Banking has been made easier with NEFT and RTGS as it enables one to transfer the funds from any bank to other bank which need not necessarily be the same bank branch.
RTGS
The RTGS system facilitates transfer of funds from accounts in one bank to another on a "real time" and on "gross settlement" basis. This system is the fastest possible interbank money transfer facility available through secure banking channels in India.
RTGS transaction requests will be sent to RBI immediately during working hours post working hours requests are registered and sent to RBI on next working day. You can also schedule a transaction for a future date.
How Much Amount can be Transferred through RTGS?
You can transfer an amount of Rs.2 lakhs and above using RTGS system.
Verdict
NEFT and RTGS are equally potent applications which have revolutionised the way money is getting transferred between the banks and will remove pressure from banks in form of direct interaction with the clients.
