• Quick Fund Transfer using NEFT (National Electronic Fund Transfer) and RTGS (Real Time Gross Settlement) Facility.

      NEFT (National Electronic Fund Transfer)

      • NEFT came into existence in 2005. 
      • NEFT is a modification of Special Electronic Fund Transfer (SEFT).
      • NEFT is an online fund transfer activity through the electronic wire.
      • NEFT is used nationwide by individuals or institutions. 
      • Only NEFT enabled bank branches can transact. 
      • The amount does not immediately transfer but the Transactions are done in specific batches during fixed time.
      • Those who have not bank account can use NEFT by depositing cash to NEFT enabled branches. 
      • NEFT is both secure and convenient. 
      • NEFT take place 24x7
      • No limit for minimum or maximum transfer amount. 

      RTGS (Real Time Gross Settlement) Facility.

      • Its main purpose is to enable electronic cash transfer having accounts in bank branches.
      • It is a fund transfer system which is moved from one ban to another in real time and on gross basis.
      • It means that the payment transaction isn’t subject to any waiting period. The transaction will be completed as soon as the processing is done, and gross settlement means that the money transfer is completed on a one to one basis without clustering with another transaction.
      • The transaction is treated as final and irrevocable as the money transfer occurs in the books of the RBI. This system is maintained by the RBI, and it is available only during working days for a given number of hours.
      • The minimum limit is 2,00,000 Rs and there is no maximum limit.

      Differences between NEFT and RTGS:

      It is done in batches and it is slower.
      It is a real time transfer and it is faster.
      National Electronic Fund Transfer.
      Real Time Gross Settlement.
      Timings on weekdays and weekends.
      12:30am-11:30pm(All Days)
      12:30am-11:30pm(All Days)
      Minimum transfer limit.
      No minimum amount
       2 lakhs
      Maximum transfer limit.
       No limit
      No limit.
      Credit in beneficiary account.
      Happens in hourly batch between the banks.
      Real Time between the banks.
      Small money transfer.
      Large money transfer.