What is RTGS & NEFT?

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What is RTGS & NEFT?

Megrisoft Financial Consultant Asked on January 20, 2015 in Banking Services.
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RTGS = Real Time Gross Settlement
NEFT = National Electronic Fund Transfer

Suveer Sachdeva Financial Analyst Answered on January 20, 2015.
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‘RTGS’ stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds individually on an order by order basis (without netting). ‘Real Time’ means the processing of instructions at the time they are received rather than at some later time. ‘Gross Settlement’ means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.

National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme.

 

Use NEFT service to transfer funds anywhere using Internet Banking

Raj Accountant Answered on February 9, 2015.
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RTGS  refers to Real Time Gross Statement , it can be defined as the continuous (real-time) settlement of funds individually on an order by order basis (without netting).
NEFT refers to National Electronic Fund Transfer.

MiniGupta Trainee Answered on February 21, 2015.
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