Transfer – any amount of Rs. 2, 00,000 and above within 2 Hours to Any Bank. The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs.2 lakh. There is no upper ceiling for RTGS transactions.
Feature: RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another bank on a “real time” and on “gross” basis.This is the fastest possible money transfer system through the banking channel.Settlement in “real time” means payment transaction is not subjected to any waiting period.
The transactions are settled as soon as they are processed.
National Electronic Fund Transfer (NEFT)
National Electronic Funds Transfer (NEFT) system is a nationwide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch.Transfer – any amount of Rs.1 and above to any Bank. There is no upper ceiling for NEFT transactions.
The system uses the concept of centralized accounting system and the bank’s account that is sending or receiving the funds transfer instructions, gets operated at one centre.
Beneficiary receives the money:-
The beneficiary gets the credit on the same Day or the next Day depending on the time of settlement.