Difference between RTGS and NEFT

As more and more people are turning to online banking out of sheer convenience, there is this whole dust cloud about what exactly is the difference between RTGS and NEFT transactions.

I am not a banker, but highlighting some of the differences I know:

1. RTGS is Real Time Gross Settlement. NEFT is National Electronic Funds Transfer
2. RTGS goes through the Reserve Bank NEFT is between banks.
3. RTGS happens real time during the working hours of RTGS (09:00am to 03:30pm from Monday to Friday and 09:00am to 11:00am on Saturdays) - instantly - the benificiary bank transfers the funds to the individuals account within two hours. NEFT transactions are recorded and processed as batches 6 times a day (9.30 AM,10.30AM,
   12.00 noon, 1.00PM, 3.00PM and 4.00 PM) from Monday to Friday and 3 times during Satudays (9.30AM, 10.30 AM and 12.00 noon)
4. RTGS is recommended for sums of money greater than one lakh rupees. NEFT transactions have no limits.
5. NEFT transactions are limited to rupees and remitances can't be made to foreign banks.

Regardless of what transaction type you opt for, there is certain information required in both - Account name and number, bank, branck, IFSC code of the receivers branch, and of course, the amount to be paid.

I hope this helps.

For those who understand such things, and to find out about charges levied on the transactions, this is an excellent resource.