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Tuesday, May 24, 2022

Difference Between RTGS and NEFT

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What is RTGS?

RTGS is an electronic way of transferring money from one bank account to another bank account, if your account is in State Bank of India and if you want to transfer money to any account of HDFC Bank, then you can use RTGS.

But if your account is in State Bank of India and you want to transfer money to any account of State Bank of India then you can’t use RTGS.

RTGS (Real Time Gross Settlement). This is the fastest way to transfer money from one account to another. In this process, as soon as the command is given to transfer the money, the money is instantly transferred to the front account. Talking about timing, its timing is from 8 am to 4:30 pm.

There is a minimum limit of Rs 2 lakh for money transfer in RTGS, However, there is no maximum limit in this process, you can transfer as much as possible, in RTGS, every bank has different charges according to the amount.

Difference Between RTGS and NEFT

If we see the difference between RTGS and NEFT, the work of both is to transfer money to two different bank accounts. If you want to transfer money from one bank account to another bank account then you can use any one of NEFT and RTGS.

The main difference between the two is about the time limit, on the one hand, there is no limit to transfer money in NEFT, you can transfer any amount more than 1 rupee and on the other hands, you can transfer at least 2 lakh rupees in RTGS and you can transfer as many rupees as possible.

In NEFT, the money transfer takes place after a few hours, i.e the process takes a few hours, while in RTGS, the transfer of money takes place instantly, in NEFT, the money transfer is timed from 8 am to 7 pm. The timing of money transfer in RTGS varies from 8 am to 4:30 pm.

After reading this article, you must know what is RTGS and we have also told you the difference between RTGS and NEFT. Both are electronic methods of transferring money, but both have a great difference in the amount and the time of money transfer.

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