RTGS / NEFT
RTGS (Real Time Gross Settlement)
It is a real-time electronic funds transfer system.
The transactions are processed individually and settled instantly, which means there is no waiting period.
RTGS is primarily used for large-value transactions where the transfer of funds needs to be immediate and irrevocable.
There is usually a minimum amount for RTGS transactions.
NEFT (National Electronic Funds Transfer)
NEFT, on the other hand, operates on a deferred net settlement basis.
It works on a batch-wise settlement process, with transactions settled in hourly batches.
NEFT is suitable for smaller value transactions, and it is widely used for online fund transfers, such as paying bills or making small investments.
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