Perhaps one of the most widely used banking services is that of online transferring of money. It is one those services that people have to use, though not always frequently but from time to time.
The reasons for making use of this service is many and varied, some people use it for business purposes while others use it for personal reasons such as sending money to children who are studying abroad or grownups who are living and working in a different city or country. Mostly the kinds of money transfer services available at your disposal are; IMPS (Immediate Payment Service), RTGS (Real Time Gross Settlement) and NEFT (National Electronic Funds Transfer).
What is the difference between NEFT and RTGS transfer you ask?
It is as follows:
NEFT
• NEFT is available for use on all days excluding Sundays and bank holidays.
• NEFT money transfer works in batches. It works in settlement basis which means that the money can get transferred in 12 settlements between the bank timings of 8am and 7pm. Similarly, on Saturdays the transfer takes place in settlements of six between the time 8am and 1 pm.
• The value for a NEFT money transfer can be as nominal as one rupee.
• The processing fee for a NEFT money transfer is very nominal. If both the banks, i.e., the sender bank and the bank that receives the money are NEFT enabled then fee can be pretty standard.
• A NEFT money transfer has no maximum transfer limit. This feature makes NEFT very cost-effective and allows for larger usage by the public.
Well, that goes for the NEFT transfer, now we come to RTGS transfer system.
RTGS
• The RTGS system has a minimum transfer limit of two rupees.
• It also has a maximum transfer limit of ten lakhs.
• Both the banks need to be RTGS enabled in order to get this money transfer service in motion.
• The service is very fast-paced as the recipient can get the money in his or her account in a matter of 30 minutes of making the rtgs payment.
• The rtgs transfer service can be availed between 9 am and 4:30 pm on a weekday and between 9 am a 2 pm on a Saturday.
These are some of the basic differences between a NEFT money transfer and a RTGS payment method. RTGS is, most of the times , favoured for its wider availability of scope and speed whereas others prefer NEFT for its cost-effectiveness and no-limitation freedom.
The reasons for making use of this service is many and varied, some people use it for business purposes while others use it for personal reasons such as sending money to children who are studying abroad or grownups who are living and working in a different city or country. Mostly the kinds of money transfer services available at your disposal are; IMPS (Immediate Payment Service), RTGS (Real Time Gross Settlement) and NEFT (National Electronic Funds Transfer).
What is the difference between NEFT and RTGS transfer you ask?
It is as follows:
NEFT
• NEFT is available for use on all days excluding Sundays and bank holidays.
• NEFT money transfer works in batches. It works in settlement basis which means that the money can get transferred in 12 settlements between the bank timings of 8am and 7pm. Similarly, on Saturdays the transfer takes place in settlements of six between the time 8am and 1 pm.
• The value for a NEFT money transfer can be as nominal as one rupee.
• The processing fee for a NEFT money transfer is very nominal. If both the banks, i.e., the sender bank and the bank that receives the money are NEFT enabled then fee can be pretty standard.
• A NEFT money transfer has no maximum transfer limit. This feature makes NEFT very cost-effective and allows for larger usage by the public.
Well, that goes for the NEFT transfer, now we come to RTGS transfer system.
RTGS
• The RTGS system has a minimum transfer limit of two rupees.
• It also has a maximum transfer limit of ten lakhs.
• Both the banks need to be RTGS enabled in order to get this money transfer service in motion.
• The service is very fast-paced as the recipient can get the money in his or her account in a matter of 30 minutes of making the rtgs payment.
• The rtgs transfer service can be availed between 9 am and 4:30 pm on a weekday and between 9 am a 2 pm on a Saturday.
These are some of the basic differences between a NEFT money transfer and a RTGS payment method. RTGS is, most of the times , favoured for its wider availability of scope and speed whereas others prefer NEFT for its cost-effectiveness and no-limitation freedom.
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