Using your phone's internet browser
go to:  qna.rediff.com
Click and drag this link to
the Home icon in your browser.
Q.

Difference between rtgs and neft

Tags: relationships, education, science
Asked by Rakhee Bhargava, 11 Apr '10 11:13 pm
  Invite a friend  |  
  Save  |  
 Earn 10 points for answering
Answer this question  Earn 10 points for answering    
4000 characters remaining  
  
    
Keep me signed inNew User? Sign up

Answers (1)

1.

RTGS" stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of Money takes place from one bank to another on a "real time" and on "gross" basis. 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. "Gross settlement" means the transaction is settled on one to one basis without bunching with any other transaction. Considering that money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable.
NEFT is also an electronic fund transfer system that operate 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 ...more
Answered by Pardeep kapoor, 11 Apr '10 11:19 pm

 
  
Report abuse
Useful
 (2)
Not Useful
 (0)
Your vote on this answer has already been received

Ask a Question

Get answers from the community

600 characters remaining

Related Answer

Q.
A

In my opinion it is not a good thing. From ancient times religion, caste and the culture, rituals, traditions associated with them are being practised..more