Difference Between UPI, IMPS, NEFT & RTGS

Unified Payments Interface (UPI): Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India facilitating interbank transactions. No need to enter bank account or IFSC code for payment and collection of money through UPI. UPI requires only a virtual ID to transfer or receive money.
Immediate Payment Service (IMPS): The transfer of funds is completed immediately via IMPS. IMPS is not available at bank branches.
National Electronic Fund Transfer (NEFT): Fund transfers do not occur in real-time basis and the fund transfer settles in half-hourly batches. NEFT can be availed at bank branches as well as online via AU 0101.
Real Time Gross Settlement (RTGS): Fund transfer occurs in real-time and on a gross basis. RTGS is mainly used for higher value transfers that require immediate clearance. RTGS can be availed at bank branches as well as online via AU 0101.