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



NEFT RTGS
Full Form National Electronic Fund transfer Real Time Gross Settlement
Minimum Payment ₹1 ₹2 lakh
Maximum Payment No Limit No Limit
Maximum Cash Payment ₹50,000 Nil
Fund Transfer Mode Payment is done in batches. The minimum difference between two batches is 60 minutes The Payment is done continuously. The transfer is processed instantly
Clubbing of Mandate Many fund transfer mandates are clubbed together and settled simultaneously in batches Each mandate is settled individually
Walk In Customer The Customer who has not a bank account with a branch can also use NEFT to send Money Walk-in Customer can’t use RTGS
Working Hours 8 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 Expectation Within 2 hours of the Batch settlement Within 30 minutes of Initiating Transfer
Refund of Failed Transaction Within 2 hours of batch settlement Within 1 hours of payment to the beneficiary bank