what is RTGS and NEFT?
RTGS- Real Time Gross Settlement. Means a system where you can transfer funds from the one bank to another bank in quick time interval. You just need the bank details of the party, whom you want to transfer fund. Like Name of Bank, IFSC code, Name of Party and His account number.
its like clearing on same day. NEFT is also like RTGS. It's National Election Fund Transfer.
Difference between RTGS and NEFT is NEFT is for less than rs. 200000 and RTGS is for more than 200000.
RTGS- Real Time Gross Settlement. Means a system where you can transfer funds from the one bank to another bank in quick time interval. You just need the bank details of the party, whom you want to transfer fund. Like Name of Bank, IFSC code, Name of Party and His account number.
its like clearing on same day. NEFT is also like RTGS. It's National Election Fund Transfer.
Difference between RTGS and NEFT is NEFT is for less than rs. 200000 and RTGS is for more than 200000.
