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What is RTGS System? How is it different from National Electronic Funds Transfer System (NEFT)?

Jan 27, 2015 16:12 IST

    Question

    What is RTGS System? How is it different from National Electronic Funds Transfer System (NEFT)?

    • RTGS' stands for Real Time Gross Settlement
    • RTGS transactions are processed continuously throughout the RTGS business hours.
    • It is continuous (real-time) settlement of funds transfers individually on an order by order basis
    • The funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.
    • The transactions are netted (payable and receivables) in NEFT whereas in RTGS the transactions are settled individually.
    • RTGS transactions are processed continuously throughout the RTGS business hours.
    • But, NEFT operates in hourly batches.

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