I am not a banker, but highlighting some of the differences I know:
- RTGS is Real Time Gross Settlement. NEFT is National Electronic Funds Transfer
- RTGS goes through the Reserve Bank NEFT is between banks.
- 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) - RTGS is recommended for sums of money greater than one lakh rupees. NEFT transactions have no limits.
- NEFT transactions are limited to rupees and remitances can't be made to foreign banks.
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.
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