This work explores the possibility of decoding Imagined Speech (IS) signals which can be used to create a new design of Human-Computer Interface (HCI). Since the underlying process generating EEG signals is unknown, various feature extraction methods, along with different neural network (NN) models, are used to approximate data distribution and classify IS signals. Based on the experimental results, feed-forward NN model with ensemble and covariance matrix transformed features showed the highest performance in comparison to other existing methods. For comparison, three publicly available datasets were used. We report a mean classification accuracy of 80% between rest and imagined state, 96% and 80% for decoding long and short words on two datasets. These results show that it is possible to differentiate brain signals (generated during rest state) from the IS brain signals. Based on the experimental results, we suggest that the word length and complexity can be used to decode IS signals with high accuracy, and a BCI system can be designed with IS signals for computer interaction. These ideas, and results give direction for the development of a commercial level IS based BCI system, which can be used for human-computer interaction in daily life.