NEFT; RTGS

About: 

• The Reserve Bank of India (RBI) has advised banks to pass on the benefits to their customers with effect from 1st July, 2019. This directive is issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act 2007 (Act 51 of 2007). 
  
  
• RBI levies minimum charges on banks for transactions routed through its RTGS and NEFT System. 
  • Real Time Gross Settlement (RTGS) system is meant for large-value instantaneous fund transfers. 
    
    
  • National Electronic Funds Transfer (NEFT) System is used for fund transfers up to 2 lakh rupees.