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February 8th, 2017, 06:03 PM
Guest User
Difference Between NEFT And RTGS

I want to know the Difference Between National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement RTGS?
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February 9th, 2017, 09:08 AM
Super Moderator
Join Date: Mar 2012
Re: Difference Between NEFT And RTGS

Real-Time Gross Settlement RTGS and National Electronic Funds Transfer NEFT provides two different ways of transferring money from one bank to another bank online within India.

RTGS enables money to move from one bank to another on a real time and gross basis.

NEFT is a payment system which facilitates one-to-one funds transfer.

Like RTGS, NEFT also transfers funds from one bank, but unlike RTGS the settlement takes place in batches rather than individually.

NEFT operates in hourly batches. Currently, it has 11 settlements from 9am to 7pm on weekdays and five settlements from 9am to 1pm on Saturdays.

RTGS transactions processed constantly throughout the RTGS business hours.
The service window for RTGS at banks is available from 9am to 4.30pm on week days and from 9am to 1.30pm on Saturdays for settlement at the RBI end.

NEFT does not have a minimum or maximum limit of amount you can transfer. But the maximum amount per transaction is limited to Rs 50,000 for cash-based remittance and remittance to Nepal.

As far as RTGS goes, it is mostly meant for large transactions. The minimum amount that can be remitted through it is Rs 2 lakh.
RTGS does not have an upper ceiling for transactions.

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