give 3 points of difference between RTGS and NEFT??
Dear Student,
Real Time Gross Settlement System (RTGS) | National Electronic Fund Transfer (NEFT) |
1. RTGS is a fund transfer system where transfer of funds takes place from one bank account to another bank account in real time. | NEFT is a electronic fund transfer system, the system provides with transfer of funds to other bank accounts in various branches over the country. |
2. The minimum amount that can be remitted is Rs 2 lakh per transaction. There is no upper limit for RTGS transactions. | There is no minimum and maximum limit for NEFT transactions. |
3. It is suitable for large money transfer. | It is suitable for large money transfer. |