BANKING GK FACTS RELATED TO THE RTGS AND NEFT - BANKING GK

GURU  GYAN

NEFT & RTGS COMPARISON

NEFT

National Electronic Fund Transfer

1.     RBI ROLE:Reserve Bank of India does not play any major role in NEFT.

2.     TRANSACTION LIMIT: There is no upper and lower limit in NEFT.

3.     NEFT enables Fund transfer from one Bank to another on a Deferred Net Settlement (DNS) basis, which settles transactions in batches.

4.     CHARGES: There are 4 slabs in it:-

A.    For transactions Upto Rs. 10000

                   -> Rs. 2.50 + (Service Tax).

B.    For transactions above Rs. 10000 & upto Rs. 1lakhs-> Rs. 5 + (Service Tax)

C.     For transactions above Rs. 1lakh and Upto Rs. 2lakhs-> Rs. 15 + (Service Tax)

D.    For transactions above Rs. 2lakhs 

                  -> Rs. 25 + (Service Tax)

5.     TIME LIMIT: Through NEFT the transaction is completed either on the same day on the next working day.

6.     WORKING HOURS:NEFT transaction timing in each Bank is 9:00 A.M to 7:00 P.M. for weekdays and 8:00 A.M. to 1:00 P.M. on Saturday.

RTGS

Real Time Gross Settlement

1.     RBI ROLE :Reserve bank of India acts as a Middle man in RTGS.

2.     TRANSACTION LIMIT: There is no upper Limit for RTGS transaction but a minimum amount of Rs. 2lakhs is required.

3.     RTGS is a fund transfer system where transfer of money or securities takes place from one bank to another on a “Real time and Gross” basis.

4.     CHARGES: Rs. 30 per transaction is charged for Rs. 55 for amount exceeding 5 Lakhs.

5.     TIME LIMIT: Through RTGS, the transaction is to be completed within 30 minutes.

6.     WORKING HOURS :RTGS transaction timing in every Bank is 8:00 A.M. to 8:00 P.M. for weekdays and for Saturday it is 8:00 A.M. to 3:30 P.M.