National Electronic Fund Transfer(NEFT )is a system of transfer between two banks on net settlement basis. Which means that each individual transfer from one account to another account is not settled or processed at that same moment, its done in batches .
Real time gross settlement system(RTGS) is used in banks. In this system, all processing of payment and settlement are done through electronic way. It means when you pay online, same time, it will be debited in your bank account and credited in the account to whom you have paid.
Real time gross settlement system(RTGS) is used in banks. In this system, all processing of payment and settlement are done through electronic way. It means when you pay online, same time, it will be debited in your bank account and credited in the account to whom you have paid.
- This is the fastest possible money transfer system through the banking channel.
- Settlement in "real time" means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed.