What are NEFT and RTGS?

About NEFT:

• NEFT, which stands for National Electronic Funds Transfer, is an electronic method of transferring money online.
• Most Indian banks provide the NEFT feature on internet banking and mobile banking.
• It enables transferring funds from the account maintained with any bank to any other bank branch, provided the transaction is attempted between the banks that participate in the NEFT payment system.
• Transactions made through NEFT do not take place in real-time.
• As per Reserve Bank of India (RBI) guidelines, the payments made via NEFT are processed and settled half hourly batches.
• NEFT transactions can be performed 24*7.
• Minimum Transfer Value: Rs. 1
• Maximum transfer value: No limit
• Money transfer made through NEFT does not require any additional transaction costs.

About RTGS:

• RTGS, which stands for Real-time Gross Settlement, is a payment mode where the money is transferred from one bank account to the other in real-time, without any delay. 
• It is mostly used for transactions of high value.
• When using the banking method, RTGS is the fastest possible way to transfer money.
• Transactions made through RTGS are processed on a one-to-one basis.
• RTGS transactions can be performed 24*7.
• Minimum Transfer Value: Rs. 2 lakh
• Maximum transfer value: No upper limit is there, but however can vary between banks.