transfer – the NEFT (National Electronic Funds Transfer), the RTGS (Real Time Gross Settlement) and IMPS (Immediate Payment Service) transactions.

The NEFT and RTGS transactions are governed by the RBI (Reserve Bank of India) while the IMPS transactions are governed by the NPCI (National Payments Corporation of India).