Gone are the days when you would have to wait for days to see whether the cash you transferred had arrived at its destination or not. With the most recent headways in banking and in advanced installments and transfers, the errand of sending cash has been made somewhat moment, with real-time transfers.
Nowadays, there are various approaches to transfer cash to anyplace on the planet. These online transfers chiefly incorporate NEFT, IMPS, and RTGS transfers.
To Understand the what is the Difference Between NEFT and RTGS First, We Have To Understand what is NEFT ( National Electronic Funds Transfer ) and What is RTGS Real-time gross settlement
Table of Contents
The Full Form of NEFT & RTGS is Given Below
- National Electronic Funds Transfer
- Real-time gross settlement
What is NEFT ( National Electronic Funds Transfer )
NEFT is a payment system that enables the electronic transfer of funds starting with one bank then onto the next bank account. Cash transfer can be made by an individual or organization to an individual or organization’s bank account with any bank that is an individual from the NEFT plot, according to the Reserve Bank of India (RBI).
Data on bank offices right now part of the NEFT system can be gotten to on the RBI site. Right now, most banks in the nation support NEFT payments. In NEFT, exchanges are executed fifty-fifty hourly clumps.
At present, there are twenty-three half-hourly settlement groups, which run from 8 am to 7 pm on every single working day of the week with the exception of the second and fourth Saturday of the month, according to the RBI’s site.
Steps for an NEFT Money transfer
Step 1: Go to Fund Transfer tab, and select ‘Transfer to another bank’ (NEFT)
Step 2: Select the beneficiary record and enter the important subtleties
Step 3: Accept the (Terms and Conditions)
Step 4: Recheck the subtleties, assuming all and complete the procedure
Image of NEFT form


What is RTGS ( Real-time gross settlement )
RTGS essentially meant for large value money transfers, is a payment system that enables instant transfer of funds. Not at all like NEFT, RTGS forms the directions at the time they are gotten instead of sometime in the not too distant future. Right now, more than 1 lakh bank branches offer the RTGS office, according to the RBI.
Data on these branches can be gotten to from the RBI site. RTGS transactions can be produced using 9.00 am to 4.30 pm on weekdays and from 9:00 am to 2:00 pm on Saturdays for settlement at the RBI-end, according to the national bank
In any case, the timings that the banks pursue may shift contingent upon the client timings of the bank branches, it noted.
The RTGS administration window for client’s transactions is accessible to banks from 9:00 am to 4:30 pm on weekdays and from 9:00 am to 2:00 pm on Saturdays for settlement at the RBI-end. Notwithstanding, the timings that the banks pursue may differ contingent upon the client timings of the bank branches, the national bank noted.
The base adds up to be remitted through RTGS is Rs 2 lakh. There is no upper roof for RTGS transactions.
Steps for an RTGS Fund transfer
Step 1: Go to Fund Transfer tab, and select ‘Transfer to other banks’ (RTGS)
Step 2: Select the recipient account and enter the relevant details
Step 3: Accept the (Terms and Conditions)
Step 4: Recheck the details, if all are correct, then confirm and complete the process
Image of RTGS form

DIFFERENCES BETWEEN NEFT & RTGS in Tabular Format
Criteria | NEFT | RTGS (Retail) |
Settlement | Done in batches (Slower) | Real-time (Faster) |
Full-Form | National Electronic Fund Transfer | Real-Time Gross Settlement |
Timings on Mon – Fri | 8:00 am – 6:30 pm | 9:00 am – 4:30 pm |
Timings on Saturday | 8:00 am – 12:30 pm | 9:00 am – 1:30 pm |
A minimum amount of money transfer limit | No Minimum | 2 lacs |
The maximum amount of money transfer limit | No Limit | No Limit |
When does the Credit Happen in the beneficiary account | Happens in the hourly batch Between Banks | Real-time between Banks |
Maximum Charges as per RBI | Up to 10,000 – Rs. 2.5 from 10,001 – 1 lac – Rs. 5 from 1 – 2 lacs – Rs. 15 Above 2 lacs – Rs. 25 |
Rs. 25-30 (Upto 2 – 5 lacs) Rs. 50-55 (Above 5 lacs) (Lower charges for the first half of day) |
Suitable for | Small Money Transfer | Large Money Transfer |
Stay Connected through the link: DreamBigInstitution.com
You May Also Check:
- Monthly Current Affairs MCQ 2019 For All Competitive Exams
- Daily Current Affairs Quiz
- Monthly Important Days and Date (Jan to December) for All Competitive Exam
- Banking Awareness
- Computer Awareness
- Insurance Awareness
- Daily The Hindu Editorial Vocabulary
- Latest Job Notification
- Exam Syllabus and Exam Pattern
- Exam Analysis
- Premium Practice Sets
- Previous Years Papers
- Important Study Materials
You May Also Like Some of Our Best E-Books & Practice Sets
- Quadratic Equation PDF With Solution for All Bank Exam
- English Practice Book PDF Notes For SBI Clerk Prelims
- Economic Questions For RRB NTPC, SSC, UPSC Exam
- 40+ RRB NTPC Officials Exam Paper PDF Hindi and English
- Ratio and Proportion Practice Questions For All Exams
- Reasoning New Pattern Coding-Decoding
- RRB NTPC Arithmetic Practice Set in Hindi And English
- RRB NTPC Physics Questions General Science
- 300+ Haryana GK One Liner Capsules For HSSC HTET HPSC and Other Exams
- 100+Puzzles for RRB PO and Clerk Exam PDF Download Now
- Quadratic Equation PDF With Solution for All Bank Exam
To Join us ![]() |
Click Here |
To Join us ![]() |
Click Here |
To Join us ![]() |
Click Here |
India’s Most Affordable Premium Practice Set