Question

difference between NEFT and RTGS​

Answer 1

Explanation:

NEFT

National Electronic Funds Transfer (NEFT) is a payment system that facilitates one-to-one funds transfer. Using NEFT, people can electronically transfer money from any bank branch to a person holding an account with any other bank branch, which is participating in the payment system. Fund transfers through the NEFT system do not occur in real-time basis and the fund transfer settles in 23 half-hourly batches.

RTGS

Real Time Gross Settlement (RTGS) is another payment system in which the money is credited in the beneficiary’s account in real time and on gross basis. The RTGS system is primarily meant for large value transactions that require and receive immediate clearing.