Difference Between NEFT and RTGS

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NEFT and RTGS are the two older ways of fund transfer. These are still used Because It gives some exclusive benefits. But in this post, I would discuss the difference between the NEFT and RTGS. You would learn the different usage of these two methods of payment. I hope, after reading this post you would select the best payment method for you.



Difference Between NEFT and RTGS



NEFTRTGS
Full FormNational Electronic Fund transferReal Time Gross Settlement
Minimum Payment₹1₹2 lakh
Maximum PaymentNo LimitNo Limit
Maximum Cash Payment₹50,000Nil
Fund Transfer ModePayment is done in batches. The minimum difference between two batches is 60 minutesThe Payment is done continuously. The transfer is processed instantly
Clubbing of MandateMany fund transfer mandates are clubbed together and settled simultaneously in batchesEach mandate is settled individually
Walk In CustomerThe Customer who has not a bank account with a branch can also use NEFT to send MoneyWalk-in Customer can’t use RTGS
Working Hours8 AM to 7 PM (Week Days)
8 AM to 7 PM (First and Third Saturday)
9 AM to 4:30 PM (Week Days)
9 AM to 4:30 PM (First and Third Saturday)
Maximum Charges /transaction
(To Other Bank Account)
Up to 10,000: ₹2.5
10,000 – 1 lakh: ₹5
1 lakh – 2 lakh: ₹15
Above 2 lakh: ₹25
2 lakh – 5 Lakh : ₹30
Above 5 Lakhs: ₹55
Money Credit ExpectationWithin 2 hours of the Batch settlementWithin 30 minutes of Initiating Transfer
Refund of Failed TransactionWithin 2 hours of batch settlementWithin 1 hours of payment to the beneficiary bank



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