What is the difference between RTGS and NEFT?
NEFT = National Electronic Funds Transfer
RTGS = Real time Gross Settlement
NEFT is also an electric fund transfer system that operates on a Deferred Net Settlement (DNS) basis, which settles transactions in batches. In DNS the settlement takes place at a particular point of time. All transactions are held up till that time. For example, NEFT settlement takes place 6 times a day during the week days (9.30am, 10.30, 12.00 noon, 1.00 pm, 3.00 pm and 4.00 pm) and 3 times on Saturdays (9.30am, 10.30 and 12.00 noon). Any transaction initiated after a designated settlement time would have to wait till next designated settlement time.
Whereas in RTGS, transactions are processed continuously throughout the RTGS business hours.
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