NEFT & RTGS are the online
facilities for transferring money within the country. NEFT & RTGS allows
accounts holders in the banks to electronically transfer the funds intra-bank.
NEFT Vs RTGS
| Sr.No | Differences | NEFT | RTGS |
| 1 | Full Form | National Electronic Funds Transfer | Real Time Gross Settlement |
| 2 | Settlement | Deferred net settlement (DNS) and settles transactions in batches | Continuous Settlement of fund transfers on an order by order basis.[Real time basis] |
| 3 | Transactions processed till time | Only Transactions received till a particular cut-off time are processed | Transactions are processed continuously all the business time |
| 4 | How much can be transferred | No limit on maximum or minimum amount that can be transferred | Limit is Minimum of 2 lakhs and no limit on maximum amount but banks may restrict the amount you can transfer in one day |
| 5 | Charges on outward transfers | For transfers up to 1 lakh-Not more than RS 5 | 2 TO 5 Lakh -Not more than Rs 30 |
| 1 to 2 lakh-Not more than Rs 10 | Above rupees 5 lakhs -Not more than Rs 55 | ||
| More than 2 lakhs-Not more than Rs 15 | |||
| 6 | Operating hours | It Operates in hourly batches twelve settlements from 8 am to 7 pm on week days (Monday through Friday) six settlements from 8 am to 1 pm on Saturdays.(for each bank / branch the above timings may sometimes vary) | From 9.00 hours to 16.30 hours on week days from 9.00 hours to 13.30 hours on Saturdays(for each bank / branch the above timings may sometimes vary) |
| 7 | Processing Time | Transfers made are slow as compared to RTGS | Transfers made are quick as compared to NEFT |
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