Free Money Transfer facility to any bank account all over India through NEFT of RBI RTGS (Real Time Gross Settlement) is a fund transfer system that has a continuous real-time settlement of funds transfers individually on an order by order basis without netting. The minimum amount to be remitted through RTGS
is 2 lakh. There is no upper ceiling for RTGS transactions. NEFT (National Electronic Funds Transfer) is a nationwide payment system facilitating one-to-one funds transfer with which one 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 system.
Difference between RTGS and NEFT
NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles
transactions in batches whereas in RTGS the transactions are settled individually.
For NEFT & RTGS remitting customer has to furnish: Amount to be remitted
1. Remitting customer’s account number which is to be debited
2. Name of the beneficiary bank and branch
3. Name of the beneficiary customer
4. Account number of the beneficiary customer
5. Sender to receiver information, if any
6. The IFSC Number of the receiving branch