1 November 2026 • 4 min read
| NEFT | RTGS | IMPS | UPI | AePS | |
|---|---|---|---|---|---|
| Who runs it | RBI | RBI | NPCI | NPCI | NPCI |
| Hours | 24x7x365 | 24x7x365 | 24x7x365 | Immediate credit | See note below |
| How it settles | Batches, every half hour | Each payment on its own, in real time | Real-time transfer; banks settle on a deferred net basis | Real-time confirmation; banks settle on a deferred net basis | Not covered by the sources used here |
| Amount rule | No RBI limit; a bank may set its own | Minimum ₹2,00,000; no maximum | Up to ₹5 lakh | Varies by use; see our UPI limits page | Not covered by the sources used here |
| What identifies the customer | Bank account details | Bank account details | Bank account details | Mobile app of a participating bank | Aadhaar number and biometrics or OTP |
NPCI's own rules on AePS hours and amount limits were not available to us, so they are left out. Check NPCI before you design around them.
NEFT is a nation-wide centralised payment system owned and operated by the RBI. It runs round the clock on all days, in half-hourly batches. The RBI says no limit is set for NEFT funds transfer, but a member bank may place limits with its Board's approval.
The beneficiary's account should be credited within two hours of batch settlement. If the bank cannot credit it, the destination bank must return the transaction within two hours of the batch completing.
RTGS settles each transfer individually and continuously, without netting. The RBI's FAQ, updated on 14 October 2026, says the minimum is ₹2,00,000 with no upper ceiling, and RTGS has run 24x7x365 since 14 December 2020. The RBI describes it as meant for large value transactions.
IMPS is NPCI's instant transfer service. In October 2021 the RBI said it would raise the per-transaction limit from ₹2 lakh to ₹5 lakh for channels other than SMS and IVRS, and the RBI's August 2022 discussion paper describes IMPS as working up to ₹5 lakh in real time. That paper adds two points that matter for design:
The RBI glossary describes UPI as a system that powers multiple bank accounts into a single mobile application of any participating bank. It supports both push (send) and pull (request) payments, for person-to-person and person-to-merchant use. The RBI paper says UPI gives immediate credit with real-time confirmation, which is why NEFT and RTGS are not popular for everyday shop payments. For limits, see our page on UPI limit changes.
The RBI's 27 June 2025 directions define AePS as a payment system in which transactions are enabled through Aadhaar number and biometrics or OTP authentication. It offers cash withdrawal, cash deposit and fund transfer, plus mini statement and balance enquiry. The RBI glossary says a customer needs only the bank's identifier (IIN), an Aadhaar number and the biometric captured at enrolment.
The same directions apply from 1 January 2026 and tighten due diligence on AePS touchpoint operators, the individuals who run the terminals. The RBI gave the reason: reports of frauds through AePS from identity theft or compromised credentials. If an operator has done no transaction for three months, the acquiring bank must do their KYC again before they can transact.
| System | Inward | Outward cap set by the RBI |
|---|---|---|
| NEFT | Free | Up to ₹10,000: ₹2.50. Above ₹10,000 to ₹1 lakh: ₹5. Above ₹1 lakh to ₹2 lakh: ₹15. Above ₹2 lakh: ₹25 (plus GST). Banks are advised not to charge savings account holders for online NEFT. |
| RTGS | Free | ₹2,00,000 to ₹5,00,000: ₹25. Above ₹5,00,000: ₹50 (exclusive of tax) |
For UPI, the Government set a zero-charge framework from 1 January 2020, as the RBI's August 2022 paper records. Check whether the rule has changed before you rely on it.
Rules change often. Check with your bank or payment partner before you commit to a limit in a product spec.
Yes. The RBI's NEFT FAQ (updated 2 September 2024) says it runs 24x7x365 in half-hourly batches.
₹2,00,000 with no upper ceiling, per the RBI FAQ updated on 14 October 2026.
Both are run by NPCI and credit in real time. IMPS can be started from devices other than a mobile app and by non-bank wallet issuers, per the RBI paper of August 2022. UPI works through a mobile app of a participating bank.
NPCI operates it. The RBI issued directions on AePS touchpoint operators on 27 June 2025, effective 1 January 2026.
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