What is neft/rtgs , difference

Question

Accepted Answer

NEFT and RTGS are electronic fund transfer systems used for interbank transactions in India.

NEFT stands for National Electronic Funds Transfer and is used for transferring funds up to Rs. 2 lakhs.
RTGS stands for Real Time Gross Settlement and is used for transferring funds above Rs. 2 lakhs.
NEFT transactions are settled in batches while RTGS transactions are settled individually and in real-time.
NEFT transactions can be initiated and completed on any working day while RTGS transactions can only be initiated and completed on working days and during working hours.
Both NEFT and RTGS require the sender and receiver to have bank accounts with banks that are part of the respective systems.

Accepted Answer

NEFT and RTGS are electronic fund transfer systems used for interbank transactions in India.

NEFT stands for National Electronic Funds Transfer and is used for transferring funds up to Rs. 2 lakhs.

RTGS stands for Real Time Gross Settlement and is used for transferring funds above Rs. 2 lakhs.

NEFT transactions are settled in batches while RTGS transactions are settled individually and in real-time.

NEFT transactions can be initiated and completed on any working day while RTGS transactions can only be initiated and completed on working days and during working hours.

Both NEFT and RTGS require the sender and receiver to have bank accounts with banks that are part of the respective systems.

What is neft/rtgs , difference

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