Context
About
Current limits of RTGS and NEFT
Difference between NEFT and RTGS
NEFT |
RTGS |
It is an electronic funds transfer system maintained by RBI. |
RTGS are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a “real time” and on a “gross” basis. |
Started in November 2005, the setup was established and maintained by Institute for Development and Research in Banking Technology (IDRBT). |
Settlement in “real time” means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. |
NEFT enables bank customers in India to transfer funds between any two NEFT-enabled bank accounts on a one-to-one basis via electronic messages. |
“Gross settlement” means the transaction is settled on one-to-one basis without bundling or netting with any other transaction.
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Unlike RTGS, fund transfers through the NEFT system do not occur in real-time basis. |
“Settlement” means that once processed, payments are final and irrevocable. |
Benefits of this step
Verifying, please be patient.