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Education and Career Forum
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| 30th March 2012 01:39 PM | ||
| Unregistered |
Re: Difference between RTGS and NEFT? Last date of RTGS Date at 01.03.2012.to 31.03.2012. |
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| 10th June 2011 07:18 PM | ||
| kritika hans |
Re: Difference between RTGS and NEFT? Hello! NEFT refers to National Electronic Funds Transfer. It is an online system for transferring funds from one financial institution to another within India (usually banks). RTGS is an acronym that stands for Real Time Gross Settlement. RTGS is a funds transfer system where money is moved from one bank to another in ‘real-time’, and on gross basis. Differences The fundamental difference between RTGS and NEFT, is that while RTGS is based on gross settlement, NEFT is based on net-settlement. Gross settlement is where a transaction is completed on a one-to-one basis without bunching with other transactions. As for a Deferred Net Basis (DNS), or net-settlement, this is where transactions are completed in batches at specific times. Here, all transfers will be held up until a specific time. RTGS transactions are processed throughout the working hours of the system. RTGS transactions involve large amounts of cash, basically only funds above Rs 100,000 may be transferred using this system. For NEFT, any amount below Rs 100,000 may be transferred, and this system is generally for smaller value transactions involving smaller amounts of money. all the best! |
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| 10th June 2011 05:55 PM | ||
| kvrob139 |
Re: Difference between RTGS and NEFT? Quote:
In RTGS, the beneficiary bank has to credit the the beneficiary's account within two hours of receiving the funds transfer message. NEFT is done on net basis. This means bank club transactions together and only the net amount is transfered. This settlement is done 6 times per day on weekdays and 3 times on Saturdays. NEFT is slightly slower compared to RTGS. However, RTGS is only for transactions above Rs 1 lac. If your transaction is for less than Rs 1 lac, you have to use NEFT. |
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| 10th June 2011 12:01 AM | ||
| rahul k |
Re: Difference between RTGS and NEFT? Quote:
RTGS stands for Real Time Gross Settlement. And NEFT stands for National Electronics Funds Transfer System. NEFT works on net settlement basis And RTGS works on gross settlement basis. In RTGS, the beneficiary bank has to credit the the beneficiary's account within two hours of receiving the funds transfer message But NEFT is slightly slower compared to RTGS. NEFT is basically bit delayed transfer takes 1 or 2 days to complete. There is no minimum or maximum limit to do the funds transfer. But in RTGS funds will be credited immediately to the payee account in real time Without any Delay. So, RTGS is Much Better than NEFT. But you have to pay more Charges in RTGS as compared to NEFT. And to get this facility please contact your bank. |
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| 13th February 2011 04:35 PM | ||
| akki89 |
Re: Difference between RTGS and NEFT? Quote:
RTGS Stands for Real Time Gross Settlement and is generally faster then NEFT, as according to the bank rules if you are transferring using RTGS the funds will have to be transferred in 2 hours of your funds transfer message. But RTGS fund transferring can be used only when you are transferring an amount more than 1 lac. To know more about RTGS system visit the link:http://www.rbi.org.in/scripts/FAQView.aspx?Id=65 NEFT stands for National Electronic Funds Transfer and is more widely used in the banks as RTGS system is not offered by every bank. The NEFT processing takes place in batches, on weekdays it is in 9 batches(1 hour each from 9AM to 5PM) on weekends it is in 4 batches(1 hour each from 9AM to 12PM) If you message for transaction in the last batch of the day, you might get the fund transfer that day or if not processed it is done on the next working day in the first batch. To know more about NEFT system visit the link:http://www.rbi.org.in/scripts/FAQView.aspx?Id=60 Thank you... |
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| 8th February 2011 11:03 PM | ||
| Md.Hajikul Alam |
Difference between RTGS and NEFT? Hi What is the difference between RTGS and NEFT? Regards. Md.Hajikul Alam |
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