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Which of the following net-banking services are available all the time?
1. NEFT (National Electronic Funds Transfer)
2. IMPS (Immediate Payment Service)
3. RTGS (Real Time Gross Settlement)
4. All of the above

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Correct Answer - Option 2 : IMPS (Immediate Payment Service)

The correct answer is IMPS(Immediate Payment Service).

  • IMPS:
    • Immediate Payment Service(IMPS) is an instant payment inter-bank electronic funds transfer system in India.
    • IMPS offers an inter-bank electronic fund transfer service through mobile phones.
    • The service is available 24x7 throughout the year including bank holidays.

  • NEFT:
    • National Electronic Fund Transfer (NEFT) is a nationwide payments system that allows the transfer of funds from one bank’s account to another.
    • With an increased focus on online banking, NEFT has become one of the most popular ways of transferring funds.
    • Since it can electronically transfer funds from any bank branch to any individual, it has eliminated the need to visit a bank branch for the transfer of funds.
    • NEFT was also made available 24x7 from December 2019. 
  • RTGS:
    • The term real-time gross settlement (RTGS) refers to a funds transfer system that allows for the instantaneous transfer of money and/or securities.
    • RTGS is the continuous process of settling payments on an individual order basis without netting debits with credits across the books of a central bank.
    • Once completed, real-time gross settlement payments are final and irrevocable.
    • The minimum amount you can transfer via RTGS is Rs.2 lakh. 
    • Customers can perform RTGS transactions from 7 a.m. to 6 p.m.
    • Inter-bank transactions can be performed from 7 a.m. to 7:45 p.m.

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