NEFT (National Electronic Fund Transfer) -
NEFT is an electronic fund transfer system in which the transactions received up to a particular time are processed in batches.Contrary to this, in RTGS, the transactions are processed continuously on a transaction-by-transaction basis throughout the day. No limit for transfer money.
It is a nation-wide electronic payment system in India that facilitates one-to-one funds transfer from one bank account to another.
Estate Planning and Inheritance Guidance
RTGS is Real-time Gross Settlement, meaning that through this method, the money is transferred from one bank account to the other in real-time, without any delay. RTGS works out as the best payment method if you need to transfer an amount equal to or more than Rs. 2 lakh in real time. RTGS does not follow any specific processing method unlike NEFT; hence, the funds are settled in real-time, without any delay. Through RTGS, each transaction gets processed with every instruction, which makes the money transfer process easier and faster.