|
#1
30th December 2016, 05:54 PM
| |||
| |||
| NEFT RTGS Difference
What is the basic Difference between NEFT and RTGS so can you here tell me about the same , as my brother asking for banking exam preparation ??
|
|
#2
31st December 2016, 11:54 AM
| |||
| |||
| Re: NEFT RTGS Difference
As you asking I am telling basic difference between NEFT and RTGS are settlement timings. RTGS is based on the gross settlement where the transaction is settled on an instruction by instruction basis. NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. Minimum/Maximum amount for RTGS/NEFT transactions under Retail Internet Banking Type Minimum Maximum RTGS Rs. 2 Lakh No limit NEFT No Limit No limit Minimum/Maximum amount for RTGS/NEFT transactions under Corporate Internet Banking Type Minimum Maximum RTGS Rs. 2 Lakh No limit NEFT No Limit No limit. RTGS transactions will be sent to RBI based on the following schedule: RBI Settlement Timings for RTGS Transactions (other than Inter Bank Transactions) Day Start Time End Time Monday to Friday 09:00 hrs 16:30 hrs Saturday 09:00 hrs 13:30 hrs • NEFT transactions will be sent to RBI based on the following schedule: RBI Settlement Timings Day Start Time End Time Monday to Friday 09:00 hrs 19:00 hrs Saturday 09:00 hrs 13:00 hrs NEFT transactions are settled in batches based on the following timings: Settlements on weekdays at hourly intervals from 9:00 hrs to 19:00 hrs Settlements on Saturdays at hourly intervals from 9:00 hrs to 1:00 hrs. |