RTGS — Real Time Gross Settlement

The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order-by-order basis (without netting). 'Real Time' means the processing of instructions at the time they are received rather than at some later time.

NEFT — National Electronic Funds Transfer

National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the scheme.

• Customers can transfer funds above Rs. 4 lakhs to any bank account in India on the same day via RTGS.
• Cost of service is as per the bank's applicable service charges.
• Transactions are processed during the bank's business hours.
• NEFT applies to transfers of below Rs. 4 lakhs per transaction.