What is NEFT vs RTGS Payments Options
Electronic payments have been implemented by most banks in India using NEFT (National Electronic Funds Transfer) or RTGS (Real Time Gross Settlement) for intra-india payment transactions. Both NEFT and RTGS payment systems use IFSC (Indian Financial System Code) which is a 11 digit unique alpha numeric number assigned to banks participating in these payment systems.
If you are using net banking online with indian banks then most probably you would be using NEFT or RTGS payment systems. Here is what the main difference between NEFT vs RTGS.
|
NEFT
|
RTGS
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| No mimimum or maximum. Any small amount can be sent with NEFT | Minimum Amount is Rs. 1 Lac or more |
| It is bit delayed usually takes 24 to 72hrs for the funds transfer to take place. | It is the fastest payment method and usually the amount credited to payee account in real time |
| NEFT payment settlement takes place 6 times a day (9.30 am, 10.30 am, 12.00 noon. 1.00 pm, 3.00 pm and 4.00 pm) and 3 times during Saturdays (9.30 am, 10.30 am and 12.00 noon). | RTGS settlement takes place between 9.00 am to 16.30 pm on week days and from 9.00 am to 12.00 noon on Saturdays. |
Most banks do charge a small fee of Rs.25 to Rs.50 for inward NEFT/RTGS while other banks waive their fee. You have to consult with your bank. More information about NEFT or RTGS can be found on Reserve bank of India website http://www.rbi.org.in
WARNING: Not all bank branches in India participate in NEFT/RTGS system. You have to consult your bank for specific information.
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