Question

Write short notes on Explain RTGS and NEFT.

Answer 1

RTGS and NEFT

Explanation:

RTGS- Real time gross settlement (RTGS) is a method of interbank payment which is done on a continuous basis minimum transfer value in case of RTGS is RS. 2 lakh but there is no limit on the maximum amount that can be transferred using RTGS. it can done through online or offline mode.

NEFT- National electronic fund transfer( NEFT) as the name itself suggests it is an electronic method of fund transfer , which was started by RBI in 2005. the fund can be transferred in half hourly batches. the customer simply gives details of beneficiary and makes transaction online or instructs bank to do the same.

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Difference between NEFT and RTGS

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Answer 2

RTGS and NEFT are methods of online transactions of money. It is an automated system enabled by the banks for the people to transfer money to another person or to another banking account

Explanation:

• RTGS  is also referred to as 'real time gross settlement' and NEFT  is the short form for 'national electronic funds transfer'. These are methods of transferring money through an online system. It is a automated process enabled by the banks for the benefit of any form of business transactions or personal transaction.
• When the the person uses the method of RTGS or NEFT payment through the system of electronic payment, the fund is transferred to the beneficiary account. It takes approximately half an hour for the the bank to credit the amount of the recipient.  
• RTGS is a faster process compared to NEFT which takes a longer time for the funds to be settled. NEFT settlements are normally completed through batches during a specific time.

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