RTGS, on the other hand, is a real time fund transfer system but it has minimum requirement of INR 2 lacs. People transferring the funds less than INR 2 lacs cannot use RTGS for fund transfer. Like NEFT, RTGS does not work on holiday and after working hours.
Suppose, someone needs to transfer INR 10,000 to some other person on Sunday urgently. What will that person do?
That person cannot use NEFT and RTGS, being holiday. IMPS is the only option available in this case. This system works 24×7 without holiday and also immediate. Charges for NEFT, RTGS and IMPS are almost same.
Below is the FAQs related to IMPS which will help you to understand the IMPS:
Yes. The customer can link the same mobile number to more than one account subject to bank offering that feasibility.