National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.
NEFT operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place with all transactions received till the particular cut-off time.
RTGS stands for Real Time Gross Settlement is a system where there is continuous and real-time settlement of fund-transfers, individually on a transaction by transaction basis (without netting). 'Real Time' means the processing of instructions at the time they are received; 'Gross Settlement' means that the settlement of funds transfer instructions occurs individually.
|VALUE||CHARGES PER TRANSACTION EXCLUDING GST|
|RTGS||Rs. 1.00 lakh to Rs.2.00 lakhs||No facility|
|Above Rs.2.00 lakh to Rs.5 lakhs||Rs. 25/-|
|Above Rs.5.00 lakhs||Rs.50/-|
|NEFT||Upto Rs.1.00 lakh||Rs.5/-|
|Above Rs.1.00 lakh to Rs.2.00 lakhs||Rs.15/-|
|Above Rs.2.00 lakhs||Rs.25/-|
The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs.2,00,000/- with no upper or maximum ceiling.