What is the difference between NEFT and RTGS?
by Admin
Posted on Jul 25, 2020
NEFT stands for National Electronic Fund Transfer that is a nation-wide payments system that facilitates to transfer funds from one bank’s account to another. individual/firm/corporate can electronically fund transfer from one NEFT enabled account to another NEFT enabled account under this scheme and where RTGS stands for Real Time Gross Settlement that is a real-time fund transfer method in which transaction is not subject to any waiting period.
There are a few differences in both methods.
|
Basic Comparison |
NEFT |
RTGS |
|
Minimum Transfer Value |
1 Re. |
2 Lack Rs. |
|
Maximum |
No Limit |
No Limit |
|
Payment Mode |
Online and Offline |
Online and Offline |
|
Settlement Time |
Hourly Basis |
Real Time |
|
Service Time |
24*7 |
8 AM to 6 PM for working days |