National Electronic Funds Transfer (NEFT) is a popular electronic funds transfer system in India. It is a nationwide payment system that enables individuals, companies, and institutions to electronically transfer funds from one bank account to another across different banks in the country. NEFT transactions are processed in batches and settled in hourly intervals
RTGS stands for Real-Time Gross Settlement. It is a system used for transferring funds between banks or financial institutions on a real-time basis. In an RTGS system, transactions are settled individually and immediately as soon as they are processed, without any netting or batching of payments.
RTGS is typically used for high-value transactions where immediate and irrevocable settlement is required. It is commonly used for large interbank transfers, corporate payments, government transactions, and other high-value transactions.