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Question
Distinguish between NEFT and RTGS.
Short Note
Solution
NEFT: NEFT- National Electronic Funds Transfer service can be used for sending funds inter-bank and intra-bank. The limit of remitting funds is from ₹ 1 to limitless.
RTGS: RTGS – Real Time Gross Settlement service can also be utilized for sending funds inter-bank and intra-bank, but the minimum amount is ₹ 2 lakh and no upper limit.
NEFT: Timings: 09:00 hours to 19:00 hours (Monday to Friday)
09:00 hours to 13:00 hours (Saturday)
RTGS: Timings: 09:00 hours to 16:30 hours (Monday to Friday)
09:00 hours to 13:30 hours (Saturday)
shaalaa.com
Transfer of Funds Through Real Time Gross Settlement (RTGS)
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